Purchased for $860,000 in May 2005, the renovated single-family home at 1409 20th Street returned to the market as a “pocket listing” asking $949,000 in early 2009 before being listed for $899,000 in February 2009. It sold for $799,000 thirteen months ago.
Back on the market this past April asking $865,000, in the words of the first plugged-in reader to comment, “I say it sells at 800K give or take 10K.”
No give or take needed, this past Friday the sale of 1409 20th Street closed escrow with a reported contract price of $800,000.
∙ A 7 Percent Slide From 2005 To 2009…But Up 8 Percent Since? [SocketSite]
∙ A Potential Single-Family Apple Atop Potrero Hill: 1409 20th Street [SocketSite]
∙ Its Last Call Is Heard: Apples To Apples For 1409 20th On Potrero Hill [SocketSite]
Nice call by lol. The other nice call was by the poster indicating that the Agents are the ones making the money on these deals.
So the market is up YoY. +$1000.00 😉
Did I win anything, like a free house? A car? A key chain?
Oh well, at least I can brag I had something right.
well done lol.
I continue to be amazed at the hold times for so many of these SF properties. Not many homes come up for sale in the city of SF, but those that do seem to come up again. this place has sold 3 times in 5 years?
it may just be a recall bias, or maybe it is selection bias as to which properties are listed on SS.
as for the place, it is small but cute. I hope the new owner enjoys his or her 10-18 months living there.
Why the high turnover?
I think it’s postpartum depression syndrome. You have parted of your savings but you can still feel the huge space it was occupying in your bank account. It felt warm and fuzzy, and now it’s all gone. You want that feel back but you can’t. You move to the next best thing: go for another deal.
Or maybe it’s the house that’s trying occupants one after the other. Spitting out the ones that do not respect her and keeping only the good ones into a comfy nest.
In any case, good job to the salesman. That’s a good price, considering the context.
I continue to be amazed at the hold times for so many of these SF properties.
Check out the hold times on these places near a certain Los Palmos Drive address:
860 Foerster
835 Foerster
805 Foerster
Looks like two of these closed during the 2009 crash; talk about bad timing. Of course, YMMV, with proper representation.
kudos to lol. Two more and you win a set of steak knives 🙂
Perhaps the new buyers got an interest-only 5 Year ARM with nothing down, so when they put it back on the market asking $949,000 inside of five years, the won’t have lost as much when they wind up selling for 800K, what with deflation and all.
^^^^Admit it option ARMs are awesome and you’re jealous.
sparky-b, just curious, do you think 860 Foerster is comparable to what you did?
EBGuy,
We had a 3/2 up, which is better, IMO. We had a 1/2 bath on the mid floor with a kit/din/liv., plus we had the lower level with an office, 4th bed, big family and a 3rd bath.
The master suite deck we had was bigger, so was the lower level deck.
On top of that our place had a big flat yard, no yard photos here which is suspect.
The views were just as good at LP.
So all in all we were better.
I think the high turnover speaks to the uniqueness of this market. There is a ton of money in SF! People will move and take a loss if the situation dictates…..no big deal if you have millions behind it. They will also stay in an upside property and lose money just to say the own a place in SF. I mean, can you imagine going to the Black&White ball and not bragging about the house you bought in Noe?!?!? Real Housewives needs to come to SF. Those Orange County cougs aint got nothing on us.
This market hasn’t bottomed until people stop trading houses like stocks on the Dow.
Somebody did a poor job putting up the house number.