Speaking of flying, as we first reported three weeks ago:
Purchased for $1,100,000 in late 2008 as a 1,250 square foot 1900’s home, 171 Valley has returned to the market modernized, expanded, and boasting 3,220 square feet.
In addition to expanding and converting half the lower level to legal living space, and renovating the main level, the entire upper level is new as is the rear façade.
Yesterday, the sale of 171 Valley closed escrow with a reported contract price of $3,010,000, call it $935 per listed and renovated square foot.
And while we think a reader was trying to be snarky with a “think mix, not median” comment when the property went into contract, that’s actually exactly right and a trend (in terms of what’s in demand) with which any plugged-in reader should be well aware.
∙ A Rebuilt 171 Valley Returns [SocketSite]
∙ San Francisco’s Bird-Safe Building Code Ordinance Flies [SocketSite]
There was an element of snark but I was being serious as well. Every home is being upgraded and those upgrades are commanding a market premium. How long until the change in Mix becomes the new Median? Manhattanization. This was a $2M premium from the as-was 2008 purchase. I think we can assume the developer did pretty well on this project. These spec renovation flips are a true phenomena. Even 350 Valley sells for a nice premium despite being remodeled in 2003.
It pains me to say this but
fluj/sparky-b +1
It will be interesting to see if buyers continue to come out of the woodwork. SV/tech money and urbanization trends seem to be overcoming the general market malaise (at least on these high end properties).
i have a 1920’s home with good bones but in this market i think you also need updated systems( electrical, plumbing, windows) , updated bathrooms and kitchens along with architectural detail.
Interesting – just went back through the comments on the previous post for this one.
Rough sample:
7 or so saying this will go for less (or $2.995 was pushing it)
0 posts saying it would go for more than list
For us plugged in folks…fail.
@Dan, In all fairness it was only on the market for 12 days before going into contract and only another 7 days before financing was lines up, money changed hands and possession transferred. The neighbors much be giddy, but like meep above, good bones i this town aren’t going to command the premium. Think Mix, meep is median. Not trying to “mean”, but maybe a little snarky 😉
@eddy – np. I was only commenting as here’s a situation where all of us viewed the place (via the web..and some even in person) and all guesses were wrong. I know I thought it’d go for less, due to location.
Personally, I think this says more about how real estate can still surprise at times…even us plugged in folks.
“It pains me to say this but”, why does it pain you to say that?
Jeez, I thought everyone on this site was rooting for flujie.
Hmmm. is that a bubble I see rising?
Schools nearby as well as the commuter-friendly path to the freeway, but man that’s a lot of dosh for the flatlands.
Big time FAIL for Socketsite readers.
Never judge a fail until the resale (TM). No one plugged in here would be surprised to see this buyer take a big hit on the sale down the road.
I’m sure surprised it sold for this much and over asking.
But hey, I’m not really complaining. I live nearby, farther up the hill, and by my calcs my own house just went up by at least $250k today.
Noe keeps surprising and rising.
on the other thread someone said “all cash, multiple offers”. and silence from tipster.
in this economy big money is doing FAR better than the other 80%, and even the other 95%. and after that $9M Jackson st sale it seems big money wants brand spanking new.
Hmmm… back in Niner land. Perhaps with their experience they can buy the Ablion Castle.
Old money. Noe Valley continues to gentrify.