September 28, 2007
The Irony Continues: Another $400,000 Off Of The Old Droubi HQ
As a plugged-in tipster notes, the list price on 4128 24th Street (the former home of Droubi Real Estate) was just reduced another $400,000 (13.4%). It’s now listed at $2,595,000 (25.8% below original) and advertising: "Seller will carry second deed of trust."
And while it might simply have been priced too high to begin with, we once again find ourselves biting our tongues. Oh, and re-reading a few of the comments the last cut evoked in a whole new light.
∙ Listing: 4128 24th Street (4/2) - $2,595,000 [droubiteam] [MLS]
∙ The Droubi Noe Valley Victorian (4128 24th): Coming Soon [SocketSite]
∙ From No Real Story To A Bit Of Understated Irony (4128 24th) [SocketSite]
First Published: September 28, 2007 2:40 PM
Comments from "Plugged In" Readers
If that Barney's wasn't there, ... oh, we covered that last time. :-)
Posted by: G at September 28, 2007 5:22 PM
The crowd that rate locked before the free money days ended has now started to disappear, with no chance of being renewed in the foreseeable future, and with their demise, the last of the desperate buyers with actual funding are almost all gone.
And so begins our winter of discontent...
Posted by: tipster at September 28, 2007 5:25 PM
"And so begins our winter of discontent..."
Discontent? All I sense from the bears on this board is glee.
Posted by: Dan at September 28, 2007 5:38 PM
The over pricing of this property looks like an agent was trying to buy the listing. Perhaps seeing a Zephyr sign on the old Droubi homestead was too much to handle so the agent sold the sellers into a false sense of value. And what is with that big sign, surprise something that big would be allowed in Noe.
Posted by: ann largesse at September 28, 2007 6:20 PM
"The over pricing of this property looks like an agent was trying to buy the listing."
Hard to believe that BJ Droubi was trying to buy the listing for the Droubi house.
Posted by: ExAgent at September 28, 2007 6:41 PM
This is actually an amazing house but very hard to price as it is such a unique property...the problem is that a wealthy young family wanting to live in a large Noe victorian wants to live a block from 24th, not on it....but there will be a buyer and unique properties like this one often take longer, as the Droubi's well know....
Posted by: anon at September 29, 2007 9:17 AM
lol @ ann largesse's comments. buy the listing. zephyr sign? HUH?
o. those evil agents. they eat babies.
Posted by: fluj at September 29, 2007 11:47 AM
The bears certainly like to tell stories...
Posted by: blahhh at September 29, 2007 12:32 PM
"The bears certainly like to tell stories..."
Personally, I'm keeping my powder dry until the ORH closings next year. Looking forward to all the delicious schadenfreude we will have with that debacle. You might have noticed the stories from Miami where they are having to auction off new high rise condos for half-off the price they were a couple of years ago.
Posted by: diemos at September 29, 2007 2:44 PM
Posted by: Mark D. at September 29, 2007 4:55 PM
ORH = One Rincon Hill
closings = the point in time when all the wannabe Donald Trumps have to actually show up with a loan for $1.6M and instead we'll see most walk away from their 5% deposits. No stated income loans anymore.
Posted by: diemos at September 29, 2007 5:02 PM
Bears are godless killing machines, and seem to have a preference for Harrison Street and nearby in SOMA.
Posted by: Mole Man at September 29, 2007 8:23 PM
Results from a D.R. Horton new condo auction in San Diego. Looks like they had to discount them 33% in order to get them to move.
Posted by: diemos at September 30, 2007 7:23 AM
A couple of things on this....
1) You should never price/list/sell your own house. For obvious reasons.
2) This is a harder property than most to price/sell due to it's location. It is more or less in a commerical/business zone (as mentioned in an earlier post). But this could be a plus for the right buyer.
But it is beautiful and it will sell I am sure.
Posted by: Scott Pierce at September 30, 2007 7:27 AM
it changed hands a year ago for 2.3M. And that's probably about right for right now too ... sort of hard to put a fine point on it, burger joint, funky floorplan, etc.
Last year was a highpoint tho. Think Noe has taken a hit?
Posted by: fluj at September 30, 2007 10:34 AM
Higher/better use would be Google to buy it and turn it into their private bus station. They could use the upper floors as meeting space. Come up from Mtn Vw for important meetings and hang out on 24th. They could use their shuttles for a reverse-reverse-commute.
Except they would have to use slightly less gargantuan vehicles to fit in the narrow driveway.
I see no signs of a drop, old mr. checkbook keeps gathering dust.
Fluj, were you joking about Fountain st? I think that's an awesome block.
Posted by: emmett_brown at September 30, 2007 11:19 AM
"bulls make money, bears make money, pigs get slaughtered"
Posted by: Badlydrawnbear at September 30, 2007 11:52 AM
"bulls make money, bears make money, pigs get slaughtered"
I'll add one - "toasters make toast"
Posted by: Toaster at September 30, 2007 12:55 PM
I wasn't joking about Fountain. There's a spring there and water runs underneath 25th and some lots on Jersey. Ask any contractor who has done foundation work over there, it's soupy .... there's even a sort of marsh up on 25th @ Hoffman.
If you like Fountain, great. Obviously the views are awesome. It feels more like Diamond Heights than Noe Valley, to me. Walking back from 24th would be a cardio workout, and you'd never walk to the Church street stuff.
Posted by: fluj at September 30, 2007 2:19 PM
The interesting thing about this listing is that the property remains in the Droubi Family and they certainly do not need the money, nor will they ever list with Zephyr. I suspect that this house may come off the market soon and then rented out until happier times return.
Posted by: MysteryRealtor at October 1, 2007 9:07 AM
Thanks fluj, I thought the soggy sump-pump issue was more house-by-house and not block-by-block, but that is definitely something to be aware of.
One plus of the cardio workout hiking up 24th is that it is a natural parking deterrent.
Posted by: emmett_brown at October 1, 2007 11:00 AM
Look like it sold for $2.35M. 33% under asking and only $50K over the sale price in early 2006 which I believe was an inside deal and could have been undervalued for tax purposes.
Posted by: ExAgent at November 9, 2007 6:16 PM
Let the irony continue. Back @ $2.695.
Posted by: eddy at June 25, 2013 6:19 PM
Posted by: eddy at July 22, 2013 4:11 PM
Available. Not gonna update till firm/closed.
Posted by: eddy at July 24, 2013 5:16 PM
Posted by: eddy at August 23, 2013 1:36 PM