374 Valley Street

Purchased for $960,000 in 2005 and having flirted with foreclosure in 2011, the three-bedroom Noe Valley home at 374 Valley Street returned to the market listed for $1,100,000 in 2013, was in and out of contract, and finally resold for $1,050,000 in June of 2014.

Soon thereafter, plans to expand the home’s basement, add a garage and otherwise remodel the 1,742 square foot property were drawn, the plans and permits for which remain under review by the city.

And this morning, 374 Valley returned to the market, “marketed to those with Vision and Experience who can see the potential of this diamond in the rough,” touting “the property will be delivered vacant,” and listed for “$999,000” ($573 per existing square foot).

10 thoughts on “Noe Valley for Under a Million?”
  1. This may be a short-sale too. I just pulled the tax records from the assessors office and they show a construction loan recently taken out for almost double the list price.

  2. History Record # 1: FINANCE
    Mortgage Recording Date: 05/20/2015
    Mortgage Transfer Type: Construction Loan/Financing
    Lender: Preferred Bk
    Document Type: Trust Deed/Mortgage
    Loan Amount: $1,960,000
    Borrower 1: Maan Capital Lp
    Borrower 2: Y & W Investment Llc

    History Record # 2: SALE/TRANSFER
    Buyer: Maan Capital Lp
    Seller: Maan Capital Lp
    Transaction Date: 05/05/2015
    Sale Price: $550,000
    Recording Date: 05/12/2015

    History Record # 3: SALE/TRANSFER
    Buyer: Maan Capital Lp
    Seller: Cristi Ronald
    Transaction Date: 06/12/2014
    Sale Price: $1,050,000
    Recording Date: 06/17/2014

    Mortgage Recording Date: 06/17/2014
    Mortgage Transfer Type: Resale
    Lender: Anchor Lns
    Document Type: Trust Deed/Mortgage
    Loan Amount: $900,000
    Borrower 1: Maan Capital Lp

  3. The price makes total sense given a number of factors:
    1. Underneath the stucco a century old Victorian most likely sitting on a crumbling brick foundation.
    2. Will need to be stripped down to the studs; almost all walls demolished.
    3. All new electrical, mechanical, plumbing , insulation, roof.
    4. Complete new concrete foundations and seismic components.
    5. Yes, not the most attractive block in NV, but it’s still NV.
    6. Yes, the power pole in front is hideous.
    7. I’d budget close to $1m for a full remodel, maybe 3rd floor addition to make it a 3 br, 3b ultra contemporary with 2 car garage.

    I think the price is a good deal.

    1. How much of the old facade do you reckon is left? Even if one were to chip away at the stucco, is it possible there is still anything salvageable?

      1. Well, you can see the cornice (s) which are now covered up with stucco and severely compromised. Under the stucco could be original horizontal ship-lap siding, but often rotted in places because of poor waterproof backing behind the stucco. The façade probably once had several tall double hung wood windows, of course obliterated by some hack contractor or homeowner with those crappy nail on vinyl windows.

        In reality, The City will most likely make them retain a certain portion of the front façade, but that too will be stripped down to the studs for the remodel. (essentially going to be a new building.)

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