November 18, 2008

The Noe Valley Summit Gets Closer Still (And Listings Anew For Two)

4121 Cesar Chavez

Listed five months ago and priced at $1,949,000, and then reduced to $1,649,000 three months after that, 4121 Cesar Chavez #6 was listed anew yesterday for $1,599,000. That's an "official" two days on the Noe Valley market according to those sell side stats.

Also "newly" added to the MLS, 4121 Cesar Chavez #2 with a list price of $998,000 ($778/sqft). In the words of a plugged-in laura four months ago:

These units are indeed spectacular, particularly the upper floor units 5 &6. These won't move at their current price point and my agent (who's VERY well connected to the SF agent network) advised me to sit back and wait til this drops to at least $800 per.

As always, it's good to be connected and plugged-in.

Oh, and while 4121 Cesar Chavez #1 is now in contract with an "original" list price of $1,198,000 ($771/sqft), it's a plugged-in tipster that reminds us they were once asking $1,349,000. Remember to adjust those industry reports accordingly.

∙ Listing: 4121 Cesar Chavez St #2 (2/2.5) - $998,000 [MLS]
∙ Listing: 4121 Cesar Chavez St #6 (3/2.5) - $1,599,000 [MLS]
It Gets A Little Easier To Reach The Summit (4121 Cesar Chavez) [SocketSite]

First Published: November 18, 2008 5:00 PM

Comments from "Plugged In" Readers

Is this the same architect as 625 Duncan?

The exterior looks like "cubist meets pagoda."

The views and interior, however, are quite nice.

Posted by: DataDude at November 18, 2008 5:58 PM

Exterior looks cool.

Posted by: AS at November 18, 2008 7:59 PM

I want to know who the realtor is who said ANYTHING other than "Hurry! Buy now! They aren't making any more land!"

Posted by: tipster at November 18, 2008 8:54 PM

Per the DBI permits, it looks like Alan Martinz was the architect on 625 Duncan while Hood Thomas Architects did 4121 Cesar Chavez.

Posted by: FSBO at November 18, 2008 11:18 PM

They aren't making any more land!

Yep, and and They aren't making any more money neither despite the attempt to re-inflate. The CPI was negative in October. -1% MoM for the CPI or -0.1% after discounting for the usual suspects (food/energy).

Posted by: San FronziScheme at November 19, 2008 7:39 AM

I doubt we could ever get significant CPI deflation (like in the 1930s) in a wholly fiat-based monetary system. But I'd bet on basically 0% "inflation" for years and years, with asset prices like houses and stocks absolutely destroyed (a la Japan in the 1990s-2000s). And that's my "optimistic" scenario :)

Back to this apartment building. Has anyone closed on a unit yet? Does anyone know?

About the pricing on Unit 6. It seems silly to cut the price by only $50K. I don't know what sensible pricing is for this (not too familiar with the area), but all the developers have succeeded in doing IMO is to demonstrate that there was ZERO serious interest at $1.65M, where they held it for at least 2 months, which means there were no offers anywhere near the current listing price of $1.6M (otherwise they would have sold). That's a useful piece of information for someone considering making an offer. And the world is in MUCH worse shape now than 2 months ago, when fools thought the government was going to be able to bail evrybody out. Waiting pays!

Posted by: Laughing Millionaire Renter in Marin at November 19, 2008 7:51 AM

One wonders if they would have sold faster with an elevator. Almost $2M is a lot for a third-floor walk-up. And so is $1,599,000.

Posted by: Rocco at November 19, 2008 8:02 AM

LMRiM,

I wish I had taken more economics, and paid more attention to whatever little I did take. Maybe you will do a longer version of that first paragraph.

I agree the 3% price cut seems silly. As far as I know, conventional wisdom among realtors has been to not make any offers 5 or 10% less than asking. I am pretty certain any offers within 10% of asking would have been brought to them.

This morning I came across this 18.5% price cut on 1/1 luxury condo (#2106) at the Metropolitan, down from $675K to $550K.
http://www.redfin.com/CA/San-Francisco/355-1st-St-94105/unit-2106/home/878564

One floor above #2206 is listed for $600K. One floor below #2006 is the real deal listed for $788,999 (by Paul Hwang). If it's not proprietary, maybe Paul will explain the pricing strategies.

Posted by: chuckie at November 19, 2008 8:29 AM

Rocco - there is an elevator.

Posted by: anon at November 19, 2008 8:44 AM

"I want to know who the realtor is who said ANYTHING other than "Hurry! Buy now! They aren't making any more land!"

That was apropos of little, Tipster, but if you are quite serious about this quest of yours may I suggest you begin by consulting the Big Island, Hawaii Yellow Pages, Real Estate section. They are indeed making pipin' hot new land out thatta way.

Posted by: fluj at November 19, 2008 10:03 AM

$727 in HOA? I hope that is for the year. Anyone have insight?

Posted by: atlas at November 19, 2008 5:44 PM

These appear to have gone into contract.

Posted by: chuckie at December 17, 2008 7:33 AM

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