As we wrote in June:
Born in 1936 as a 1,315 square foot two-bedroom with one bath and purchased for $1,389,500 in November 2007, 41 Ford was been rebuilt as a 4,260 square foot four bedroom with four and one-half baths and parking for two (completed in 2009).
Back on the market in 2010 and asking $3,750,000, a sale at which would boost the neighborhood’s average sale price (and possibly even shift the median), irrespective of any actual market appreciation (or not).
Relisted and reduced to $3,550,000 in September, the sale of 41 Ford closed escrow today with a reported contract price of $3,250,000 ($763 per square foot) and an “official” 90 days on the market (versus the 210 since originally listed) per MLS based stats.
As a plugged-in reader wrote when the property first went into contract:
[It will be] surprising (to me) if it went for the current list. That would be significantly higher than the 3.25ish that most people seemed to be guessing here (that is those who hazarded a guess).
So no, it’s not “3.25ish” as plugged-in people said six months ago but rather 3.25 exactly.
∙ 41 Ford: Born A Two Bedroom, Rebuilt As A Four And Back [SocketSite]
∙ An Average Of Only 212 1.3 Days On The Market For These Three [SocketSite]
I live around the block and swear it originally listed for 3.9. At 3.25, they still over paid compared to the rest of the neighborhood.
“I live around the block and swear it originally listed for 3.9. At 3.25, they still over paid compared to the rest of the neighborhood”
“Martin”, two questions plz – first, what are the boundaries of “the neighborhood” to which you refer and second, can you tell us which house or what houses this particular house is comparable to in your neighborhood – not looking for house numbers but please describe the houses you believe are comparable – just curious – thanks
I can tell you because I just checked. Eight properties have ever broken 3M in the greater Dolores park area, regardless of SFAR designation(5K, 5M, what have you). This is the fifth most expensive one, and the only one in a flat area, that’s without commanding downtown views.
an outstanding sale for the area. anyone care to guess what this place would have gone for in ’06-’07? is this place 20% off peak? 35%? lol…
Originally listed at $3.9 million, smacked all the way down to a trifling $3.25 million, they’re practically giving away houses in this bear market.
Wow, you guys are SO right! Houses in SF never really fell, and are already up like 30% from the trough they never hit, right? Real estate really is the bestest investment ever! Like that Lake district place – only a half million loss in 2 years. I bet if they hadn’t bought it they would have just put all that money in Bear Stearns stock, because everyone knows you can only buy stocks or houses. Do you have any other pithy insights into the market? LOL
What a bargain! Amazing street with fantastic neighbors and beautiful homes. Ford street has a community feel like no other.
Ford street is definitely the Holy Grail of the Castro flatlands. But once you step 1/2 block away you fall back down to earth with prices 10 to 20% cheaper than NV.
I like Ford alot, but I have to same I’m surprised by this, and also by the sale of a small single family just across the street (14 Ford) that also just closed this past week. Listed at $1.1, closed at $1.325 at nearly $900/square foot. There were apparently several offers over asking, and the “winning” bidder was a google guy.
That seems like a crazy price to me. I think that both sales it says alot about the desirability of things near Mission Dolores and the “good” parts of the Mission (perhaps even more so than the Castro adjacency). It feels very HOT these days, and as anon.ed points out, you usually (or used to) need a view to get these kind of premiums.
nothing to see here, move along. by a.t.’s reckoning this would have traded 20-35% higher a couple of years back…
You’re right anonee. NO WAY would a high-end, new, top-notch place on a great street in a great neighborhood have sold for more than $763/sf a few years back. Places at the Beacon may have fetched 20% more than that, but those are, you know, really desirable special homes.
so you are saying this place on ford trades for $1000/sq.ft. a few years back? $4.26M say?
Crazy prices in 2007, so it’s possible — basic crap in SOMA went for 1000/sf. But we’ll never know, will we? That’s why I like to stick with “apples” to avoid arguments over hypotheticals like this.
“But we’ll never know, will we?”
I think we know. There has never been a $4mm sale anywhere near Ford Street, even with ‘crazy prices in 2007’. The highest anywhere near there was $3.7 for two places on Sanchez/21st.
^And Sanchez/21st is a mega view street. This Ford project is a total outlier in 2007 or 2010. I’d like to hear some reasonable explanation, because I’m kinda baffled.
1. Views are no longer as important as walkability/adjacency?
2. “new car” smell?
3. Near a google bus route?
4. Near Bi-rite?
Does anyone have any good explanation?
“Does anyone have a good explanation?”
Sure, the 2010 buyer overpaid. It happens.
There are always going to be a lot of fools in SF with money. That’s true whether it’s 2007 or 2010. The difference is, of course, that there are many fewer of them now who still have the money. That’s why on average prices and sales volumes are down so significantly.
“Does anyone have a good explanation?”
Sure, the 2010 buyer overpaid. It happens.
There are always going to be a lot of fools in SF with money. That’s true whether it’s 2007 or 2010. The difference is, of course, that there are many fewer of them now who still have the money. That’s why on average prices and sales volumes are down so significantly.
Near Bi-rite?
I still don’t understand the attraction to this store. The few times I have been there, I am always underwhelmed by choice and pricing. The next time I enter the store I always enter with hope and leave with disappointment.
Maybe it’s a trend thing? Like the sub-standard Tartine pastries? Lots of hype, not much substance, cute name though. A place to see and be seen and that’s about it.
^ I was grasping at straws.. 🙂