Normally, we don’t update all the properties we feature, because…well, honestly, we lose track. But when we post about a property (sweet before/after pics there) and several other blogs then post about it too, and the chatter is so negative about it not selling for this, not worth that, bad bathroom this, dark kitchen that… we have to update:
Three pre-emptive offers, and it has been on the market less than a week. Yeah, Noe Valley has cooled…and we would have to assume it will sell OVER $2,750,000.
–Start Drooling Now…a Before, After, and First Look ™ at 4065 25th Street [sfn BLOG]
–Some Makeup (a Little), Some Elbow Grease (a lot)… [sfn BLOG]
Wow. Maybe its time to get David Lerah back as head of NAR; perhaps he left too soon. I hope you update again once this closes!
I do have a question there.
There is a clear rift in NoeValley houses.
The bottom was (as in 2-3years ago) at .7-1.2M ; The top was at 1.6-2.1M (to my best memory, and oddity at 5M aside); And in between (1.2 1.6) there was virtually nothing.
It was 3 orthogonal markets with little inventory in each and making them hot.
Now it looks like the bottom is .9-1.3M ; and the top has jumped to 2.1-3M ; Listing in between (1.3 2.1) are still missing.
Again, little inventory in each submarket creates the craze.
So if the bottom prices are appreciating at the “regular” rate, what is the reason for the explosion of the top prices? it cant just be because of sqft. And it’s certainly not the “regular” appreciation. So is this a hot market as in shifting gear and targets?
What are the characteristics of such a property?
How do you take a house from the bottom, and make it to the top?
my best guess so far is:
rebar concrete foundations (and new utilities of course)
garage and inside acces to house – structural work
some square footage (basement into master suite)
new finishes
but then, a few houses are excellent remodel, and still stay under 1.8M. I dont get it. Please help me there. Marketing mistake from agent vs boldness to price it high?
Sophie , great questions! I seriously think this sale is quite significant and tells a much different story than the bubble crashers would have you believe. I considered living in Noe and studied the location very extensively. At the end of the day, the crime rate if actually pretty high, too close to mission, and too far from downtown. Great weather, and if you work south of the city its a nice alternative so I can see why demand is strong. But I can’t see paying 3M for a house there. I really wish I had gone through this one to see what all the excitement was about. I didn’t think it was all that spectacular from the pics.
eddy
Sophie,
The high end in Noe is no longer close to 2M, but rather around the 2.7-3M. All these properties are newly rebuilt stuff, whether from scratch or massive expansion is irrelevant.
Noe valley, being a working class neighborhood was totally lacking largish homes. There are very examples of properties that were expanded 7-10 years ago (3870 25th st) and the rest are 1000-1700 sqft buildings, usually with 2nd floor in a converted attic. None of them are worth more than 1.5M. So if you are well to do, the only properties that fit the bill is those newly constructed ones.
As I said on socket site, this particular house was at the low end of this expensive bunch, but it has a killer location, and great timing, so someone over paid.