Completely Remodeled and Facing ForeclosureAugust 21, 2020
Purchased as a 975-square-foot Noe Valley home with plans to nearly quadruple its size for $1.929 million in August of 2015, the now 3,750-square-foot home at 438 29th Street returned to the market as a “completely remodeled, redesigned & reinvented residence” with a $4,388,888 price tag in November of last year.
Re-listed for $3.95 million in March, the list price for the “chic open floor plan” home – with high ceilings, an abundance of natural light, a terraced rear yard, a lower-level apartment or in-law and a rooftop deck with panoramic views – has just been further reduced to $3.85 million and re-listed anew with an official “1” day on the market.
If you think you know the market in Noe, now’s the time to tell. But keep in mind that the developer has been in default on a $3.52 million project loan since January with around $4.8 million in principal, fees and missed payments now past due.
We’ll keep you posted and plugged-in.
Comments from Plugged-In Readers
Even given the pandemic, seven or eight months is a long time to be in default on a loan, no? The lender should go ahead and foreclose and sell it themselves.
Hard to Envisage how this happened…
Thanks for the link – that explains a lot. A bunch of clowns from the tract house world.
Is the house purple or blue? it shows blue on MLS but purple on the house’s official site. either way, not a great look
My gut tells me that this style of house (and this level of construction quality) will not age well.
They call this style “Postmodern Gentrification”
I have the same thought. In twenty years this will be as sad as the saddest stripped and stuccoed victorian.
I am guessing that if sold at asking price, the developer will lose money?
How do families (or even just a couple) live in these giant open spaces? Is that desk in the first photo supposed to be a home office, in the same room as the living, dining and kitchen??
definitely not family friendly, especially in a work from home environment
My only counterpoint is that for middle or high school students, having a workspace out in the open might be a little nicer than being holed up in their room for the entire night. It would promote more family integration on a typical weeknight, rather than everyone off alone in separate rooms.
To each his own, I suppose. Thinking back to when I was in high school (admittedly, 20 years ago) no way could I have done hw in a public space in the house. I had a desk in my bedroom (quiet, no distractions). We had dinner together as a family and then the kids did homework by ourselves.
Yeah, I could see it going either way. For some reason, the image of eating quickly and quietly together and then everyone shuffling off in their own rooms to spend the night in isolation terrifies me from a family integration standpoint. Being in an open space, doing your own thing but occasionally chatting or hanging out seems ideal, if you can actually pull off work. May be a fool’s errand though. Noise-cancelling headphones? Not sure. Very family and house dependent.
God that’s a hideous house. Wtf did they do to this poor house?
Is that astroturf in the backyard?
It always amazes me how little money flippers put into landscaping, particularly with a $5 million house. Not a single tree or greenery in the fully paved over front area – really unappealing welcome – and almost no thought into plantings in the back. These things make an immediate impression and are not that costly comparative to the rest of the renovation.
I think you are under-estimating how expensive to do these high end flips. Say construction cost is $2.5m, the holding cost (assuming hard money) over 4 years is likely $1m to $1.5m, the flipper simply can’t afford landscaping.
If they were running out of money to properly landscape, where else did they cut corners?
No, what I’m saying is that landscaping should important part of the budget, but from what I’ve seen on most of these flips it is an afterthought. You can put a tree out front for a couple thousand. The 2.5 million construction cost could include say $25k for landscaping.
Maybe don’t buy a $10K tub and $6k toilet, or $50k worth of tile?
Have the foreclosure sales started back up at City Hall?
What’s up with the yellow front door trend? They have been popping up all over the place this year.
I couldn’t even focus on the house because of that crooked painting in the bathroom!
What really throws me off about this house is the mix of the horizontal clapboard (old school), combined with the multi-colored boxiness of new apartment buildings.
It looks like aspirational public housing.
Hideous. This High-Tech Noe Valley McMansion is the Richmond Special of the 21st Century.
Just seems so far away to me. Is this actually in Noe Valley?
So it took from August 2015 to November 2019 to renovate and expand? 4+ years? If so, then that is ridiculous.
How can anyone make a profit taking that long on one single family house?
200 unit 20 story apartment buildings take less time to permit, build and occupy in other cities…
Looking at Streetview, it was demolished in 2013. And roughly as it looks today by 2015. Something is incorrect in this story.
Perfect denouement to a era of profligacy and class divisioning. This foreclosure is the Altamont of the go-go 2010s. Good riddance
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