May 29, 2008

Don’t Ask Us (Or Bother To Run The Numbers): 455 27th Returns

455 27th Street

Six months ago it was on the market for $2,595,000 (and at the center of a discussion concerning Noe Valley renovations). Two months ago it closed escrow with a reported contract price of $2,550,000. And as of last week, 455 27th Street has returned to the market with a list price of $2,575,000. Don’t ask us (or bother to run the numbers).

UPDATE: From a plugged-in reader: "Owner was just transferred out of the area." It happens.

∙ Listing: 455 27th Street (3/3.5) - $2,575,000 [MLS]
Two Noe Valley Renovations A Block (And A Half Million Dollars) Apart [SocketSite]

First Published: May 29, 2008 6:15 AM

Comments from "Plugged In" Readers

Must...not...touch...calculator.

The good news is that, compared to over $50K per month in real estate sales commissions, the opportunity cost isn't anything to quibble over!

Posted by: tipster at May 29, 2008 9:26 AM

Owner was just transferred out of the area.

Posted by: anononononon at May 29, 2008 9:35 AM

Unless my eyes are deceiving me, what's with the vinyl windows with snap on dividers? At $2.6M you figure they could afford to put in tru-divided light wood windows.

As was stated in the other thread this was obviously a Marina style house with a floor added and the exterior changed to faux craftsman. You would think they would go all the way and break up the front by using clapboard above the dividing fascia board.

Posted by: unearthly at May 29, 2008 9:36 AM

It will be interesting to see what this sells for. Is the owner going to be awarded with 1% appreciation for holding the property for two months? Seems unlikely to me.
I know if I was planning on bidding, I'm certainly not going to bid higher then what the highest bidder paid only two months ago. And that was the highest bid under presumably less urgent circumstances (since the seller is leaving town I think it is likely the owner wants out of this house fairly quickly).
If the company that transferred him is picking up the tab on the loss, then the seller is probably not as fixated on gains. I suspect the 1% increase is designed to leave some wiggle room for negotiations, but it's hard to imagine a serious bidder taking the bait.

Posted by: missionite at May 29, 2008 9:56 AM

Winner's curse in full effect on this one. Will be interesting to see what happens.

Posted by: Foolio at May 29, 2008 10:14 AM

boy...even thought no one has lived in the thing the second round shows some wear and tear if you look really closely. (walls have some signs of cracking, settling) The thing about the windows is true plus the floors are faux hardwood. It was shoddy construction and poor design because the property was not done by someone who ever intended to live in it, and maybe no one ever will because the developer flipped it to someone who is now selling it. (the property was on the market over two months the first time.) I think it is not correct to say as it does on the statement that this property is a restoration of an Edwardian. The house was Marina style circa 1926 that was basically demolished. Potential buyers should know that. Great neighborhood, lousy house.

Posted by: queenie at June 3, 2008 11:01 PM

Looks like this one closed on 7/15/08 with a reported sales price of $2,470,000, or about 3.1% lower than its last sale about three months before (-9.3& on an annualized basis).

So, another "apple" that's down, and in Noe no less!, but all in all really not so bad. I guess Noe is still holdinng in there pretty well.

I bet the owner got his company to "eat" the $120K+ commission here - otherwise he would have taken a $200K hit - because we didn't see it hit the craigslist for rent....

Posted by: Satchel at August 1, 2008 7:49 PM

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