3883 23rd Street
Listed for $1,900,000 in June 2008, the sale of the single-family home at 3883 23rd Street closed escrow one month later with a recorded contract price of $1,855,000.
This past January the four-bedroom home in “prime” Noe Valley returned to the market asking $1,849,000. In March the list price was reduced to $1,799,000. In April the list price was reduced to $1,749,000. And in May the listing was withdrawn from the MLS after five months on the market without a sale.
On Friday the home was listed anew at $1,699,000 and with an official “one day on the market” according to MLS based reports and stats. A sale at asking would represent an apples-to-apples decline in value of 8.4% ($156,000) over the past two years.
∙ Listing: 3883 23rd Street (4/2.5) 2,300 sqft – $1,699,000 [MLS]

20 thoughts on “Apples To Apples And Just “3 Days On The Market” In Prime Noe Valley”
  1. Inflation-adjusted by CPI, it’s actually quite a bit lower than the 2000 sale. $1.561M in 2010 dollars is almost $2M. CPI is up 26.9% since then.

  2. the market is down 10% to 15% since they bought so don’t hold your breath on this sale.
    then again they managed to squeeze in a massive couch and a miniature piano in these photos vs. a massive piano and a miniature couch the last time it was listed. So magic can happen.
    btw, TINY lot – the type of thing buyers notice in this market. So look for closer to 15% down vs. 10%

  3. I have to ask and it WILL make a difference:
    1. existing brick foundations or new reinforced concrete within the last 5 years?
    2. existing knob and tube or new electrical?
    3. any copper plumbing?
    4. what about any wall or roof insulation?
    Good questions to ask the realtor. Don’t get caught up in the Vic charm and trim. Won’t matter when the big one hits.

  4. Sure does not look like furnishings that belong in this price home. Why did they not stage? Probably would get a better price!

  5. Walked through this awhile back. I liked the layout and the insides a lot. But the biggest drawback was the lack of yard (picture makes it look bigger than it is). But the rest of the place, I felt, was solid (all major bedrooms on single floor, living room / kitchen area nice, lots of space, etc.). Location is terrific too. Agree with goto.., the place would look better staged.

  6. If a buyer has to rely on staging to make a decision, then, in my opinion, they are simply not very astute buyer.

  7. noearch is so right. If you make your decision based on how it’s decorated you’re an idiot – plain and simple.

  8. Lets not forget that idiots determined market values during the peak of the bubble. They may lack the ability to assess true value but they do have an enormous influence on the market. It only takes one (per home).

  9. Well…I’m not completely sure that “idiots” determined market value during the bubble years. I think it had somewhat to do with demand, and available(lots of) money. “True value” is very evasive, and can generate lots of discussion here.
    To me, it’s a combination of factors: the quality and overall layout of the structure, the location, and how much I want it.

  10. noearch’s definition of True Value is pretty good, but there is one additional element — the price and availability of alternatives that I would also be satisfied with.
    The supply side of the equation is just as important as the demand side. Even if I love everything about a place and can afford the asking price, if a just-as-good place is available for less, that’s the one I’m buying.

  11. Well, perhaps we’re splitting hairs AT, maybe, not sure.
    Is there such a thing as “just as good” as the preferred place, but lower price? I’m not sure.
    Some other factor in the second place house has caused the price to be lower, whatever that may be. That probably means the buyer has adjusted or changed their expectations. Trouble is you can keep doing this on and on.
    There will always be another place that is “just as good”, and lower priced.

  12. I think folks are saying it would ‘help’ if the staging was better. No one is suggesting folks buy solely on that.
    why do you make yourself look presentable at a job interview? I don’t think your potential employer judges you solely on your appearance, but it ‘helps’ doesn’t it? that’s why even the more cynical of us typically put on something good for an interview (if we want that job bad enough).

  13. You make a great analogy DanRH and yes it does make sense to dress up a property before opening it to hundreds of prospective buyers.
    My complaints about the current state of staging in SF are :
    1. it goes too far, extracting thousands of dollars per sale and increasing the cost of home ownership.
    2. some staging methods are deceptive, concealing or distracting from real attributes of the property
    Reasonable staging would include giving the home a thorough cleaning and tidying up the owner’s possessions. If it needs paint or the landscaping is scruffy, fix that too. No need to import an entire household of designer furniture to sell a home. People are shopping for real estate, not furnishings.

  14. … Proving yet again that if good SF properties are priced correctly, they will sell quickly, even in this market.

  15. Correct. The question will be “under”, “at”, or “over”?
    Guesses? I’m going over based on the short time on market.

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