Purchased for $4.94 million in June of 2016, the 3,600-square-foot, 4-bedroom Noe Valley home at 481 Jersey Street returned to the market priced at $5.6 million this past February, a sale at which would have represented total appreciation of 13.3 percent for the “exceptional modern home…on one of the best blocks of Noe Valley” over the past four years.
In addition to “well-proportioned living and dining rooms,” which “flow harmoniously into the kitchen and lounge area,” there’s a south-facing yard with an “outdoor kitchen, gas fire pit, and secluded spa with a hot tub.”
And having been reduced to $5.4 million in June, the sale of 481 Jersey Street has just closed escrow with a contract price of $4.95 million, representing total appreciation of 0.2 percent for the exception home since the second quarter of 2016 on an apples-to-apples versus “median price” basis.
The Case-Shiller index for Bay Area single-family home values was up 22.5 percent over the same period of time while the “median sale price” in Noe is up over 40 percent (!) since mid 2016, driven by mix not values.