February 4, 2011

Eleven Months Later 465 Hoffman Is Picked For $120,000 (4%) Less

465 Hoffman

Speaking of Noe Valley year-over-year, the sale of 465 Hoffman closed escrow Wednesday with a reported contract price of $2,850,000.

Call it $633 per listed square foot and a four percent ($120,000) drop in value over the past eleven months for the "exceptional showcase home architecturally designed & methodically built with gorgeous views!"

As plugged-in people might recall, the modern Noe home first hit the market in early 2009 listed for $3,900,000 and sold for $2,970,000 this past March.

The Number Of The 465 Hoffman And An Eight Month Noe Apple To Be [SocketSite]
Mixing It Up In Noe Valley: 465 Hoffman Sells For $675 Per Square
A Post-Preview List Price Of $3,900,000 For 465 Hoffman Avenue [SocketSite]
If You Think You Know Noe Now’s The Time To Tell [SocketSite]

First Published: February 4, 2011 3:45 PM

Comments from "Plugged In" Readers

Down only 4% in the last 10 1/2 months - I'd say that is a better-than-market outcome.

Of course, that is $11,000 pissed away every month plus even more in transaction costs (and still more in the delta over comparable rent). "Investing" in SF real estate is getting to be pretty predictable.

Posted by: A.T. at February 4, 2011 4:31 PM

The amount of money being lost on SF real estate, for no benefit at all, just boggles the mind. $300K more than renting in this case. Do that every year and it can really add up!

Posted by: tipster at February 4, 2011 4:54 PM

remember they had it on the market after 8 months, so they weren't in there the last couple months.

Posted by: sparky-b at February 4, 2011 5:10 PM

The Stalinist nostalgia look is getting tired. Give us some colors.

Posted by: lol at February 4, 2011 5:17 PM

^All I see is red.

Posted by: tipster at February 4, 2011 5:19 PM

if not for the plants, that would look like a black & white photo.

Posted by: James at February 4, 2011 5:32 PM

^^^Yeah, and that's the point the architect is making. But the coolness of the effect wears off quickly. Cities are made for people, not Dwell wannabes.

Posted by: lol at February 4, 2011 5:44 PM

This "suburban Bucharest" remodel still takes 1st prize for drab & depressing in my book.

http://www.socketsite.com/archives/2008/11/224_twin_peaks_boulevard_a_study_in_falling_values_but.html

Posted by: Pica1986 at February 4, 2011 6:28 PM

Just too many steps - it's too bad the architect didn't futureproof things with an elevator, or a stack of closets that could be swapped for one.

Posted by: noodle at February 5, 2011 2:17 PM

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