Below you will find important statistics for the past decade and a half on the luxury markets in District 5. The price point has reached $1.5M for an average home in Glen Park and more than $2M to own a home in Noe Valley and Eureka Valley. Note that the 2014 data are year-to-date, between 1/1/2014 to 7/25/2014.
This heat map compares 2013 2nd quarter or 1st half median home sales prices – for houses, condos, co-ops and TICs combined – with those at the peak value time prior to the recent market recovery. Previous peak value times vary by neighborhood: typically, the least affluent neighborhoods hit peak prices in 2006 and also fell the most, percentage-wise, during the crash, falling 25% to 50%. These neighborhoods were most affected by the subprime and distressed-property sales crises. The mid-affluent neighborhoods peaked in 2007, and usually declined in value in the 20% to 25% range. And the most affluent areas reached peak values last, in the first half of 2008 prior to the September 2008 crash: Their fall in value ranged approximately 15% to 20% from 2008 peak to 2010-2011 nadir.
Generally speaking, when the market began to turn around in late 2011/early 2012, the last neighborhoods to fall were the first to recover, followed by the mid-affluent and then the less affluent areas.
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.
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]
Is this your style?
Been searching for the perfect Noe Valley Single Family Home that is LEED certified?
Dreamt about having a say in the final touches of your down to the studs remodeled dream home?
If so, I have the home for you. You, meaning unrepresented buyer.
The home pictured is not what is available, but it will be along those lines, and it is in an A++ Noe Valley location. Feldman Architecture and Scott Lewis landscaping, five bedrooms, three and one half baths, two car garage, 3000 plus square feet, and LEED Platinum Certified baby!
You, lucky buyer, would have the oppportunity to customize the paint colors and tile choices (to some extent- within the allowed budgetary guidelines). You can put the finishing touches on your dream home – all as a part of the sale. Seller is NOT selling an incomplete project, he will stay until the end, working with you, lucky buyer, to choose the finishes.
Price around $3,000,000, and as stated…Principals only.
How nice that luck is on your side, simply because you read theFrontSteps today. If only everything in life was that easy.
-Email email@example.com or call 415-254-5351 for more information. Don’t delay.
Thirty eight forty three (3843) 22nd Street in Noe Valley is hitting the market* any minute, and you’re getting your first look inside, right here. Unassuming from the front, but dramatic on the inside, you know you want this property.
If you happen to work at Facebook, Google, Salesforce, Twitter, Zynga, or any of the countless other companies that are booming in our area, adding thousands of jobs, and helping to sustain our real estate market, this might just be the home for you, and I want to get you in there. Just make sure if you do purchase this home, your guests bring adequate bathing attire (or not), and remove mobile devices from their pockets at the front door (along with car keys and MUNI passes).
I’ll make the margs….
-3843 22nd Street, 3 beds, 2.5 baths, $1,799,000 [For more details.]
*”On the market” has long been associated with “on MLS”, as opposed to the thousands of “off market”, or “not on MLS” opportunities that abound.
From a reader:
After TWO YEARS of intensive search and questioning and hunting ….we closed yesterday on our refinancing! We got a $600,000 loan at 4.5%. (no point, no refinancing costs, except for appraisal and recording fees).
By the way, the appraisal came back at $1,200,000, which made us laugh a good time. Having open walls and contractor tools in the house does help take the price down!!! Note: I followed the “uglyhouse” blog advice on everything else, and all the pics (gov requires all bathrooms, kitchen and living room pictures) came out 100% clean and staged.
No bank, nobody wanted to hear from us, still because we have only one income.
I contacted several brokers, including one who was contacted/recommended by our private banking. Brokers just don’t make it. The process throug brokers would drive anybody crazy. We recontacted our original loan issuer (the employee at wells fargo) and she refused to refi us.
We finally got our break when the WF branch at NoeValley opened a full time position in Mortgage consulting. That new guy was eager to add files on his desk and made it easy to refi without trouble. They made the decision to accept to refi based on nothing but our history of our current mortgage with them, and from there, it was just paperwork.
They needed 2 years of tax docs (the release is for 3 years). It’s not them, it’s a federal requirement. However, because WF does everything in house, our file was traced from one desk to another, and there was very little risk of leak /abusive use of information. The Noe Valley guy was very nice and helped us feel comfortable with their privacy practices.
Because it’s WF who has extensive in house info on our accounts, they did not bother us too much about the stuff in our tax doc that we consider both confidential and not relevant for the loan (namely the foreign real estate, but also the adoption stuff, etc). They were super cool and requested only a proof of insurance (checking the existence of the foreign property).
It was still a very painful process of administrative work and I would recommend that you help your readers CLEAN their finances before (as long as possible) they consider applying for a mortgage. Things like NOT changing bank, NOT closing or opening or transferring bank accounts, investing in a (real) accountant to file one tax return to make sure there is a pristine year (thus less questions from the bank and less discrepancies) etc.
There are mortgages to get, but only if you want to fight for each one.
It was worth it. Thanks again for your extensive help and support over the years.
Thanks for the update, congratulations, and good luck!
Yes, it’s true. You can skip making dinner tonight, and instead get on over to 156 Vicksburg for tacos, and even Margaritas. Fresh lime Margs? Not sure. But with any luck, they’ll at least be heavy on the Tequila. Go one, go all…[REMOVED] rock stars, and even buyers are all welcome to partake in a night of feasting and drinking courtesy of Paragon Real Estate.
Don’t drag your feet, and don’t be late, the window for feasting is small, 6-7pm.
Have a look at the front of 815 Alvarado (4 bed, 3.5 bath, 3 car parking, “Single Family Residence” asking $2,965,000) :
Now have a look at our reader’s question:
So whats the story on 815 Alvarado, SF…..listed as a House…but really has a Legal Inlaw, and only 2 bedrooms upstairs. One can be divided….but you have no hallway in between. Property tax records still have it based on original purchase price with no improvements in the structure base. All work performed under permit???
So what do the tax records say? Well, for starters, 688 square feet! (To further confuse you, we pulled tax records via MLS, which shows the new property photos that clearly don’t jive with the data.)
Sounds a little bit more like this doesn’t it? Record of sale in 1997 for $325,000 from $279,000 asking:
It really doesn’t jibe, and this is all too common and one big reason tax records in San Francisco should be taken with a grain of salt. But to answer your main question, “all work performed under permit”, we’d have to assume yes. If not, that is a monumental oversight on the part of the city…which of course wouldn’t surprise us. As to the the story on 815 Alvarado, we’ll have to defer to some of our other readers to help with that question, as we do not have the answer. There is also a good thread on this house on SocketSite. You might want to lob your question in there too.
[Update: Sophie digs up the permit dirt and adds her "$.02 to the buyers… have EVERYTHING checked and rechecked … so you don’t end up paying top dollars for the house AND top dollars for cleaning/clearing the messed up permits."]
Thanks for reading theFrontSteps!
Where readers ask, and we (the community) try to answer:
The Front Steps really concentrates on Noe. I live in Noe and understand the attraction and the desirability of neighborhood but I’m not exactly sure why it is the barometer for everywhere else. Can you shed any light on this?
Good question. It’s not that we set out to focus on Noe, in fact we think focusing on an area that is much more hip (like Mission, Dog Patch, or NoPa) would serve our readers better and certainly be a helluva lot more fun, but looking at the real estate in Noe Valley is a very good barometer for the well being of the entire city’s real estate market, because it is considered an A+ location with generally financially and employment secure residents. Noe Valley is one of the most desirable and popular areas to live in San Francisco, and if the market in Noe Valley crashes, the rest of the city should watch out. SOMA is tanking as we speak, but it has nothing to do with Noe Valley. It is a totally different market.
As you’ve also likely noticed, a lot of the content we post comes in as “tips” from readers and our readers that send tips must be a bit more concerned with Noe. So feel free to tell your friends that live in other nabes to check us out and send in tips about their hood as well. It doesn’t have to be about real estate, but it does have to be about San Francisco (or at least the greater Bay Area.)
Thanks for reading!
About once a month, on sfnewsletter, we put out our list of Stalefish Properties for our readers’ delight. Today, we thought we’d share that same list with you, and highlight some of the Stalefish swimming in that Stale Pond.
175 Bright…future not so bright. It is a short sale (possibly the reason it still shows as active) and has spent a meager 291 days on the market. Maybe it’s because it shows “0 bedrooms, 0 baths”. That could be an issue.
So you’ve heard of the “Little Engine That Could”, but what about the Little $6Million Firehouse That Can’t Sell? We have one of those in our Stale Pond too:
Fans of Kirkwood Ski Resort? Well set this Stalefish free and live at 1526 Kirkwood St. in San Francisco…only 322 days on market:
Take your pick at the Ritz, where for a mere $5.4Million you can get an unfinished slice of pie in the sky.
Not a fan of the raw, un-finished Stalefish swimming in the Ritz pond? Fear not, there are plenty of fully cooked units to choose from.
Remember that ultra slick, sleek, can’t do no wrong building called the Brannan? Well, you can get this Stalefish for $1.4M (down from $1.8M), but beware…we see a ghost (likely just an agent skimping on photographer expenses) in that glass!
So what’s the moral of this Stalefish story. Although San Francisco’s Stalefish pond is filling up with properties, there are still many tasty treats to be had and buyers have bargaining chips on their side, so don’t be shy…jump in the Stale Pond with both feet and see what you can find swimming on the bottom!
[Editor's Note: What is a Stalefish? A property that has been on the market 100+ days (give or take). Nothing more, nothing less.]