Acquired in an off-market transaction for $6.3 million in the first quarter of 2020, the newly redeveloped Noe Valley view home at 271 Fair Oaks Street, resold for $6.625 million in the second quarter of 2021, despite the “short-term hold” and the “masterfully renovated” home having been “used” between, positioned as a “rare opportunity to have it all” with the pandemic-era squeeze in full swing.

Returned to the market priced at $5.995 million this past September, the resale of 271 Fair Oaks Street has now closed escrow with a contract price of $5.750 million, down 13.2 percent on an apples-to-apples basis over the past three years.

And yes, that’s despite the fact that the frequently misreported index for top-tier San Francisco home values is “still up 10 percent!” over the same period of time.

4 thoughts on “Masterfully Renovated Noe Valley Home Trades Down”
  1. Editor: Where do you get that the index is up 10% over that time? In looking at the graph you link to, it appears to me that the index value for single family homes is basically the same as it was in early 2020, having only just recently recovered from a significant decline. Who, other than you, is claiming that the index shows an increase? I don’t see it.

    1. NA – “Socketsite” is not saying the index is up 10% over that time. The graphs are from the “Case Shiller” index which does show an increase of 10% over the 3-year period – which SS says doesn’t line up with reality. (BTW – you may be looking at the top graph – make sure you scroll down to the second graph and it’s clear)

      1. I was indeed looking at the top chart. Second graph does clear things up. But it seems like we saw a big rise in the first few months of 2021, and we’re basically stuck at that same level today. Certainly no growth over the past 30ish months.

        I presume that Case Shiller gets paid by realtors, etc. and that their job is to tell a positive story, which they can almost always find a way to do by manipulating the statistics to do so. Don’t bite the hand that feeds you…

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