As we wrote in March 2009:
We’re digging the decks and all the access to the outdoors of this nicely remodeled Noe Valley home. Oh, and the sweet master suite (we have a thing for spacious showers).
Purchased fully remodeled for $1,553,000 in June of 2007, 4214 26th Street was listed four days ago for $1,499,000. As always, if you’re not on record with your own forecast of where it sells, don’t bother to criticizing those who were when it does.
Withdrawn from the market two months later, the property was relisted for $1,495,000 this past July and then reduced to $1,395,000 this past September.
On Friday the sale of the “sexy mid-century style [home] in the heart of Noe Valley” with “modern kitchen,” “deck with views of the city” and “unbelievable master suite down” closed escrow with a reported contract price of $1,370,000, 11.8% ($183,000) under its year 2007 value.
The average of the first eight plugged-in predictions from 18 months ago? That would be $1,342,500 or a difference of 2 percent. Believe it.
∙ 4214 26th Street: A Nicely Remodeled Noe Valley Apple On The Tree [SocketSite]
∙ A Bounty Of New Noe Valley Apples (And Summer Inventory) [SocketSite]
So Noe is holding up better than just about any other SF area. But as I noted last week, there are only degrees of weakness in SF, ranging from very to severe. I doubt the sellers will take must solace from their $183,000 ding (plus transaction costs) by the knowledge that it was “only” -11.8% or that they did “less bad” than other bubble buyers, such as that Mission place on Potrero that just went for 18.5% under its price of just two years ago.
While this is a “nice” part of Noe, it’s not a great block. Too close to the bus that you’ll never use and the school you would never send your kids to attend.
That being said, $1.3 to $1.4 is a good price for a 3/2 in Noe. I wouldn’t say this is evidence of a crash, just going for the price it probably should have 3 years ago.
Not sure the new buyer will be that excited to be paying 10 times the property tax as their neighbors.
Re the property tax, that is to protect the neighbors who are all destitute little old ladies (and men).
This house has its problems, e.g. the “unbelievable” master suite is indeed unbelievable for its direct stair access, odd layout, lack of bathroom separation, and presence of washer and dryer, but some of these problems exist for other places too as I’ve pointed out in other threads. I’m also not a big fan of the kitchen, although that could be personal preference.
The main thing I can see that differentiates this from the houses in Noe that do supremely well, as opposed to “good result for the seller” in this case, is that this house is neither a Victorian nor a pretentious and possibly Dwell’d modern. Maybe they should have gone for pretentious to get more bucks.
As I said on the original thread, this place feels like it was a classic bubble up premium. Regardless, I agree the sellers here could have fared worse.
sanfrantim was the closest at $1.375 M. Things are unwinding about as expected.