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.

8 thoughts on “A Modern Day Classic Fetches Nearly $800K Less”
  1. 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.

    1. 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.

      1. 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.

    2. Where did you get the notice of default information? Is that publicly available? Or via a real estate service? Thanks in advance.

  2. 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…

  3. 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.

    1. 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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