As we first reported with respect to 1422 Douglass this past September:
Purchased for $925,000 in 2007, the single-family Noe Valley home at 1422 Douglass returned to the market two weeks ago listed for $875,000 while noting: “Be prepared to ooh and aah (sic) over this charming Victorian home that packs a big impression.”
On Friday, the list price for 1422 Douglass was reduced to $849,000. We’re not sure if that’s an “ooh” or an “ahh,” but we do know that’s 8 percent ($76,000) below its 2007 sale price on an apples-to-apples basis.
The sale of 1422 Douglass closed escrow on Friday with a reported contract price of $775,000, 16.2 percent ($150,000) below its 2007 sale on an apples-to-apples basis.
Once again, based on PropertyShark’s stats, the median price per square foot for neighborhood single-family homes dropped 19 percent from 2008 to 2011, down 8 percent from 2010 to 2011. The drop from 2007 through 2011 was 16.4 percent.
∙ Ooh, Ahh…And Now Reduced For The Noe Apple At 1422 Douglass [SocketSite]
∙ A Quintessential Noe Valley Apple Falls Into Our Cart [SocketSite]
775K for a small 2/1 in this area sounds just about right.
Not quite the 6% a year appreciation that the realtor promised back in 2007, but on the other hand I don’t think anyone in a position to buy in NV is going to let a $200k loss bother him either.
Amazing, EB – I didn’t realize you were privy to all the dialogue between the realtor and the owner – how exactly do you know he promised a 6% appreciation per year?
Oh, wait a minute – that’s right, you don’t.
Assuming a 30Y fixed and 20% it only cost them around $9K/month to live in Diamond Heights.
Call it NV pride, but can’t help but take issue with 1422 Douglass being called a “Noe Valley Apple”…it’s much more a Diamond Heights house than NV. Almost makes you think a new D5 area called “Noe Heights” should be created that runs above Douglass and up to Grand View en route to the Castro–great for those who love wind turbines, dense moss and fog cover.
TITRNV
This
isn’t
the
Real Noe Valley.
We heard these same arguments about SF. Then prices dropped.
Love the bamboo. Hate all the paving. Hate the cement board siding over what WAS a Victorian.
Yes, this IS Noe Valley.
ARRRGH – Can we outlaw bad HDR?? This “photo” looks like a cartoon!! Do the Simpsons live here?
Yes, the HDR is hard on the eyes and so..well. fake.
bought for $925k.
sold for $775k.
yay!
Congratulations to the buyers, seems like they got a good deal. Hope they love living there!
(And yay for a sub-800k SFR in Noe as well!)
I walked through this place a few months ago. First off, as others have said, this is not Noe Valley by any stretch of the imagination. It is at the peak of Diamond Heights. No views at all however.
It is a nice renovation, well thought out use of space, and they tried to give it a little bit of outside sunny space by. Building an elevated deck off the back, over about a third of the yard.
But those apartment buildings looming up on the left there are not going to let much sun by.
I viewed this house and (if I recall correctly) the owner was moving across country so perhaps their motivation increased enough to get out while they could.
Calling it Noe Valley is a stretch, and the interior was anything but charming. It was well kept though, and the deck out back was very nice.
They clearly moved it to a new, worse location since 2007. That explains the $150,000 hit.
Or it could be the market went south. Nah! MUST have moved it!
Everybody knows it’s a less expensive market than 2007, one, and secondly you’re always going to have people argue about properties’ locations when they’re sitting on or near borders. Grow up.
desirable properties in good neighborhoods like noe valley have maintained value.being next door to one fairly large apartment complex is not what i consider desirable but that’s just me.
Most of us long time NV residents would call this Upper Noe, but it’s still Noe.
Don’t forget it’s east of Diamond Hts. Blvd.
Look closely at the For Sale sign.. lol.
FAIL
Don’t do HDR on windy days.
(MoD explained the phantom sign in his first post on the original thread.)