367 31st Avenue
Purchased for $1,035,000 in March 2005, the “charming 3 bedroom Spanish Mediterranean single family home in prime location” at 367 31st Avenue returned to the market in May 2009 asking $1,295,000, a sale at which would have represented average annual appreciation of 5.6 percent for total appreciation of 25 percent over those four years.
In July 2009 the price was “Reduced!” to $1,230,000. That October it was “Reduced again!” to $1,195,000 and “Motivated! Bring offers!” was added to the listing. No word, however, on whether it was the listing agent or seller who was feeling motivated at the time.
This past January the property was relisted anew. This past February it was “Reduced!” to $1,135,000 while touting a “New look!” In April the price was dropped to $1,049,000. In May the price was reduced to $995,000. And in June it was withdrawn from the market.
Today, 367 31st Avenue was once again listed as new with one day on the market and an original list price of $995,000, a sale at which would be considered to be “at asking” and represent a 4 percent decline in value for this home on a five year hold. Of course that’s not accounting for the added value of the newly remodeled kitchen.
367 31st Avenue Kitchen
And perhaps there’s been a bit of an up and down in the market in between.
∙ Listing: 367 31st Avenue (3/1.5) 1,850 sqft – $995,000 [MLS]

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Comments from “Plugged-In” Readers

  1. Posted by EBGuy

    The original loan in April 2005 was a $828k first and a $103.5k second. Looks like there may be a JPM Chase HELOC in May of 2005. A new roof was put in at the end of 2005. In April of 2006 it looks like the owners refinanced with CitiBank; they are current with their payments.

  2. Posted by EH

    I was gonna say, if that hallway thing is what they’re calling a patio…but the satellite image says that there is, in fact, an actual backyard.

  3. Posted by eddy

    I kind of like this place.

  4. Posted by sanfrantim

    If I had to live in the outer avenues, this is about where I’d want to be. I predict this listing — at this price point, in this location — will spark interest.

  5. Posted by lol

    Free kitchen!
    I still don’t understand why people would pay a million bucks to live in the avenues.

  6. Posted by ex SF-er

    I still don’t understand why people would pay a million bucks to live in the avenues.
    Judging from the pictures: for that fantastic post-card quality view of the Golden Gate Bridge! who knew there were such good views from 31st avenue? either that or for that phenomenal playground in the back yard or the personal tennis courts. :)
    more seriously,
    overall this house looks very nice. it’s very spacious and appears well kept up. It has a real living and dining and kitchen area, enough room easily to raise a family.
    it’s also IMO in a pretty nice neighborhood and quick walk to some good shops on Clement. Also near the richies over in Sea Cliff.
    the street seems quite well kept up as well, although I don’t know the traffic on 31st.
    Plus, with the new Target coming to Geary… :)
    I would pay $1M for this 1000x before I paid $1M for a 2/2 SoMa condo.

  7. Posted by geoff the realtor

    I think beginning two or three blocks to the southwest there’s a bunch of Richmond blocks with houses that have GG views and beyond.

  8. Posted by imarealtortoo

    “I still don’t understand why people would pay a million bucks to live in the avenues.”
    574 23rd Ave $1,008,500 sold on 05/13/2010
    783 28th Ave $959,000 sold on 4/29/2010
    462 9th Ave $1,020,000 sold on 04/20/2010
    874 24th Ave $1,189,000 sold on 06/08/2010
    and this is just in the last few months. Granted most of these are a few hundred sq ft larger. I predict a sale at $950,000 ish.

  9. Posted by eddy

    This is an underrated area of the city, IMO. Near a lot of stuff easy to get around the city, and over the GG bridge. I agree that is sells near asking although I’m not sure why there are no pics of said yard so my predictions is contingent on the yard being there.

  10. Posted by Outsider

    For someone like myself who spent many years living in San Francisco but now resides in the suburb, I will always have difficulty paying this much money for a cramp row house on a 25-30′ wide lot in the foggy part of town. The staged and wide-angle photographs paint a deceptive picture and even if there is indeed a backyard, it has to be tiny since all 1850 square feet have to fit into a single level. The long narrow design probably has the feel of a WWII diesel submarine… Parking a half block from Clement for guests has to be a nightmare, especially on weekends and evenings. We used to park our cars outside overnight and save the garage spaces for guests whenever we threw a party. If you love Chinese food, which I do, it is a plus as there are many Chinese restaurants within easy walking distance. Washington high School is only a couple of blocks across Geary. That’s another plus if you have high school age kids.

  11. Posted by anonee

    this is the kind of place i would have imagined to have gotten absolutely creamed in this correction. 3 beds a bath and a powder room for a million in outer fogville? it was not that long ago (half a generation maybe) that this kind of product in this kind of location traded in the half a mil range.

  12. Posted by kaya

    The Richmond seems like a comparably good value in terms of SF neighborhoods both for owning and renting. It may be foggy, but it’s immeasurably better than the (at least outer) Sunset and there’s decent public transport to downtown. I’m finding the sq ft a little difficult to believe, but it seems like not a bad place for an aspiring family to live in the semi-real SF.

  13. Posted by mikel

    Great post. I think it should definitely get snatched up at that rate. However it will be paraded around as another example of places that are going at or over asking and going quick. Not exactly the case.

  14. Posted by lol

    1M purchase = ~6K total owning costs when everything is factored in.
    To live in the northern version of Daly? No thanks.

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