Right on the heels of our recent post a la Sophie, “A walk up the hill”, we learn that one of the little nugs she reported on went into contract as of yesterday, 565 Clipper being that little 4 bed, 3.5 bath, $2,149,000 single family nug (originally listed 10/08 for $2,599,000):
The deets, with a little RealSpeak for good measure:
Breathtaking, recently rebuilt home w/ hi ceilings & dramatic dark walnut floors. Enormous living room w/ FP & city vus. Top shelf kit w/ 6-burner Viking & CesarStone + huge bfast bar. Dramatic DR is surrounded by windows & adjacent outdoor living space. 3BD/2BA upper level includes a luxurious master suite w/ FP & vu deck + an add’l south facing deck adjacent to 3rd BD overlooking the garden.Ground level has huge family/media room w/ wet bar + 4th BD, full BA & 2 car sxs gar. This is the one!
It “is the one” for someone, and is a good comparable for 469 Clipper (future version), which just so happens to still be available.
So what gives? Bad market, busy street, nothing but doom on the horizon, yet somebody pulled the trigger on a $2+Million property on Clipper? Let’s hope it closes.
Stay tuned for reports of multiple offers on multiple properties. No kidding.
[Update: Closed escrow for $2,090,000.]
I recently made an offer on a loft (can’t share the deets for various reasons) that was a short sale. 4 offers came in that weekend. we didn’t get it but still… 4 offers! in this market!
Looks like Sophie called this one wrong, then.
she thought it would have to be lowered by 250-350k to get it moving!
These buyers are either very wealthy or they’re smoking crack instead of reading the news.
Or both…!
do the math. let’s wait for the closing price first. anything can happen – under, above or at asking
Sophie, I hear you.
but your prediction was what would have to happen tio the list price to get it moving. Not the closing price.
The ‘flight to quality’ is still an ongoing affair. I would be surprised if this sells for above asking, maybe at asking, and will probably sell for below asking. Don’t know the area, or comps to speak intelligently, but look, it seems like a really nice house and if you had $2M to spend and wanted a super lux house and wanted to be near Noe — this is probably one of the nicer ones out there. Some of these remodels were flying with overbids in the high $2s, low 3s last year. So $2.1m is a decent price for all parties here.
We should have added and will “update” the post, original list price in 10/08 of $2,599,000, FYI.
All said, this is a sweet pad for 2 bucks. Definitely the best value i’ve seen coming out of NV.
I’m not a psychic. I dont ‘predict’. I just look at properties, their DOM, and give a moving price if the seller decided to really sell as opposed to wait for an offer (offer that always come in SF – nothing wont sell).
now, does a 2.1 property sells at a higher price
– under asking with one offer, or
– over asking with a much lower asking price, and maybe multiple offers?
I don’t know how many people have 2M burning their pockets… but obviously there are MORE than I was expecting – which translate to the old good “strong market despite the odds”.
However, if the said property is not a all-cash offer, and needs appraisal – then they need to find an appraiser who’s much more optimist than me.
Let’s cross our fingers for that one. If it closes, it’s good news for everybody.
I actually went back and read the original review… quite damning actually. Sounds like a disaster and if accurtley reported will probably be an under-bid…
From the other post:
“565 Clipper – SFH – $2,149,000
That one gets my “worse design of the day award”. The house was designed with NO CONSIDERATION to the environment. This house is a fishbowl whose oversized ugly windows frame the worse possible views in Noe Valley – fixer uppers (with no hope of being fixed) on every single lot around the house – ugly unkempt yards, unpainted houses, garden shacks etc. As expected from brainless designers, they spend some thoughts and money into design like hiding a beautiful new painted and tiled courtyard behind privacy etched glass – and then, have a “I need to call the vice squad” window in every single bathroom – with views of rusted pipes and leaking walls. Bozos!
Now let’s trash the inside design. stupid garage layout. Thoughtless blackhole between the living room and the kitchen. Super low ceiling in lower level (serious problem in the lower bath). Ridiculous hallway in the upper level. Crazy-the-architect-was-on-pot master suite layout. [Greatest award for the psychiatric ward toilet in the master suite]
Then of course, for that price, as an agent said, it MUST have a view or a nice block (one of the noisiest blocks in Noe Valley).
-> lower to $1.8-1.9 to get moving.”
The house is nothing like Sophie describes, it was the best house and floor plan I’ve seen via open houses after a couple months of looking. Buyer probably got a decent price.
I think we can safely say from this news that the San Francisco marketplace has weathered the storm and will emerge unscathed.
KIDDING!
A little anti-anti humor?
Fred, I guess this needs more details.
Let’s make abstraction of staging – which is the pair of pink glasses to fool you.
Let’s assume the owner has a couple banks account, it’s a family of 3+.
then, you have hard questions such as
– where do you store your office junk? 1 computer, 1 printer, 1 laptop, 1 filing cabinet for tax documents etc …
-> take guest br. -> loose guest br. not an option. can be consider if telecommuting, if not, waste of resources, and of upfront money for misused sqft.
-> take rec room -> serious privacy issue and need to lock it all when sitter, in-laws, teenagers friends of son are around. Can’t leave your credit card info just there. not an option.
-> take kitchen and invade the countertops. not an option. (note that the kitchen doesnt have a media corner for the daily laptop – bill paying either).
-> take pink room. loose a main bedroom. not an option if 2+ kids. transform your 4BR house into 3BR+ office. drops the value of the house significantly.
-> junk master BR, or master closet. get me scream ;-)
-> use corner of living room? get me scream even more.
spend a LOT of money trashing the stupid main floor bath area and reconfigure the black hole [about 100sqft black hole] into a bath AND a cubby/corner office – something like a half wall corner to hide the stuff and provide “some” privacy while keeping direct access and parental control to the area.
That’s what I mean when I say the design is ridiculous. For me, lack (or should I say intentional lack of) efficiency, flow, and practicality – like designing “look” with no consideration to the human beeings who will move in is UNFORGIVABLE. In an old Victorian house, it’s “cute” and a reminder of a different lifestyle. In a midcentury modern, it’s “authentic”. In a “brand new” designed and built home, it’s a deadly sin.
(other questions to ask when visiting: where do you give a bath to Fido? where do you store bikes, skis, surfboard, Christmas junk? where do you hang your wedding dress and other occasional clothes? where do you install your ‘TV’ or whatever sound/video system? where do you store your costco 48 toilet paper rolls? where do you sort trash/recycling/compost?
For a complete list – please see the Dilbert House)
(those items are NOT negotiable on a 2+M house as any of them can make the most beautiful house look unkept, dirty, messy – completely destroying the waooo factor so expensively paid for)
PS: compare to some 2-3M houses in NoeValley and this one simply doesnt make the cut of well design practical houses. Price and square footage are not a measure of value. Efficiency and roominess do.
This is encouraging. I would have thought that places on Clipper would be harder to move given how awfully busy that street is.
Sophie, you have lost your mind. Find something to do to keep you busy.
it closed at 2.090.000