Purchased for $2.78 million in May of 2019, the remodeled three-story, roughly 2,800-square-foot home at 591 18th Avenue, an “ideal location near Golden Gate Park, shopping, and freeways for the best of both SF and Marin,” returned to the market priced at $3.1 million two months ago, a sale at which would have represented total appreciation of just 11.5 percent over the past four years for the Central Richmond District home, or less than 2 percent per year, including the pandemic-driven squeeze.
Reduced to $2.975 million after two weeks on the market, the re-sale of 591 18th Avenue, a four-bedroom home with an “open floor plan filled with luxuries, brightness, [and] high ceiling[s],” along with multiple outdoor spaces and a one-car garage, has now closed escrow with a contract price of $2.8 million, representing net appreciation of less than a percent since May of 2019 for the updated single-family home.
And yes, that’s despite the fact that the widely misreported index for “San Francisco” home values is “still up over 20 percent!” over the same period of time, having dropped 17 percent over the past ten months and still trending down.
The faux concrete look is interesting. I suspect it will age about as well as all of the stone veneer you see added to homes around the city (I’m guessing that was a fad in the 90’s/early 2000’s?)
I will say this particular type of facade is a lot harder to work with and generally unattractive, so at least they didn’t ruin something that was beautiful to start with.
Unless it just doesn’t photograph well, the front exterior looks like a really bad paint job.
Both can be true.
And neither can be true.
(It’s integrally colored stucco)
Or integrally uncolored stucco….i.e. that’s what stucco naturally looks like. Why someone would do this – or if they actually tinted it and tinted it the same shade as it would be anyway – I’ve no idea.
It’s darker than uncolored
Wouldn’t that depend on what kind of sand was used? But like I said, if it was tinted, it seems like a pointless “distinction without difference.”
Agree to disagree
I like this house. A simple, tasteful and very balanced floor plan on the living and sleeping levels. The downstairs would work well for guests to stay in, potentially for weeks at a time, if needed. Tons of things to do in the area (parks, beaches, shops). Relatively safe. The local public schools are all in the top 5-15% of the state of CA.
This is a great house for a family of four.
The exterior isn’t for me but it looks like a nice modern remodel. $1000psf for Richmond District, relatively untouched by the “urban challenges of modern street life in San Francisco.” This is my current default SFH pricing.
What’s impressive to me is that this traded for the same price as in 2019 while the cost of debt has risen dramatically.
Also, as a few others may note, the price is actually much lower than 2019 in real, inflation adjusted terms than what was paid four years ago.
That is a lot of money to pay to be in the Ave’s. Regardless of index, there interest rate is likely much higher than what was paid in 2019 so from a long term perspective they are paying more for the house if you factor in interest over time.
The Avenues are looking better and better every year.
– Public schools are actually pretty good
– WFH means you don’t need to get into downtown every day
– Climate change / reduction in fog over time makes the climate more appealing
– Starting to get more hip / gentrified
– SF Parks and Rec continues to invest in GGP and The Presidio.
clement street area, particularly in inner richmond, is considered one of hottest neighborhoods. lots of new restaurants, bars , coffe shops, ice cream, retail.
the balboa area near this home is also growing in these areas,
and while there are some homeless issues, nothing like most other neighborhoods
While a mix of businesses is important and new ones may bring interest and “vibrancy;” I don’t think there is/was anything wrong with the old businesses in the Richmond. Or are ethnic businesses bad for property values?
i didnt say anything was wrong with old businesses. simply stating the options are increasing. of course the old businesses are what bring in more people, but new businesses mean area is drawing even more attention
That 1% gain evaporated as soon as the deal was inked because of the agent fees, closing taxes and other fees, not to mention annual property taxes while owning it.
The Richmond has long had an appeal as an authentic unpretentious real-SF neighborhood with many good restaurants and other shops. If it is true that the weather is getting better, then it may become even better. But the best of the Richmond is not this banal house. Aside from North of Lake and Sea Cliff, there is a wonderful Arts & Crafts area on 9th, 10th, 11th at Anza. Some terrific old houses.