1342 Shrader first caught our attention as pocket listing six months ago (with an asking price of $3,500,000 at the time). And make no mistake, this isn’t the same 1342 Shrader that sold for $1,900,000 in 2003.
Think major remodel, reclaimed space, and a new guest studio/office in the garage out back designed by Feldman Architecture and Lisa Lougee Interiors which will be featured in the December 2008 issue of Sunset Magazine (hey, we know it when we see it).
Now officially on the market and listed on the MLS with the same floor plans…
…but new photography, a new asking price ($2,985,000), and an open house schedule with a “twilight preview” tonight (10/16).
∙ Listing: 1342 Shrader (5+/4.5) – $2,985,000 [1342shrader.com] [Floor Plans] [MLS]
∙ The New New 1342 Shrader (And Guest Studio/Office Out Back) [SocketSite]
nice flip project, but not worthy of an article in sunset magazine. if this puppy was that fabulous, it would have sold already.
Alex featured this property recently and I think it’s worth of the coverage. I guess the market will tell us if its worth of the price. There have been some astounding remodels selling for astounding prices and I’d say this has a shot. But this is not a prime area and the type of buyer that would settle for this location AND has the $3m on hand is a rare breed I think. Not when you get get a perfectly suitable SFH in Pac Heights or Noe for $2.5M (which is where most of the people with $3m disposable buy).
Interesting that the “pocket listing” process didn’t deliver on this one.
Eddy – consider me a “rare breed” I guess. I love Cole Valley and would definitely consider a place like this vs. Pac Heights if my Lotto numbers ever came up.
You would be an even rarer breed if you won the lottery as there are actually a lot of people with $3m+ in bay area and only a few win the lottery. My point is that people that actually have $3m to spend don’t want to live in CV. It’s a nice area. There was another really nice refinished / upgraded Victorian about 18mo ago in this area that sat forever unsold in the $3M price range. Forget the address — may have even been featured on here at some point.
I like the property and look forward to the Sunset article. Unfortunately, the neighborhood is 2nd tier, requiring the buyer to make a compromise. So maybe it will go for around $2.5M?? Based on the plans it looks like there’s only 1 bathtub among all those bathrooms, and it’s a downscale “shower over tub”–another minus in a house at this price point.
agree with what sunnyvalesteve said. to add: small one car garage, small bedrooms, terrible curb appeal, not a street tree or street landscape to be seen.
concrete paving next to the house is what you expect to see in the Tenderloin, not here.
ignore the cute, overdone Pottery Barn staging.
[Editor’s Note: Pay attention to those floor plans people, it’s actually two car parking (one in the main house, one in the cottage/garage).]
sunnyvalesteve, why do you say that the neighborhood is second tier?
That place on 17th @ Schrader sold for $3.9M, so I think people will pay $3M in the neighborhood. And, I will never see why people will pay more for Noe Valley than Cole Valley (I am aware it is close to the penninsula). Lot’s of $3M sales in Noe.
@STB:
Better weather, closer to the freeway, BART access, and more restaurants within spitting distance.
Yeah, it’s hard to fathom why people will pay more to live in Noe Valley.
BART? You mean the 24th and mission Bart. If you go down town the N-Judah is better than the J or getting to the BART. Noe valley restaurants? and spitting from where not from Valley at Diamond (or other hill side addresses). Weather is better, yes.
If those are the criteria, then Mission is way more valuable than Noe. Weather, freeway, BART, more restaurants. Mission over Noe hands down.
Sparky,
Don’t want to start a war here, but I think CV has a better city location (if you work in the city especially) than Noe Valley. I think close to UC and the park and the N are good things and Cole Valley has pretty good weather too. Depends on what you are looking for. If you are looking for hot weather in the first place, why would you choose SF as you home?
I also enjoy CV better than Noe. the only thing I like better about Noe is the weather.
That said, $3M is agressive pricing for the current market IMO.
sparky. CV is your personal preference. we get it.
This is a modest house, by any measure, and always was. The question is whether $3m is the current price for a modest house in a modest neighborhood which has been fixed up.
EDDY: “Not when you get get a perfectly suitable SFH in Pac Heights or Noe for $2.5M”
I was not aware that there are single family houses for sale in Pac Heights, with this square footage, fixed up, for $2.5.
The other issue is the fall of property prices, now even in the most desirable cities worldwide, if not yet the very best neighborhoods.
Mission over Noe hands down.
I like the relative safety of bedrock. I like living over the SCL (shopping cart line). I like seeing apartment complexes without iron gates.
As well as the two people above your post there anon. You say “we get it” like I wrote pages on it and wasn’t responding to other people comments.
I believe that this whole topic of whether the neighborhood is worth 3M is misguided, CV is a nice neighborhood, and has had a few houses sell at around 3M. The real issue with this house is not as much of a neighborhood issue as it is with the house itself. For 3M I would not buy a house unless it had some sort of view, and this house does not have anything close to a view, besides Grattan park. It’s a very nice house, and it is certainly big enough, but for 3M, it should have a view of something.
SanFronziScheme. You skipped the point of my post with only using the last line. Don’t get me wrong, I would live in Noe over the Mission too. I would live in Cole Valley over both of those. But I wouldn’t move to any of them from where I live now. And, I have lived in all of them.
Evan, I would want views for my $3M too.
NV is hot because it got trendy to live there (aka: stroller valley) and there are / were a lot of affordable SFHs. Of course all those homes are no longer “affordable” by most standards. And most of the people that bought at those lower prices couldn’t afford what those homes now routinely trade for on the market.
OMY…this house is so not good looking from the outside. I don’t get it…why pay $3mm for someone else’s (bad, imo) taste?
The garage doors are interesting…there are two garage doors in the cottage, but only one garage. WTF?
Conifir — point is that there are plenty of very nice homes. Do you get fully modern/3000sqft? No. But this is a trade off people make every time they buy a place to live. People with disposable $3m are less likely to buy in CV. Location, Location, Location.
As for homes in PH — just run the sfarmls report for all D7 homes capped at 3500 — 19 homes. 14 under $3M. None of them too shabby.
“Out of the pocket and into the open” —
Sly Neil Young reference?
why was this a pocket listing for so long? was the real estate agent just marketing it before it was completed, or has it really been a finished product/pocket listing since April.
Second story windows from Rivoli should get decent northern views such as GG Bridge views and headlands, right? If it doesn’t have views, then yeah, no chance at sniffing ~$3M around there. More like 2.5.
Eddy,
The other house you referred to on Shrader that didn’t sell is this one (i think): 1233 Shrader
MLS 332703 for whatever property search tool you use.
Pulled off the market around $2.5, but started higher, I think 2.7.
Fluj, no big views from the top, and access to the “playroom” is through two doors from house, then garage, then another door. I have to stop there as I have clients circling (as you know).
Alex,
1233 Shrader supposedly did sell a few months back, but at 2.39 I think. Also, the one that sold for over $3M in this area (on 17th) was much nicer, newer (maybe larger) and would have offered views as well. $3M is way too much to be asking for this house. Nice area, but not perfectly groomed sidewalks, etc.
Anonagain,
I’m going to run comps when we come closer to writing an offer (if we do). I’ll let y’all know what I find out (after all is said and done).
What exactly is a “perfectly groomed sidewalk”? Do they exist?
I guess not, but that street and sidewalk are a bit beat up. Some of that is the city of course. I like the area a lot, but think Pacific Heights has nicer streets and sidewalks which makes everything look better.
Awkward website. Intentionally blurry photos on the home page are annoying.
What is that over the fireplace? A giant LP?
Is that a gnome door next to the staircase?
To the posters who think access to the N-Judah is good for people who work downtown: By the time the N-Judah reaches Carl & Cole, it is packed to the gills and either impossible to board or a very uncomfortable ride (Aren’t you glad you used Dial? Don’t you wish everybody did?)
two price reductions already…I’ll bet in this soft market it will sell for less than 2.4. The only thing driving it over 2mm is two garages and almost 3k sq ft.
This one finally went for $2.37M in November.
[Editor’s Note: 1342 Shrader Is Sold (And Perhaps Some Expectations Are Adjusted).]