As we wrote this past September:
The post-Labor Day parade of previously withdrawn listings has begun. And in a blast from the past, 4545 25th Street has just been listed for $2,595,000.
Purchased for $2,725,000 in November 2007, the Noe Valley home was listed for $2,895,000 in September 2008 before being relisted, reduced to $2,625,000, and then withdrawn from the market in 2009.
It’s currently tenant occupied at $7,800 per month. We’ll let you do the math(s).
And as we originally noted in 2008:
Classic exterior, good location, and floor plans online (if you like those kinds of things). And while once touted as a sign of Noe Valley strength (based on its original asking price) and then as a sign of weakness (following its cut), we’ll wait for an actual sale to see.
The sale of 4545 25th Street closed today with possession at close of escrow (i.e., no tenants) and a reported contract price of $2,490,000, roughly 9% ($235,000) below its 2007 value on an apples-to-apples basis.
∙ A Blast From The Past (And Noe Valley Apple) Returns [SocketSite]
∙ An Elegant Noe Valley Apple Still On The Tree: 4545 25th Street [SocketSite]
2.5 mill for outer Noe? Sad.
Even more sad if you paid $2.7M in 2007! I’d say saving $235k and the difference between $15k/mo in payments versus rent for four years was probably worth the risk of being ‘priced out forever’…
way over-priced & way over-paid. just wait. down the road in many years time when this house again goes non the market, people will comment as why someone would have paid that much in 2011.
This is another illustration of my “its price-point specific” account of the SF real-estate bubble. Nice but not exquisite 2-3 br condos now sell at 15-20x annual rent (for $700k-$1M, give or take). Yet this larger, nice (but not exquisite) SFH sells for 26x annual rent.
Only a 10% loss. Ain’t that bad. Most areas outside ess-eff lost 25-40%. Still different here 🙂