Maximum Overbid Of The Week: 235 28th Street, Noe Valley…

This one is hot off the presses. So hot, this property at 235 28th Street in Noe Valley still has dust billowing up around it from the flurry of bidding that just went down.

235noefacade

235noekitchen

235noerear
By all accounts, this is a great, great house. Sure, it needs a little work, but could be really nice and totally livable with ripped up carpet and buffed out floors, new paint (get rid of the wallpaper), and tidy up the yard. It’s actually livable now, but we have champagne tastes like all of you. To take it even further, the house could be expanded down, up and back. Big project for sure, protect that lovely historical facade, dig out the downstairs, add one more parking spot, and go big…and that’s exactly what all of you, dear readers/buyers, can expect to hit the market in or around another year, and expect it to be in the $3,000,000 range.

We just bid on this property, and we lost. Asking $899,000, we bid $1,250,000, we were “in the top four”. Winning bid (hate that word) was $1,300,000, cash, seven day close. That’s $401,000 over asking. Hard to beat. And for our buyers, it’s another one lost. It stings just as bad this time (the 7th) as it did the first.

To all you sellers, we keep saying it’s a great time to sell, are you believing us yet?

-235 28th Street, Noe Valley: 3bd, 1ba, $899,000 [MLS]
-When Someone Else Tells You Our Market Is Hot Will You Listen? [theFrontSteps]
-Telegraph Hill Neighbors: Our Opposition Is Unconditional [theFrontSteps]

10 thoughts on “Maximum Overbid Of The Week: 235 28th Street, Noe Valley…

  1. Wow! $401,000 overbid, and you consider this a good thing? Not good for anyone but the über rich, and real estate brokers who make a fortune in commissions for doing basically nothing but sticking a For Sale/Sold sign on the property. Noe Valley, and the rest of SF is rapidly losing its cultural diversity, forcing out the middle and lower class. Will the buyers restore it? or “remodel” it, gutting everything, and put up another generic 2-3 story (goodbye sunlight) concrete-and-horizontal-strips-of-exotic-wood, lot hugging, bland, and tasteless condo? SF was once famous for its colorful Victorians. Those are disappearing, never to be replaced. Let’s hope the new owners have some sense of SF’s historic pride (I know, I know, RE agents and developers HATE words like restore, historic, preservation) Just my opinion—and many others’ BTW. Sigh.

  2. This would have been impossible even 1 year ago. The prices on real estate started to pick in many places. However, it is really crazy to hear this type of stories where people overbid by such a high amount. Seems like many people are trying to invest in the growing market.

  3. …moved from a $750,000 2 bed, 1 bath shack in Dogpatch and bought a 2,800 sq.ft, 3 bed, 2 3/4 bath mid-century split-level with a stunning view, for $645,000…in Seattle. You can keep SFO.

  4. Really? we can keep SFO, do we live at the airport? I call phony on that one.

    Alex,
    Why did you think it was only gonna get $1.25M. Did you think it was enough over that others would think the same thing, because it seems to me that this place is a good price compared to what Noe has been seeing ($1.6M and whatnot)?

    • Hey @sparky*b,

      Really, who the hell knows where these things are gonna sell. It’s a total bull shit crap shoot. Things in SF are priced so low, you just gotta throw mud at the wall and hope it sticks, but that’s the game we play. I actually told my clients it will sell at $1.3M, possibly higher, but we maxed at $1.25M for various reasons. Turns out we were number 4 in a long line of offers, so the fair price is certainly between $1.25M and $1.3M. I had a feeling it could go $1.4M, but thought if it did, they could have it. It’s still on the extreme southern end of Noe, but certainly a good block. We also thought maybe by going up that high we could potentially put it out of massive profit range for a developer, but alas…not the case. From what I’ve learned, that is the buyer profile. I could be wrong, but time will tell. I’m thinking of leaving the country til the market cools….

  5. Thanks for the info. Noe is wild right now for sure and gross underlisting is not doing anyone any favors. The market seems pretty normal in a lot of the city, it’s just the hot spots are white hot. Do you see it that way?

    • I’d have to agree with that statement. However, I still wouldn’t consider the city as a whole as “normal”. Unless normal is crazy. Whereas points south are uber crazy.

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