We’re not sure how a home that last sold for $669,000 in 2004 becomes a “million dollar home” other than in Realtor speak, but in terms of understanding trends we are digging the marked to market story the sale of 12 Minerva will tell (apples-to-apples-to-apples-to-apples-to-apples if you will).
Purchased for $365,000 in 1999, the four-bedroom home sold for $450,000 in 2000, then again for $550,000 in 2001 and $669,000 in August 2004. Back on the market today and asking $499,000 as a short sale.
∙ Listing: 12 Minerva Street (4/2) 2,088 sqft – “$499,000” [MLS]
The “million dollar home” pitch is a stretch, but in the annals of SF realtor-speak it is a mild one. This place (link below) a couple blocks over is pretty similar (a bit bigger) and sold for just $40,000 more than the sale price of 12 Minerva when both sold in 2004. But it then sold for $917,000 in December 2006. This Minerva place likely could have fetched 800k-850k in the crazy bubble days. Sure, it seems absurd now, but these ridiculous prices had fierce defenders among the majority in SF just 3 short years ago.
http://www.redfin.com/CA/San-Francisco/65-Thrift-St-94112/home/1241846
499k on this place seems fairly reasonable unless it is trashed inside.
2000 sq. ft. 4 bed. 2 bath. 14 pictures, and yet not a single one from the inside. Red flag.
As per MLS, it appears to have a tenant. Perhaps we have an answer.
Architectural masterpiece?
Million dollar home?
Fantastic panoramic views?
Sounds much better than “rowhouse in the boonies”.
Plus if the view was really that fantastic, they could have spent a few extra hours on a day when the view is clear.
Superlative do not make salesmanship. The extra mile does.
We’re not sure how a home that last sold for $669,000 in 2004 becomes a “million dollar home”
I can pretty much guarantee you that if you ask the realtor to explain this, the answer starts with “Well, the guy next door/down the street/around the corner sold his for $1M in 2007 and ours is much nicer…
Plus if the view was really that fantastic, they could have spent a few extra hours on a day when the view is clear.
Wow, you ain’t kiddin’. Was the realtor even trying? Crackhead brother in law as photographer?
I have a feeling that “descending slop” describes a bit more than the agent intended.
Deed of Trust, June 2007 with WaMu. We can only hope that the homeowner was able to extract her ~10% down payment. See, nobody got hurt…
It’s called a “round rip”.
It’s actually a billion dollar home.
4 misspelled words in three lines – impressive:
Contempory…architectual…slop…truely
Realtor-write on top of Realtor-speak?
i have a feeling they meant to say “slop.” it is on a “slope,” but i’m sure the materials leave a lot to be desired.
” Sure, it seems absurd now, but these ridiculous prices had fierce defenders among the majority in SF just 3 short years ago.”
really? i must not know anybody ‘in the majority’..
We are at war with eastasia, we have always been at war with eastasia.
Oceania is our ally, Oceania has always been our ally.