From October 2004 to April 2007 the value of the single-family home at 946 Elizabeth increased from $2,100,000 to $2,675,000 for total appreciation of 21 percent and effective annual appreciation of 10 percent per year.
Yesterday the sale of 946 Elizabeth closed escrow with a reported contract price of $2,375,000, an 11 percent ($300,000) drop in value over the past three years.
The winner of our “think you know Noe” closest to the closing price challenge? A plugged-in “tipster” on the record at $2,365,000.
∙ Can You Correctly Pick This Noe Valley Apple To Be? [SocketSite]
Well, at least it beat its ’04 number, which is more than a lot of places can say these days.
Assuming no major work was done between now and then, of course.
tipster got it right because he was the winning bidder 🙂
just looking at that bathroom picture up there makes me angry.
Given the sub-optimal location (because of the steep steep hills) and the, er, particular quality of the finishes, $761 PSF makes me feel pretty optimistic about the real estate market in Noe!
I am surprised because I could not find this property on the MLS. And yet, it appears that the sale was through an agent. How can it be possible that there is no listing on the MLS?
No ones prediciton was too high, which is interesting, and shows that most here continue to underestimate the market.
But, credit where its due, an excellent prediction tipster!
“Well, at least it beat its ’04 number”
Depends on how you think about it. $2.1M in 2004 is $2.43M today.
Wasn’t this place sale-pending since April? I wonder what took so long.
On the prior thread, I mentioned 760 Elizabeth, which also sold recently for $2.17M. This was a realtor selling his own house (renovated in 2002 or so, although the tax record on Redfin doesn’t reflect this), and the original listing price was $2.395M, which made no sense. Within a month, the price was cut to $2.095M, so it sold for “above asking!!!” The sale was dual-agented, but the public records price matches the MLS price.
On the prior thread, I also mentioned 1626 Dolores, which also sold last month for $1.105M. I don’t see any permits. Does anyone know if it was an apple? It last sold in 2002 for $925K. That would be $1.125M in 2010 dollars, so it didn’t quite keep up with inflation.
Well, at least the seller can write off that $300,000 (plus transaction costs) loss on his “investment.” Oh wait, no he can’t. Should have lost that money in the stock market instead and had Uncle Sam pick up a good chunk of the loss.
“Should have lost that money in the stock market instead ”
that would have been easy enough over the last decade or more.