Asking $1,799,000 1809 Diamond in Noe Valley, a 5 bed, 3.5 bath, just closed for $2,220,000 or $421,000 (23.4%) above asking.
Debate the pricing all you want, demand is there. We might add this home listed 9/21, and was on the market a staggering 12 days.
Ahhh, what the hell. Previous sale, September 2004, $1,375,000, or 61.4% increase in three years. (Just looking at sales price 2004 vs. sales price 2007 not taking anything else into consideration.)
–The Real State of Real Estate [theFrontSteps]
–1809 Diamond [MLS]
–1809 Diamond 2004 [MLS]
This is very odd.
I saw the property 3 years ago, and based on the pics the current owner didn’t change it much.
Moreover last time it actually took some time to sell. Can’t remember the details, but it was certainly not a slam dunk multi offers after 1-2 weekends. At the time I was surprised because from a price/sqft it was very reasonable.
I assumed that the remote location, the low ceilings, lack of moldings or curb appeal affected the price.
None of that has changed, and though the high end of the market was doing very well in Noe earlier this year, the past few months have shown significant strains , especially on the $2.5M and above.
Actually I take it back, if I’m not mistaken the bedrooms were carpeted where now they have hardwood flooring. No pics of baths is a strong signal that the 80s horrendous baths are still there
Nice gain. I’m telling you, the decline in sales volume over the past couple years is really creating a massive build in demand waiting on the sidelines to buy.
This example is unbelievable. Wow.
I am sure housing will continue to appreciate at 61.4% forever!!!
At that rate the same place will sell for a cool $5,800,000 in a couple of years. That is sustainable! Someone will nab it up! yeee hawww buy buy buy!
No, clearly the market is going to crash sometime in the next year. This sale is evidence of that. Eh, yeahright?
i’m a little shocked. not sure whether there is a general lesson to take away from this sale.
this home is not the only place in that neighborhood in the last 3 months to go for multiple 100k’s above asking (300 and 700 block of 27th st are two other examples), but this place is probably the most “ordinary” looking home to fetch a stratospheric price recently (ordinary, that is, except for the see-forever views).
So much for the property bubble. nothing like spending half a mil to much!
maybe it was under priced?
It was under priced and the current owner got a deal in 2004.
Probably he should have paid 1.5-1.6 and it should sell now for a tad over 2M, so now are talking about a more reasonable appreciation in the crazy Noe Valley market.