From $600K Under Asking In 2011 To $1.2M More Today?February 9, 2015
Newly built and listed for $2,590,000 in late 2010, the 3,500-square-foot “state-of-the-art” home at 1636 Diamond finally sold for $1,980,000 in August of 2011. And today, the house is back on the market and listed for $3,150,000, a sale at which would represent total appreciation of 59 percent since 2011, or roughly 14 percent per year, for the Noe Valley pad.
An elevator runs between all five levels of the four-bedroom home, from the three-car garage to the roof.
Comments from Plugged-In Readers
Odd how it all comes together as an unappealing building in which to live. Messy front facade, Stark cheap looking interior except for the bathrooms and consistent room by room stagging that that is surprisingly ugly. One of the worst of the modern homes I have seen on Socketsite.
3.15m for a home that stands in the shadow of the “cheap seats” up on Diamond Heights Blvd. This place is way out of character for the neighborhood. I saw this place being built from the ground up. The location sucks = no way you could walk to anything in Noe. I guess being near the Safeway has its benefits though. I really can’t believe the price here, even 2.5 would be a stretch. But you coudln’t pay me to live here.
I don’t know about “out of character,” aren’t there like four other similar houses on that block?
it isn’t really out of character these days on that block. it was, before
Granted this place is on the fringe of Noe but c’mon, it is a mere 15 minute walk to Firefly
you must be really overweight to need 15 minutes for that walk
It’s the walk back that’ll get you!
I hadn’t noticed. What’s up with that?
926 Shotwell #1 is another summer-2011 apple, down the hill in a now-prime Mission block just off 24th St. I’m guessing appreciation since 2011 in the Mission has been stronger than up on the hill; we’ll see…
I live in Noe and this is on the OUTER most edge of my hood. Not easily walkable to anything, more like Diamond Heights to be honest. I just don’t think this location warrants the massive price hike. To pay for this at asking would be crazy, but hey there is plenty of crazy to be had in this town …
August 2011 was a very good time to buy in SF (we bought our place a few months after that – better to be lucky than good). Up 59% since then? I doubt it, but we’ll see. For the sake of comparison, the S&P 500 is up about 80% since then.
Really nice place, but I’m not a big fan of the “have to drive everywhere” location, but lots of people drive everywhere anyway and won’t mind this. At least it has a garage . . .
Yeah but s&p isn’t leveraged like real estate. If this sells for anything near list it’ll mean some serious chaa-ching! for the owners. But otherwise I agree, buying high end SF RE in 2011 was a great move. Literally make a million dollars by doing nothing.
great timing for whoever bought this in 2011, its pretty ugly and not the best Noe location for sure, but they should at least get a 800-900k gain
I toured it this weekend. herb is right. despite lots of square footage and a lofty price tag, this home is unappealing. cheap, shoddy workmanship everywhere (warped and damaged floors, sloppy tile, etc). it had a low end feel, like a careless contractor had finished it on the cheap. many finishes looked dated. not remotely on the level of the foursome down the street.
Those 2-tone yellow bldgs. (at left in 1st foto) are projects on Diamond Hts Blvd; they’re not 50-ft away and look right down on this and the brand-new houses next door. Agree that this is more Diamond Hts than Noe Valley.
We used to live close by & were very happy & relieved to cash out and move away last yr… it’s not safe to walk on DH Blvd at night. Nearby Walter Haas Park (& dog park) is particularly unsafe after dark (unless you have a noticeably ferocious-looking dog, enough to scare away drug dealers & low-life who populate this place at night).
Beyond Walter Haas Park, the hillside sloping down toward Glen Park is covered with more projects. Diamond Hts could have been one of SF’s premier neighborhoods, but the City of SF ruined it long ago with all the projects. $3.5M for a house in this “outer Noe” location is hard to fathom (it’ll likely sell to an out-of-towner).
UPDATE: The sale of 1636 Diamond has closed escrow with a reported contract price of $3,500,000.
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