April 26, 2007
Location, Location, And Kitchen
Great location, great detailing, and a great (big) kitchen. Oh, and classic San Francisco curb appeal as well. We haven't been inside so we're appreciating it from afar (and suddenly craving a Rosamunde/Toronado run).
UPDATE (5/21): It closed escrow on 5/18/07 for $2,010,000. No word on the housewarming.
∙ Listing: 815 Haight Street (3/3.5) - $1,495,000 [MLS]
First Published: April 26, 2007 4:30 AM
Comments from "Plugged In" Readers
Fifteen years ago this would have been considered a terrible neighborhood by many potential home-buyers. In fact, I remember squatters living in a house directly across the street from this one for over a year until a fire drove them out. But the Lower Haight is now a dynamic, interesting, and increasingly upscale neighborhood. Hopefully, however, the lower haight will keep its youth oriented aesthetic (clubs, t-shirt shops, used record/cd shops, cheap eats) for a while longer...there aren't enough places in SF like this anymore.
Posted by: curmudgeon at April 26, 2007 7:58 AM
OK, what's the story here? This is why I love this site. This is a great find. I predict a quick sale unless there is something going up in that empty lot in the photo.
I don't get the Rosamunde/Toronado reference? Must be a place to eat in the area.
Posted by: eddy at April 26, 2007 9:08 AM
This is one of a row of great well restored victorians. If there was a dynamic backdrop (like the famous victorian row that faces onto Alamo Square) they would be on postcards.
Regarding the gentrification of the Lower Haight: I first moved to San Francisco in 1979 and stayed with friends on the corner of Steiner and Waller. The rule back then when you came out their front door on Steiner was to only turn right and proceed quickly south towards Market Street. If you went one block north (like to catch a convenient Haight Street bus) you had only a minute or two before you would be asked your business and be told to leave.
Posted by: redseca2 at April 26, 2007 9:40 AM
I live around the corner from this house. There's no empty lot next to the house but the house is right in front of a bus stop and Haight can get a little busy. I believe the house next door sold in mid-2005 for a little north of $1.6m. Seems priced to generate interest.
It's a great neighborhood. Rosamunde is a great sausage place (although burger day is the time to go) and you can't beat Tornado's selection of interesting beers. Lots of new places opening up...A Day spa, an Enoteca in the old Horseshoe Cafe, a Morrocan restaurant. And one of my favorite restaurants (RNM) is down the street.
Posted by: dj at April 26, 2007 9:43 AM
I don't get it. Do people really like kitchens like that? It's so over-the-top gaudy.
Posted by: anonymous at April 26, 2007 9:45 AM
Yes -- this is an awesome neighborhood (I've lived two blocks away since '99). Not only is the immediate area great and getting better, but you're easy walking distance to the Castro, Mission, and Hayes Valley (and quick access to the freeway on Octavia Blvd.). However, I would not want to live right on Haight Street with the omnipresent drug dealing and constant foot traffic day and night. This place might go for asking, but I think it's priced a tad high for being right on what is really a commercial street. If this were a block north or south, this would be worth $300,000 more.
Posted by: anon at April 26, 2007 9:52 AM
this place is fantastic. that kitchen inspires visions of fabby dinner parties every night.
"priced a tad high"? crazy talk. the price is low to attract multiple bids.
Posted by: eugenia at April 26, 2007 10:35 AM
It's priced right for being directly on Haight Street. You might not get a VIc that gorgeous for 1.5 on a quieter street. But, 1.5 will indeed buy you as much sq ft on many quiet streets in the city. We shall see whether it goes over asking. It does not pay to buy anything at this time, if you can wait 6-9 more months, and buyers now know this. So, the way to play the game in 2007 is to force sellers to lower their prices. That's now pretty clear.
Posted by: SurveyKid at April 26, 2007 11:38 AM
MBR is in the rear of the house, which is a good plan since the home's location is in more of a higher traffic area. The kitchen is very nicely done. Large kitchens are a real commodity in houses from the turn of the century as we all too painfully know.
Posted by: Lori at April 26, 2007 11:51 AM
Regarding the location: This house is on the steep block from Scott to Divisadero, so trucks and the 71 MUNI can be very noisy as they grind up the hill. I would want to check to see if there were insulating glass units in the windows and if not, plan on adding them.
Posted by: redseca2 at April 26, 2007 12:18 PM
Would also like to add that inventory is exploding higher in SF and most other areas of the US. Inventory is one of those creeping factors that quietly overtakes a market, and then, suddenly overwhelms that market. The chances that most markets will have to grapple with an inventory-overhang for years to come is high. Very high. And BTW, this house is so gorgeous it hurts. But, I am predicting some big price-breaks as we head into Autumn.
Posted by: SurveyKid at April 26, 2007 12:40 PM
It has a bidet!
Posted by: EllaMental at April 26, 2007 1:07 PM
This house will sell over asking and pretty quick is my guess. I think surveykid is correct for the most part but I still think SF is going to react a lot slower than potential buyers would like. Places like this will always attract interest and get current market value. Its the dogs that sit and build up.
Looks like it was bought in 99 for 750k which is probably about right for that year. There was then a Refi in 02 for 666k probably to restore the place. Could be a teaser rate ARM adjustment from those 3-4% interest rates up to a 7-8% rate.
Either way, I bet the owners don't have a lot of profit on this place given the debt but its a great property from the pics and hope they do well in the sale. I might check it out on OH. I'll report back if I do.
Posted by: eddy at April 26, 2007 3:47 PM
Wow, this is such a beautiful house! I'm not so sure about the location, but boy, what a beauty. At $1.5 million, sadly with today's prices, it sounds pretty attractive. 750K purchase price in 1999, and a sales price of 1.5 million 7-8 years later for a 100% return, but 500% return on a 20% downpayment sounds pretty good if it sells!
I just don't feel entirely comfortable walking around that area, and these SFHs should attract families I would think.
Good find Socketsite. This is SF architecture at its finest.
Posted by: Prime at April 26, 2007 5:40 PM
Not that much profit AFAICT.
Looking at DBI records the house was renovated in 2000. Vertical addition, new foundation, kitchen baths. Can't be much less than $300K-400K, probably more.
At $1.5M the profit isn't huge, you could have bought the same house in Noe Valley in '99 and sold it today for $2.2M
Posted by: Someone at April 26, 2007 8:34 PM
300-400K in renovation costs? The owner also saves by not renting for the past 8 years. Renting would have cost the owner about $4,000/month in after tax income. 4,000 X 96 months = $384,000 in rent saved, but more like $540,000 in gross income saved on rent.
Buying for 750K in Noe would not get you $2.2 million now. Maybe buying in 94123, but not in Noe.
Posted by: prime at April 26, 2007 10:42 PM
Au Contraire, Prime
234 Valley was bought in 2004 for $654,000 and after major rehab was sold in '07 for $2,685,000
Posted by: Eduardo at April 26, 2007 11:00 PM
For the cost of an upper floor two bedroom in "one of the new towers" you could instead live in a house that will stand a much better chance of gaining value. I sent this to a neighbor who was thinking of a retirement pad in the second tower (when built) at One Rincon to show that there are still other alternatives in San Francisco. Although I live in an Eichler, the images are very seductive.
Posted by: Morgan at April 27, 2007 5:49 AM
Survey Kid - it's apparent you have no idea what you're talking about - oops, have to go - there's another client wanting to buy!
Posted by: bigbawls at April 27, 2007 1:02 PM
If anyone doesn't feel comfortable walking that section of Haight, please, please stay away.
It is not safe for you, or for the neighborhood to have your type wandering the streets.
There is nothing for you to see here.
Posted by: anonymous at April 28, 2007 8:01 AM
As usual, the best properties sell and sell quick. I'm not one to say the market is cooling or hot; but I'm not surprised to see that this place has an offer pending and I'd be willing to bet that its over asking.
Posted by: eddy at May 6, 2007 9:06 PM
I am interested in the pictures of the kitchen.
Posted by: Melanie W at May 23, 2007 4:01 PM