Originally listed for $1,449,000 in September of 2008, the renovated 210 Steiner returned to the market with a new listing in January asking $1,175,000.
The sale closed escrow on 3/6/09 with a reported contract price of $1,125,000. That’s an “official” 4% under list, but closer to 22% under their initial asking back in 2008.
∙ She’s A Little Bit Victorian…And A Little Bit Modern As Well [SocketSite]
I walk by this house all the time on my way to mythic pizza, very cute place.
I’m actually surprised it went for so much, but it’s a very nice victorian.
Nice place, but they were crazy to ask for so much initially at this location and w/o parking, economic meltdown or not.
Only 357% more than what it was purchased for in 1994. Not an apple though.
Kudos to the Realtor, who took the expectations of a very unrealistic seller and brought them down to earth: nailing the price within 5% is pretty good.
I realize of course that the seller was probably expecting a bidding war at that asking price, and perhaps that’s the way the Realtor got the asking price down, but whatever works!
That means they sold it for about $580 psft for the upstairs, and $350 psft for the downstairs, which was mostly underground. That was a very nice remodel for $580/350 psft.
“Only 357% more than what it was purchased for in 1994. Not an apple though”
Oh yeah, we know. Real estate only goes up.
“Oh yeah, we know. Real estate only goes up.”
Is that your true opinionm “anon”? I beg to differ. Real estate can actually go down sometimes.
“Only 357% more than what it was purchased for in 1994. Not an apple though”
Not an apple, you’re right. But not 357% more – it’s 257% more (sold in 1994 for 315K, and again in 1998 for $472K).
Current purchasers are paying way above fair value for this place IMO. If they try to sell this place at anytime in the next 10 years, a realtor will post that they “overpaid” in 2009. Hey, it happens.
Yeah, you said 650K is the fair value or something. I’m not entirely sure what you’re trying to prove with those statements but go for it. I only saw a 1994 sale at a cursory glance but I’ll take your word for it. In hindsight, 472K seems like a good deal too. They stayed in the envelope of the property, obviously. A half block off Haight and no garage, yet a 1.125 sale. Now, in this market. While they’re likely somewhat disappointed given that 1.449 starting point, but that was always gonna be a reach.
With results like this, $1.175m for a small house without garage off Haight, it looks like I will win my bet with Tipster that no house will sell for $1.3m in PacHts before the end of 2010. Remember he is bringing 100 donuts; put it in your calendar for Friday morning, December 31, 2010.
if i were the buyer of this house (or any place that the purchase price was featured on this blog for that matter), i’m not sure i’d love that the price i bought the house for was made public on this website within days of escrow closing. the purchase price is not yet public record and does not show up in the tax record or the newspaper and thus doesn’t show up on all of the aggregate sites (zillow, trulia, etc), so i’m not sure how (unless this information was provided to the blog by somebody that is not supposed to be sharing) or why it was posted here. i do understand that we all like to see some stats, but i’m under the impression that the sharing of this particular stat, before it’s made public is against some rules…
maybe not, maybe the rules only apply to me because i’m a member of SFAR. if that’s the case, my apologies.
@LMRiM who said “Current purchasers are paying way above fair value for this place IMO. If they try to sell this place at anytime in the next 10 years, a realtor will post that they “overpaid” in 2009. Hey, it happens.”
See, that’s the thing though. Everyone keeps rapping over and over and over again about how Prices in San Francisco (City) have come down…. NOT.
I am in market for a nice single family victorian at or around 1 million, and still cannot find it ! There is always someone who is willing to pay the list price, or close to it. Even in this market ! Sucks for people like me… 🙁
This place would have easily fetched $1.5 million two years ago. And this buyer is certainly a knife-catcher. Hang in there Chad. There is almost nothing selling in the $1M-plus range. Anyone who wants (or has) to sell will keep lowering the price and if you really want to spend $1M you will find plenty of great options within a year.
“This place would have easily fetched $1.5 million two years ago.”
No, this house would most certainly not have sold for 1.5M two years ago.
Sorry, fluj. You know your stuff but you’re wrong on this one. I know this area well (I live not too far south) and I’ve seen just about every SFR sold in this price range in recent years. 815 Haight went for a little over $2 million in 2007. It was slightly bigger and had an awesome kitchen, but it was otherwise run-down and unspectacular. 106 Pierce was comparable — went for 1.7M in 2007. 552 Page was not nearly as nice as this place and close to the projects. About the same size — went for $1.8M in 2007. Those places did have garages — that is not worth $300k (zipcar is right up the street). 181 Divis, w/o a garage (I think) went for 1.5M in July ’08. It was comparable to this place but not as convenient a location (but some might prefer it because it is quieter). This place would have sold for 1.5 million easily in 2007 — hence the original asking price right about there.
Anyone know the square footage?
[Editor’s Note: Listed at 2,232 square feet.]
Sorry Trip, but as usual I find what you have to say about San Francisco real estate dead wrong. No garage = no chance at 1.5M, ever. And as I said earlier, the natural light at this property is not going to be good. It’s got a lot of converted basement space as well. Two years ago maybe this one goes for 1.3 if it got competitive.
Sanfrantim, it’s 2232 sq ft.
181 Divisadero. No garage. $1.5M. You’re just going to lose all credibility if you keep this up.
I’m confused, who is this “fluj” everyone is addressing their posts to? Is it an acronym like fbr?
Trip, your credibility in my book was lost a very long time ago. You so love to seize upon one property and call it “the market.” Nearly every time I argue with you, it is for that reason. Two weeks ago it was the Ortega property. Here you are with this Divis one. The Divis property is not only in a different neighborhood, but it’s set up high off the street. Don’t you think that would make for a different sort of house entirely? (And it actually sold not two years ago, but rather in July of 2008. Probably during a period when you were saying the market was tanking.) Think what you want, though.
how many of you posters have been in the property?
(it seems at least a few) It has 3 skylights, so it is mostly pretty bright.
It has the nicest bathrooms I’ve seen ( I’m sure there are better.) If a garage is somehow worth 300-400k, what is beautiful worth?
Sorry, fluj — I have to call your B.S. (again). I used real comps and you responded with nothing more than “No.” You argued that a place in this area with no garage would never fetch $1.5M at the peak. I pointed out one that did about 3 blocks away — in fact, as you note, it fetched that much well after the peak (but before the total crash began), indicating it would have gone for even more in 2007. Then you completely misrepresent what I said in another thread — where I merely pointed out that the 19% apples-to-apples drop on a particular property was pretty consistent with what the broader measures indicate.
Silly, yes I did see this place on Steiner shortly before it went into contract. And it is am extremely pretty, good-sized place, in a great neighborhood. The only ding is the lack of a garage. It would have fetched $1.5 million in a heartbeat two years ago.
fluj is a pet name for anonn. We call him that because we all like him, but I think it would be better if we all adopted anonn and dropped fluj for all time, as much as he hates my adopting a “forum monitor” tone.
Think of what one can connect to “fluj” and how he might not want the connection to be made any longer. I think he is frequently full of it, but I can respect the right to privacy, even from a guy who keeps threatening to out the rest of us.
I am toying with a new name myself:
In Oct 2005, 60 Potomac sold for $1.25M and 66 Potomac for $1.405M. Square footage was not listed – but assessor indicated 1,760 and 1,897. Both had a 1-2 car garage and basement. So their selling prices were over $700 psf. 210 Steiner sold for $504 – but that included the basement footage.
Would 210 Steiner have outsold these Potomac properties in 2005? It’s a higher quality remodel and it’s a Victorian – but the Potomacs have garages and a larger overall structure size plus they are on a dead-end street that some may find preferable. But this area and much of SF continued rising until mid to late 2007. Some condos in the immediate area went for around $1M with no parking. So I think it’s possible that this property could have gone for around $1.5M in 07.
I wish I would of finished my Victorian like that. I love the details and the colors. In New Jersey, Cape May has many Vic’s with wild, vivid colors. I didn’t have the guts.
@fluj
Regarding some of your earlier assumptions mentioned on this site about the tech bubble and the housing bubble with respect to the severity of unemployment:
http://www.mercurynews.com/localnewsheadlines/ci_11847980?source=rss
I’m sure you can provide some compelling anecdotes to dispel this.
By the way, did the flip close yet?
So now that I look into it I see that the 181 Divisadero property Trip calls a comp is actually a 4 br 2 1/2 ba, on one of the two secluded blocks of Divis, and a 27 X 100 lot. (It also offered leased parking for $100 apparently.) Nearby, sure. Lyon @ Sutter is also nearby Sacramento @ Lyon. And this is a “real comp” for a 3/2 on Steiner @ Haight on a 25 X 81 lot? Come on, Trip.
Since 1999 precisely one house has ever sold for over 1.5M without parking in Lower Haight. It was the Nightingale home.
Steiner and Waller is more like it. Now, how many of you wise guys and gals have been in the place?
wow, some are fast and furious and none too careful with the facts. Would like to hear about this prop and the neighborhood (Lower Haight and Duboce park, since it nearly equidistant from both,) and less about ‘hi-tech’ and ‘real estate.’
I love these victorians. What’s the paint budget for a place like this, I mean that has to cost a ton for exterior upkeep.