19.2 Percent Price Cut for Designer Noe Valley Pad
October 6, 2017
Priced at $6.8 million or roughly $1,420 per finished square foot at the beginning of the year, the list price for the designer five-bedroom home at 4352 26th Street was reduced to $5.995 million in May and the property was re-listed with an official “1” day on the market in early September.
And with an official “32” days on the market according to industry stats, the asking price for 4352 26th Street was just reduced another $500K to $5.495 million, down 19.2 percent from its original asking price to roughly $1,141 per square foot, a sale at which would make the 26th Street pad the fifth most expensive home sale on record in Noe Valley with the current number four the newly built home at 168 Jersey which sold for $5.7 million, or roughly $1,500 per square foot, in the fourth quarter of 2015.
Comments from Plugged-In Readers
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That kitchen island needs to be sent back to Boca Raton where it belongs.
I have relatives in Boca. You’d never see an island like this there. Only in overpriced Noe Valley.
Which one? The round one or the oblong one?
It’s the same one. The pictures make it look oblong are taken from a lower perspective and I think a wider-angle lens.
I know, I was just being snarky because of the obvious distortion in photo.
I like everything else about the kitchen but agree that island is ugly and looks impractical.
It will be interesting to see where these $1,500/sf houses trade. There is a pending on 385 Liberty ($6.995M), and one for sale on Collingwood at $6.75M. But I guess if one is paying close to $2 million for a re-model (read: teardown), putting in very high end finishes at today’s contractor rates (~$500-$700/sf on 4,500sf) and carrying it for 3 years from buy to sell, you need to get $5-6 million or more.
At the time the house was initially shopped, I said:
“4,800 sf * $1200 = $5.76mm? Fade the market and it trades at $4.8mm? I’m probably wrong here. Good luck to the developers – this was not a cheap time in the market to build ground-up.”
Not sure this markdown is that telling when it’s spotted in advance. Kudos for running it up the flagpole for some time.
I am trying not to practice Schadenfreude….
I can’t stand the word “pad”, when referring to a residence.
How do you feel about “crib”?
Crib, pad, hive. all sound like rapper comic book descriptions of some rusty trailer parked near a bog.
Yes, they rhyme well (if that’s what you’re inferring).
How about “digs”?
How about “jeans” for dungarees?
I could criticize quite a bit about certain elements at a $6 mil price point, but if I got to live in that house with my income, I’d be pretty damn happy.
“Designer”? The facade looks like a housing project.
It’s hard to hate, but it’s hard to love. Maybe that is the definition of timeless? In any case, they really are starting to look cookie cutter. I suppose it minimizes discretionary review and neighbor comments.
I’ve spent $26K in labor costs only for a full gut and renovation of bath and kitchen, and still wondered if I was overcharged. Proof is in the pudding when I go to resell.
Is that all? you should be so lucky. How much did you pay an architect?
That 168 Jersey house is very well done don’tcha think
One year to get the permit approved and then another for construction. What’s that old Tom Petty song — The Waiting Is the Hardest Part. Nice job. How much structural steel is in a place like that?
Not that many, 8 or so. Lot of PSLs
Interesting. In general nicely done (just from photos mind you and whats up with the kitchen island) but obviously too aggressively priced initially in a flat market.
People who are looking for family houses here at this price point are a different group from the ones looking up in Pac heights, Presidio heights, Laural heights, Sea cliff. Many of these people are in finance and work in the financial district. Lower Noe is far from most private schools with the main advantage being close to highway for commute down to Silicon Valley.
My guess is the flat tech market and lack of big recent IPO’s is weighing in here.
You think that is a thing since this sale. Not that long ago, and Glen Park not Noe. That Glen Park buyer could have chosen either one.
That looks like an interesting home and sale. It says it sold for 5.4M in May so this Noe house was probably listed for 6.8M when the buyer was deciding in March/April so a significant difference. Just from photos the Noe house looks better but the Glen park house clearly has a view. However you really do have to see them in person to get a sense of layout and space. Another thing that doesn’t show well in photos is the quality of the construction which can range from shoddy to meticulous.
This is a wonderful home in a great location but I see it as a party house not a family home.
At the open house several weeks back every time someone new came in through the front door, the very large two-story dining area chandelier swung ominously back and forth.
Kind of an ‘open concept’ meets ‘Pit and the Pendulum’
You left out the part where every time someone new came in they had to step down.
UPDATE: Designer Noe Pad Finally Fetches 27 Percent under Original Ask