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.