July 20, 2007
Tales Of San Francisco (On So Many Different Levels)
A tipster directs our attention to the listing for 741 Noe, a two bedroom “Tales-of-the-Cityesque” condo “on Eureka Valley's famed Liberty Street Stairs” that could “make Armistead Maupin green w/ envy!” It’s part of a two bedroom condo association along with 494 Liberty (which according to our tipster "recently sold for $1,315,000 after being listed at $1,085,000"). Oh, and apparently the two units “were bought as TIC's on 7/15/2004 for $1,141,500 total.”
And then there's the last paragraph of the tip: “I'm a homeowner who has owned for quite a while and although I like to see properties appreciate, I would prefer it to be less crazy. I can never never afford to move unless I move out of the city.” Oh, the irony (and only in San Francisco).
UPDATE (9/7): Closed escrow on 8/20/07 for $1,057,000 (6.9% over asking).
∙ Listing: 741 Noe Street (2/1) - $989,000 [MLS]
First Published: July 20, 2007 4:00 AM
Comments from "Plugged In" Readers
Hmmm ... bought 7/15/2004, needs to sell, and can't afford to move anywhere else in SF despite a 1.1+ asking price?
Sounds like someones 3/27 100% financed mortgage is about to adjust.
Posted by: badlydrawnbear at July 20, 2007 7:51 AM
Badlydrawnbear,
Please read the posts more carefully! The tipster in the post is a neighbor who has nothing to do with the sale of this property.
Posted by: 94114 at July 20, 2007 8:08 AM
The adjacent stairway gardens have been renovated over the past few years, aided by a donation from SF Beautiful. It's a true gift to the street!
Posted by: zzzzzzz at July 20, 2007 8:43 AM
Mortgage resetting? Is that a serious statement? This seller is looking at potentially doubling their money in 3 years by making a smart investment in a TIC, bypassing the condo lottery, and selling with the benefit of the comp from the other unit. No investment makes money until it is sold and the purchasers of this TIC look to have cashed in.
Posted by: anono at July 20, 2007 9:26 AM
Why no photo of the remodeled kitchen?
Posted by: keg at July 20, 2007 9:44 AM
sorry it was early and I was jetlagged
Posted by: badlydrawnbear at July 20, 2007 9:46 AM
Remodeled or not, i can't say i'm a fan of the Home Depot-esque appointments. There's a slight view of the kitchen from one of the other photos on the listing, and frankly, despite the small flash of stainless steel, i'm not so impressed.
Posted by: artsybroad at July 20, 2007 1:31 PM
494 liberty was originally listed for $1.05M.
The lower unit had an Ellis Act eviction in 2004
.
Posted by: wellinformed at July 21, 2007 10:35 AM
741 Noe closed escrow on 8/20/07 for $1,057,000 (6.9% over asking).
Posted by: SocketSite at September 7, 2007 1:46 PM
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