1507 Noe 2012
In February of 2012, the newly constructed 3,400 square foot home at 1507 Noe Street hit the market listed for $2,750,000 and sold for $2,950,000 that March. The faceless buyer of the Noe Valley home was officially “Hangar Labs LLC,” which we reported was formed by a single Facebook engineer.
Two months after the purchase of 1507 Noe and just before Facebook went public at $38 a share, a two million dollar mortgage was taken out on the property. And with Facebook trading around $24 a share, this past November 1507 Noe quickly returned to the market listed for $3,599,000.
Reduced to $3,399,000 in January, the sale of 1507 Noe Street closed escrow on Monday with a reported contract price of $3,230,000, up 9 percent on an apples-to-apples basis, roughly 8.4 percent when annualized.
Facebook closed the day at $27.43 per share, down roughly 28 percent year-over-year while the S&P 500 is up 13.6 percent and the workforce in San Francisco has grown by 19,500 over the past twelve months.
SF Unemployment Rate Drops To 6.0% For First Time Since 2008 [SocketSite]
The Dow Hits An All-Time High, S&P 500 Comes Close [SocketSite]

Comments from Plugged-In Readers

  1. Posted by eddy

    FB up roughly 50% from its $17.75 low in September. Quite a ride.

  2. Posted by 49yo hipster

    The schmuck probably pocketed $50k. At least he didn’t loose his ass. Moral of the story: don’t count your chickens before they hatch.

  3. Posted by lol

    You mean a 1 year hold and still making a buck? That’s poor strategy saved by a bull market. Doing that in 2009 would have sent you to the cleaners.

  4. Posted by Jimmy (No Longer Bitter)

    This is a great example of my no-lose three step strategy for real-estate riches!
    1. Buy house on open market at inflated retail price.
    2. ?
    3. Profit!
    I applaud the seller for successful execution of the plan.

  5. Posted by lol

    “Smart people’s money” doesn’t automatically become “smart money”. The next few years are gonna be entertaining.

Comments are closed.

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