As a reader has already noted, 576 30th Street closed escrow this past Friday (4/11/08) with a reported contract price of $2,195,000. Purchased for $2,125,000 in December of 2006, the sale represents annual appreciation of 2.4% over the past sixteen months.
That being said, do consider the words of a plugged-in (and perhaps pleasantly surprised) neighbor:
I’m betting it goes 1 to 2 percent less than what it sold for last time, neighborhood improvements essentially cancelling out market floundering.
I live at 30th and Noe, a block downhill from this place, and can honestly say I prefer it to 24th Street. We have a bunch of new restaurants like La Ciccia, Pescheria, and Toast, which have opened since this house last sold. We have Drewes Brothers and Church Street Produce, neighborhood institutions that just get better and better. At long last our new park — the Upper Noe Valley Rec Center — is nearly done. It’s a $10 million project that includes new playgrounds, gyms, field, dogwalk, seating areas. The construction process has been painfully slow (One Rincon was built in less time) but I think the park, a full city block, will be one of the best rec centers in the city.
So I think you could argue that downtown Noe Valley — which by the way is a leisurely 10-15 minute walk from our part of town– has not improved one iota in the last five years while outer/upper noe has blossemed.
At the same time, and a few blocks closer to 24th Street, 1420 Douglass was withdrawn from the market after three months and a one hundred thousand dollar price reduction. Purchased for $1,945,000 on 8/09/2007, 1420 Douglass was last listed for $1,995,000 without finding a buyer.
∙ Another Modern Apple Is Up On The Noe Valley Tree: 576 30th Street [SocketSite]
∙ Another Look At 1420 Douglass (And A Reader’s “Lazy Noe Indicator”) [SocketSite]
One of these apples is very attractive and one is not.
I agree with the larger sentiment that the neighborhood is much better now than when the last sale occurred. I also prefer “Pierre Valley” to the 24th St. area of Noe Valley. But I don’t know how viable this area is for restaurants. We may have reached the saturation point. Pescheria just closed. We’ll see how long the new Indian restaurant will last. But Toast, La Ciccia, Erics, and of course Incanto seem to be thriving.
But the big factor is the park and recreation center. For the Noe Valley stroller set this will be an awesome addition and will certainly add value for nearby properties.
Just shows, I think, that those who ‘threw money’ at somewhere just to get on the ladder (and there were plenty of those in Noe..) could be in trouble. I mean, 250k above asking for Douglasss last summer..ouch.
The one that sold however, was bought at what looks like to be slightly below asking, and it manages to go for slightly above that price now.
I know pricing strategy varies so much between houses that comparing selling to listing price isnt always valid, but I currently believe in SF thats its only those who crazily overbid who are suffering (if they have to sell, at least).
Another example, again in Noe, anecdotal on this site, and I dont remember the property, but the winning bid was 20% above the next highest. Again, ouch, no chance of selling now at that price.
If you paid sensibly however, things aren’t bad, as the sale of 30th St testifies.
The ‘new’ Indian restaurant is just another re-hashing of the same formula that has failed in that location many times before. And as long as residents of that part of the neighborhood keep trying to get it known as Pierre Valley there’s no way restaurants will want to go there anyway.
Glad to see the quick close. And re: 1420 Douglass, it’s just a weird house – market or no market.
So, the 30th Street property sold at ask.
Good for them. This place is pretty cool.
@REaddict:
“The one that sold however, was bought at what looks like to be slightly below asking, and it manages to go for slightly above that price now.”
Not sure what you mean by the second part of your statment. I believe this place listed in 2006 at $2.195M, exactly what it sold for now.
Yes, I just mean that it was listed at $2.195 and sold then at $2.125, and sold now at slightly above the $2.125. Sorry bout the confusion.
Comapred to Douglass, where without referring back I think listed at $1.695, originally bought at $1.945 and now failing to sell at an even higher list price.
Hindsight is a wonderful thing, but I dont think paying 250k above list price last summer was such a great idea and relisting for more again was optimistic at best.
“Just shows, I think, that those who ‘threw money’ at somewhere just to get on the ladder (and there were plenty of those in Noe..) could be in trouble.”
Not just Noe but most of the city from 2003 to 2006! Wasn’t so long ago that realtors were advertising how skilled they were at winning in competitive bid situations. Their secret: bid more!
the new rec center is going to be a huge addition to the hood. So many of us have been waiting for it to open, and it will certainly become a selling point. I technically live in the mission since I’m on the other side of San Jose, and my neighbors can’t wait for it to open. There just aren’t enough spaces like it in the city.
also, the new indian restaurant is not a rehashing of previously unsuccessful restaurants. The last failure was a french restaurant that seemed really out of place. The Clay Oven, does major take-out and delivery business- and is the 4th or 5th indian restaurant by the same folks in the city- and is pretty full most nights. Not that my wife and I are the baramoters of restaurant success- but we eat out a lot and we never ate at Pescheria or that french place, get take-out from Clay oven a fair amount, eat at toast, Ciccia, Pomelo, etc… This is a great area that I think can absorb even more restaurants. Clay oven was a great addition.
So for much for bidding against nice places in Noe Valley! I predicted this place would go for $1.95m. I was wrong. NV wins.
How about 1870 Church St? Listed at $1.4M, Zillows for $1.4M, just sold for $1.6M, or so I hear.
[Editor’s Note: Was listed at $1,349,000, no recent apple with which to compare, and you lost us at “Zillows.”]
That French place was tragic from the facade on through the menu. Welcome India Oven, indeed. Those folks know what they’re doing big time.
Re: That French place was tragic from the facade on through the menu. Welcome India Oven, indeed. Those folks know what they’re doing big time.
Hmmm. Is there any subject upon which fluj does not have a strong opinion to offer?
(Just teasing, fluj. I actually enjoy your posts, although I frequently don’t agree with them.)
Something is fishy with 30th St. My sister bid over asking for it the day of its first open house. She was told there were already two bids on it, both of which were apparently well below hers.
Hmmmm…fishy indeed…
As far as the Indian place on Church goes, that site has been a deathbox for ages. I imagine the landlord is charging rent so insane as to make any commercial use (besides perhaps a nail salon) impossible.
Landlord is the same as own Wild Pepper (and tried all the restaurants before Indian himself).
Please please please please!!!! No more “Nails/Waxing”! If you must put in a salon, notch it up a bit!
The reason 24th St in Noe Valley is so uninteresting food-wise compared to outer Church St, Valencia St., and the stretch of Mission by Bernal, is because of ridiculous government regulation. Years ago, the Board of Supes passed ordinances limiting new restaurants on 24th St. to existing restaurant spaces in Noe Valley (as well as in the Castro). Sub-par existing restaurants were protected from competition, while innovative new restaurants opened away from 24th St (as well away from the Castro). The Mission and outer Church, free from these restrictions, were the beneficiaries. Finally this year, there has been legislation to allow a few new restaurants on 24th St and in the Castro, but really, the restrictions should be repealed.
Pescheria was OK but not for the price. Service was always a little subpar. Food was so-so… The Indian place has a chance. They staff it with too many people (I counted one employee per customer last time) but the takeout option keeps them busy. We need a burrito place!!
The park will be great (in June, fingers crossed). It was actually an $11m project and the Friends of the NRVC have collected a ton of donor dollars to fund additional things that the City couldn’t.
This hood rules, IMHO. J-church, BART, 280/101, walking distance to GP, Cortland, 24th St and a great park on the way. Bust or no bust, there are six major remodels happening on my block (Sanchez) right now.
I douby anybody is still reading this thread anymore but…
While I agree in general that Noes best restaurants are down on 29th, I had a delivery from that Clay Oven place that people seem to rate. Wow, probably the worst Indian food I’ve ever tasted! Overcooked meat, no flavour in sauce, tasteless rice, stodgy naan.
I think being British doesnt help here – while I would not argue that the food in SF generally kicks ass compared to the UK, a half decent Indian meal still escapes me. Clay oven was not the answer to that problem!
Have you eaten at Shalimar in the TL? I am usually the only white guy in there when I go to eat.