Speaking of price reductions being on the rise in San Francisco, despite reports of a “surging market,” the list price for the contemporary three-bedroom Noe Valley condo at 170 Clipper Street, a top-floor unit in the heart of Noe Valley, was recently reduced to $2.299 million.
Purchased for $2.4 million in July of 2015, the 1,625-square-foot unit, which was “built with the finest craftsmanship” and “extreme attention to detail,” and has been “impeccably maintained since,” retuned to the market priced at $2.499 million four months ago, prior to being relisted for $2.399 million last month and then reduced to $2.299 million last week, an “at asking!” sale at which would represent a net 4.2 percent drop in value for the luxury unit on an apples-to-apples basis. Granted, it’s only a 9-year hold.
If you think you know the contemporary Noe Valley market and comps, now’s the time to tell.
Just curious, but where are you seeing reports of a “surging market”?
I had this question as well. A cursory look over the last few months of posts indicates this site’s editor has been going on, mocking continued misreports in the local press of “low inventory” levels and a “surging” market, for at least a few months now. What follows is my list of supporting quotes:
• Apr 15, 2024: “…despite continued misreports of “low inventory” levels and a “surging” market.”
• Apr 24, 2024: “…Speaking of “over asking” sales in this “surging” market…”
• May 3, 2024: “Speaking of a sharp drop in asking prices across San Francisco despite (mis)reports of a “surging” market…”
• May 6, 2024: “…Driven by a slowdown in the pace of springtime sales versus a “surge,” …”
• May 16, 2024 : “…sale…in this “surging” market would now represent…”
• May 17, 2024: “…despite (mis)reports of a “surging market,” “pivot” or rebound.”
And I didn’t make any real attempt to be comprehensive. Maybe the misreports in the local press were contained in an emailed newsletter? A link would be nice; inquiring minds want to know.
It was from the headline and body of a local brokerage’s state of the market report, subsequent agent emails and various coverage.
I fail to see what “fine craftsmanship” this condo possesses when the photos all show a unit that looks like every other white box with zebra wood accents from a decade ago.
The top photo shown in the post above looks to me like a single car garage door (yes, I know I don’t have a good record on gauging these garages). The second-to-last sentence in the listing for 170 Clipper St. reads “The home has side by side parking and is centrally located for both downtown and Peninsula commuters.” Okay. The listing’s website coincidentally doesn’t show floor plans for the garage, and 168 Clipper St looks like that unit also has dedicated one car parking.
So it appears that a buyer is going to have to negotiate entering/exiting that one car-width wide garage door with their downstairs neighbors every day of the week when they begin or end their commute downtown or to/from The Peninsula. If you’re going to the open house, you might want to check if the person you’re potentially going to be sharing a garage with drives a Yukon, Expedition or something similar.