As we outlined at the end of last year:

Purchased for $1.95 million in June of 2015, the 1,753-square-foot unit #7 in the former St Paul’s Primary School building at 300 Valley Street returned to the market priced at $2.195 million this past September, at sale at which would have represented total appreciation of 12.6 percent for the Noe Valley condo over the past four years.

In addition to two bedrooms, the “sun drenched” and “absolutely COOL modern day 2-level condominium” features a “gourmet kitchen with Caesarstone counters, DCS six-burner gas range, [and] stainless appliances,” along with high ceilings, two bathrooms, two fireplaces and a deeded space in the boutique building’s garage.

And having been reduced to $1.995 million in October, the sale of 300 Valley Street #7 has now closed escrow with a contract price of $1.975 million, representing total appreciation of 1.3 percent since the second quarter of 2015 on an apples-to-apples versus “median price” basis.

And now just two months later, 300 Valley Street (#7), “the premier residence in the former St. Paul’s Primary – a boutique, iconic building,” has just returned to the market with a newly refinished kitchen, updated fireplace enclosure, new paint and a $1.998 million price tag.

If you think you know the market in Noe, now’s the time to tell.

Comments from Plugged-In Readers

  1. Posted by not sure why this is all caps

    Doesn’t a contract price of $1.975 million represent a loss, not a gain, from 2Q15?

  2. Posted by ST

    Well, good luck, especially after a 30% drop in the stock market in 3 weeks….

    One is always in trouble, in real state or in stock, when you can’t hold on and have to sell in a unfavorable market condition.

    • Posted by glad it's not me

      yikes, the sellers must have a knot the size of twin peaks under their skin

    • Posted by Sri

      You mean after the biggest gain in market history Friday and the stock market up over the last 1 year (not down), all when mortgage rates are the best in HUMAN HISTORY and every buyer should be coming out in droves now as a result? And when multiple homes like 1988 Bush Street are selling above asking price? Those market conditions?

      • Posted by Michael

        Friday’s rally didn’t fully recover Thursday’s loss. Dow and S&P500 are still down YOY, Dow over 10%.

      • Posted by scurvy

        Rates are actually higher than last year (on average). CMBS and RMBS spreads have blown out. Spreads all over the place are blown out. Just because the Fed lowered rates doesn’t translate to lower mortgage rates.

        Friday was also only the largest gain since….2018. Not of all time. Monday will be a massacre again.

      • Posted by anon

        by any chance, are you a realtor? No idea why I’m asking but just curious.

        • Posted by Sfnative

          I would say it’s very likely. Also, a very ostentatious one at that.

  3. Posted by scurvy

    With today’s announced rate cut to 0, there’s now a ZIRP and another round of QE. They’ll probably be buying MBS so this will thaw out the mortgage market.

    Rates will probably be negative by year’s end. A good time to buy physical assets like real estate.

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