A Modern Day Classic Fetches Nearly $800K LessFebruary 1, 2023
Built in 1970 and since “transformed into a modern day classic,” the 4,057-square-foot West Clay Park home at 164 24th Avenue, which features a mid-century modern vibe and ethos, with some beautiful woodwork, a retractable central skylight and views of the Golden Gate Bridge from the home’s main bedroom suite and rear deck, in “one of the most desirable and sought-after locations in all the city,” on the border of Seacliff and Lake, last sold for $4.7 million in November of 2018.
Having returned to the market priced at $5.28 million this past August, a sale at which would have represented total appreciation of just 12.8 percent since the fourth quarter of 2018, the asking price for 164 24th Avenue, which was first reduced to $4.99 million in early October, was dropped to $3.99 million three months ago, as we outlined at the time.
And the resale of 164 24th Avenue has now closed escrow with a contract price of $3.93 million, which is officially “within 2 percent of asking” according to all industry stats but 16.4 percent or $770,000 below its value in November of 2018 on an apples-to-apples basis, despite the fact that the widely misreported index for San Francisco house values is still up 27 percent over the same period of time but dropping fast.
Comments from Plugged-In Readers
Title and MLS records indicate that this house last sold in November of 2018 for $4.3mm, not for the $4.7mm stated here.
The sale at 3.93mm means the seller lost 8.6% gross during the ownership period.
The seller in this transaction was in some financial distress, having received a Notice of Default on the purchase-money mortgage in March of 2022 and a second one in Mid-December of 2022.
That said, the loan was only for 2.8mm of the original 4.3mm purchase and the seller was never remotely under-water.
This was a good purchase by the buyers. Others looking to replicate this kind of a discount would do well to find a seller in similar financial distress.
The recorded sale price was actually $4.7 million, as was reported on the MLS, not the $4.3 million that appears elsewhere. Regardless, don’t confuse the decline in value with the seller’s gross loss, which would also need to account for all holding and transaction costs.
I see that now, and agree regarding the transfer tax value etc..
It’s not for me but this house has cool-credibility for a big part of the well-to-do young family buyer cohort in the neighborhood. Compared to other recent transactions in this area (263 29th, 125 21st) it seems like a good deal. West Clay Park is a great little street.
I suspect the new owners will do well.
Absolute steal of a deal. That is all.
Where did you get the notice of default information? Is that publicly available? Or via a real estate service? Thanks in advance.
Harumph. More to the point, there’s a hairline crack on the sidewalk in front, the rain spout is painted the wrong color, and the toilets aren’t placed exactly 42 degrees from the feng-shui mandated meridian…
I adore this location. Baker Beach, The Presidio or Lands End can be a part of your daily routine. You can hop on the 1-California to get downtown, bike down Lake, drive quickly over the bridge to Marin or walk to Clement/Geary shops.
Indeed! There is a pedestrian easement <300 yards from this house that leads directly to the Baker Beach trail (without going down to 25th Avenue).
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