Over Asking in Noe but under as WellApril 4, 2016
Listed for $3.55 million last October, the asking price for the remodeled Noe Valley home at 439 Clipper Street was subsequently reduced to $3.25 million, at which point the listing was updated to tout the ‘best priced home in Noe Valley’ and to warn that the ‘seller [would be] moving-in in January 2016 if not sold.’
Withdrawn from the MLS in December, the ‘spectacular,’ and still unoccupied, Victorian was re-listed for $2.995 million last month with an official ‘one’ day on the market.
And on Friday, the sake of 439 Clipper Street closed escrow with a reported contract price of $3.3 million ($1,078 per square foot), which will be recorded as 10 percent “over asking” and only 29 days on the market according to all industry stats and post cards.
The sellers had purchased the now 3,000-square-foot home as a 1,200-square-foot “contractor’s special” in need of a new roof, new systems and without a garage for $850,000 in 2008.
Comments from Plugged-In Readers
I really think the mismatched off-centered windows in both the garage and front door really set this property apart from the rest.
I’m more partial to the incompatible metal railing.
Yes, it adds a taste of South Florida -which is always more than enough.
This is that house where I did those laborious IRR calculations a couple of weeks ago. I had a assumed a sale of $2,950K and got a levered 15% return. After printing at $3.3mm it works out to more like 19% per year, or 8.3% un-levered. Still better than the S&P 500 in return terms un-levered, though I doubt no debt was involved along the way…
The same team is at work on 725 Duncan. Can anyone report on the style? Looks like Duncan is too steep for the GoogleCam.
No idea, but 231 24th Ave in the Lake District sold for $3.795mm. I believe it was the same people involved with the Clipper house. This is a pretty eye-popping price for what is pretty much an outer Richmond duplex(ish). If there is a similar house south of Lake Street that has sold for more, I would be a little surprised. Next to a T1-11 sided Pepto Bismol colored Richmonder, no less.
People make fun of the modern flourishes, but the market keeps lapping them up…
inner richmond is getting very hot. There is a 1200 sq ft condo on 2nd at California (Lake st by realtor terms), currently priced for $1.25 that I saw on Sun. Another (lake St realtor term) SFH on 2nd and cornwall for $2.8M.
I have trouble with the pricing of this house. It is nothing special at all. The finishes are fine nothing that great – and they should be great at nearly $1100/sf. Clipper is a busy, noisy street because it is a cut through street and I hope no one works from home because the middle school across the street is very noisy.
And, this fix and flip took EIGHT years. Remarkable.
Well, something took eight years, but I doubt it was the fix and flip.
Yes, you can get a much more beautiful house somewhere else for cheaper elsewhere in San Francisco (Inner Richmond, Inner Sunset, and other second or third tier areas.) But the tenets of real estate have always been location, location, location. As long places like Noe Valley, Pacific Heights, and the Marina can command premium prices, they will.
I am talking comparable product in the same neighborhood. I think this one was let’s say “fully priced”.
Renovated in Noe for $1,100 a foot is cheap.
Most places in the Inner Richmond approach and exceed $1K per foot when presented as this house has been.
Yeah, lots of less desirable homes have been selling for $1000+ psf. This is not a premium price for this property at all.
It wasn’t renovated for $1,100 a foot. It was sold for $1,100 per foot.
Which begs the question of how Noe ever got to be so expensive. It wasn’t so many years ago that Noe was less Pac Heights and more Ocean Beach!
it is called google and all the high tech companies. Compared to pac heights, Noe Valley is close to the highway (the commute time is less than half of the commute time from pac heights), and you are still in the city and pretty central.
the teardown of the central fwy north of market made noe/bernal/potrero/glen park all more desirable for the commute to the valley. used to be able to get on the fwy by jefferson sq park. before the 1989 earthquake. the wealth/price shift southward in sf started in the mid-1990s.
Shazam — nice to see unicorn money find a home in Ess Eff.
As long as former workingmen’s cottages are sold at these prices, we do not have to worry about the value of better houses. It is amazing that people with so much money have such little taste, but this is not a new phenomenon. It has long been noted by dealers in pictures, books and other old things. This is real “trickle down” economics.
“It is amazing that people with so much money have such little taste..”
I use to worry about falling into this category, then I got mucho money and learned to not worry.
Yeah, a 3000 square foot “workingman’s cottage,” whatever that means.
Yes, and recall this was the house the built in accident waiting to happen – and with metal bars across the kitchen door to prevent unsuspecting wine connoisseurs from falling into the concrete parapet below…..
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