435 Vermont
Purchased for $1,075,000 in January 2007, the single-family 435 Vermont returned to the market last July seeking $1,165,000. In October the asking price was reduced to $1,095,000. And in December the listing was withdrawn from the MLS without a sale.
The remodeled Potrero home is back on the market today at $1,010,000 noting, “Refreshed, restaged & priced to sell!” Refreshing the list price on the million dollar home’s namesake website might be a nice touch as well.
∙ Listing: 435 Vermont (3/2.5) 1,876 sqft – $1,010,000 [MLS] [435vermont.com]

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Comments from “Plugged-In” Readers

  1. Posted by EBGuy

    A Countrywide mortgage and then refied 6 months later by CitiBank. What could go wrong?

  2. Posted by mw

    Easy freeway access might be a little understated!!!

  3. Posted by The Milkshake of Despair

    Aw man, they chopped down the 25′ conifer tree in the front yard.
    Yeah, 101 is just across the street though down in a trench sort of here. I wonder if there’s much noise on this block.

  4. Posted by EBGuy

    Here’s one ‘coming soon’ a bit down the road. The home at 704 Wisconsin (1488 sq.ft.) was foreclosed on Jan. 6 for $1,049,621. Originally bought in 1998 for $540k, records indicate it has been refinanced/HELOCed almost every year since. The owner appears to be older, so it could have been part of his ‘retirement plan’.

  5. Posted by wow

    The 101 “trench” is higher up the road. This specific block leads to the 17th street underpass.
    Height provides protection in SF from the crazies and the shopping carts. That’s the big plus of most of Potrero. You’re still on the hill here, but not high enough for that market. Probably one of the reasons it hasn’t sold yet.

  6. Posted by seriouslady

    I used to live just down the street. Yes, there is freeway noise but you usually don’t live in a major urban center for zero noise. The parks are close, the freeway is close, and shopping. The bus noise was more of a nuisance if you ask me and the street is so steep it is not comfortable to walk on. Is it worth the money – hell no. We bought our place (now sold) down the street for 252K in 1996. This place is worth 600-700K tops.

  7. Posted by The Milkshake of Despair

    “This place is worth 600-700K tops”
    So long as the seller hustles, they will definitely get much more than 700K.

  8. Posted by Anon E. Mouse

    $1.075M inflation-adjusted to 2009 would be $1.112M. At asking, that’d be a 9% real drop vs. a 6% nominal.
    Permits claim $15K for remodeling kitchen and 3 baths and $25K for legalizing the garage, constructing a driveway and curb-cut, and replacing the wall boards between the garage and the living area. Permits also claim replacing the 100 amp service with 125 amp and some sewer repair.
    This looks more like an apple than anything else, since there doesn’t appear to be much substantive work done. These owners were looking to flip and cash in on a cheapo “refresh” as they call it.
    Did the prior owners do the actual remodel? The tax record labeled 2008 has a valuation of $685K for some reason, and it gives the stats as 1-level, 0 bedrooms, 1.0 bathrooms, 4 rooms overall, and only 1005 sqft. The building permit history for the prior owners is sparse for some reason.
    (also, why only 6 pictures on MLS? And 10 on the namesake site? I like the oars over the twin beds in case those kids have sweet crew dreams.)

  9. Posted by Linda

    Are you kidding? Has anyine even seen this property that is giving feedback? At this price, ,this home is a steal, taking advantage of the current market. You need to evaluate what the sellers put into the property, current inventory and comparables. There is nothing out there for this price and won’t be!!! Whoever buys this will get a fabulous home and value. Is anyone that is commenting about this property famaliar with the San Francisco real estate market? Sounds like they may be better focused on Oklahoma or South Dakota. I say run, don’t walk at this price, particularly for Potrero Hill.

  10. Posted by Lurker

    The price on 435vermont.com has been “refreshed” to $995,000.

  11. Posted by Willow

    What’s the air quality like being so close to a freeway? Noise is one thing, but if you’re breathing in car fumes on a daily basis it can’t be good for long term health. I’d like to be a couple of blocks further away.

  12. Posted by tipster

    Decide for yourself if it’s a million dollar location, location, location.
    The house is on the far right.
    http://www.mapjack.com/?f92mW7JAcFfA

  13. Posted by typical

    Are you kidding? Has anyine even seen this property that is giving feedback?
    No need: Location, location, location. This is way too expensive for this area. I feel sorry for the seller who bought right at the top.
    At this price, this home is a steal, taking advantage of the current market.
    Not and by far. This would have sold in the 300s in 92-99. A 200% price increase to today’s while inflation has been less than 50% (same for salaries) during the same period means the market has been very nice to long-timers. A “steal” would mean buying at 1998 prices. A steal would mean a total monthly cost lower than the potential mortgage (the numbers do not work: mortgage + taxes + maintenance = 6K, potential rent = 3500, 4000 tops). A steal would mean someone less than 35 could buy it without daddy’s money or another kind of windfall. A steal would mean you can still make this work without potential appreciation.
    You need to evaluate what the sellers put into the property, current inventory and comparables.
    Don’t know, don’t care. The old rule was that you improved a house for yourself and you’d get 40-60% of your money back on the resale. People have been used with buying 1M fixers, spending 500K and selling for 2M. Not anymore.
    There is nothing out there for this price and won’t be!!!
    Buy now or be priced out forever. Sure. Heard that one before…
    Whoever buys this will get a fabulous home and value.
    Not. They get a 6K/month expense for a 3500 value (rent equivalent), plus a lottery ticket if the market improves. And they get to live across the 101. Not my idea of value.
    Is anyone that is commenting about this property famaliar with the San Francisco real estate market?
    Sure. Most of us are on the buyer’s side and the more we get for the less money the better. We have different ideas of “value” and “steal”.
    Sounds like they may be better focused on Oklahoma or South Dakota.
    Don’t insult the plugged-in’s intelligence. We all know Sf is expensive and that there are good reasons for it.
    I say run, don’t walk at this price, particularly for Potrero Hill.
    The fence is pretty cozy for now. Time is on our side. Rents are still down. Sellers are still delusional, especially when they bought in 2007!!!

  14. Posted by anon

    “You need to evaluate what the sellers put into the property”
    Again, the permits should say what they did. And the permits do not agree with the claim that they did a full remodel. If anything, the electrical history suggests that the PRIOR owners did the full remodel, but even that’s not clear.

  15. Posted by Lurker

    …and now “re-refreshed” to $1,010,000. Good luck with that price!

  16. Posted by The Milkshake of Despair

    I just don’t under these asking prices that are barely over an even number like $1.01M. That just plain seems to be a bad marketing move since many buyers will be doing MLS searches “up to” a certain round number. So anyone who does a search for properties up to $1M will miss this listing because it is a hair over.

  17. Posted by wow

    Milkshake,
    What always annoys me about the almost even prices: that price, say a $39.95 shirt, is made to trick my brain, we all know that. But what annoys me most is the markup is often so huge they could have sold it for $31 and still make a decent buck. It’s made in China, for chrissake. But they cranked it to $39.95 to make me think they really stretched their cost structure to get riiiiight under $40. There are plenty of psychology specialists in consumer marketing divisions.
    For house prices, what mysterious magic formula makes prices stick to the 100s. 600K, 1.2M, 1.3M? The house is not better or worse at 995K or 1.010M, but for some reason the 1M mark seems to be important to someone. It’s only numbers on a piece of paper, and it is mostly all debt anyways, then why be so picky with the digits? At least to-the-dollar foreclosure prices have a real meaning: the debt owed on a property.

  18. Posted by The Milkshake of Despair

    ^^^ true that foreclosure prices are set objectively, but their meaning has little to do with the property’s value. Their precision is very arbitrary.

  19. Posted by dissent

    Sad. The inside looks like the inside of a Mission Bay condo. Why do that to an old house?
    The staircase, yuck. The bamboo, yuck. The bland blobby furniture, yuck. How much brass and woodwork did they cart out to the dump?
    Gawd the current ‘contemporary’ look is as dumb as rocks.

  20. Posted by anonn

    Fair enough. But two tiny rooms with 12’6 ceilings cordoned off at the front of the house also isn’t ideal for a lot of folks.

  21. Posted by SocketSite

    After 33 days on the market, the list price for the “priced to sell!” single-family home at 435 Vermont Street has been reduced $12,000 (1%), now asking $998,000.

  22. Posted by The Milkshake of Despair

    … and finally this house will show up on MLS searches for properties “up to $1M”.

  23. Posted by The Milkshake of Despair

    in contract

  24. Posted by SFRE

    This will be a real good near-apples. We will truly see how far prices have come down since peak prices. Many things that are pointed on SS are usually down 20-30%ish. I highly doubt this will be down anywhere near that amount…to which we will:
    a) Bring out the ol’ inflation meter.
    b) Mention the ‘remodel’ job (which wasn’t very much)
    c) Say the buyer was ‘dooped’

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