February 4, 2011
If You Think You Know Noe Now’s The Time To Tell
As best we can tell, we’ve got a perfect clean Noe Valley apple on the tree at 113 Valley. And even better, a sale pair that should be relatively year-over-year.
Purchased for $1,155,000 in October 2009, the "gorgeous light filled Victorian Home in great Noe location" was just listed for $1,199,000. While unaltered one year real estate holds aren't typically great investments, they are great as benchmarks for the market.
As a (Noe) Valley aside, the single family home at 374 Valley is currently scheduled to hit the courthouse steps in March while a notice of default for the single-family home at 254 Valley was filed two months ago.
If you think you know Noe, now's the time to tell.
∙ Listing: 113 Valley (2/2) - $1,199,000 [MLS]
∙ San Francisco Bucks CA Foreclosure Trends, But Not In A Good Way [SocketSite]
First Published: February 4, 2011 12:45 PM
Comments from "Plugged In" Readers
Re: The one year hold not being a good idea, agree. You can see in two of the pictures the likely reason (or at least influence) for early departure: The signs of baby. Time to go move to the burbs.
Posted by: TallGuy at February 4, 2011 2:18 PM
TallGuy - not necessarily, if there is room to expand downstairs and you feel like navigating the public school system (or going private). I'd love for our family to have this much space.
Posted by: kthnxybe at February 4, 2011 2:21 PM
Well I wish more in the city were like you! I might actually be able to visit my friends without using a bridge ;)
Posted by: TallGuy at February 4, 2011 2:28 PM
I say it goes for $1.1 million, which is still about $600,000 more than I think is reasonable.
Posted by: Jane at February 4, 2011 2:34 PM
Posted by: tipster at February 4, 2011 3:22 PM
Not prime NV for sure, but a nice enough place. I think I agree with tipster that this comes in a hair above $1 m. I doubt that an owner is willing to go that low; so I think this sits for a while.
Posted by: sanfrantim at February 4, 2011 5:16 PM
1626 dolores (2 blocks away) reportedly sold for $1.1 in october. it was similar in feel (? a slightly better floor plan on a nicer but more trafficked street?)...and with a lower level "with remodeling potential".
i don't think most buyers will pay much for how the bonus rooms were done here as they need to be redone for truly seamless living or another unit. i'm also guessing $1MM +/-.
Posted by: modernedwardian at February 5, 2011 11:26 AM
1.16M (2009 selling price plus a little bonus for good will)
I saw this place today; the open house was packed. The sellers were smart to put it on the market now, rather than later in the spring. (I think they should have priced it at or below their purchase price, but someone will probably pay asking and prove me wrong.)
The main house is very nice, and it's got the pluses of a full second bath and a nice kitchen-to-deck flow. The backyard is flat and south-facing.
I agree with modernedwardian that the bonus rooms don't add much value--they are small, the ceilings are REALLY low, and the play room is separated from the office. I'd want to redo them, which would be expensive.
I also saw 1592 Dolores, http://www.redfin.com/CA/San-Francisco/1592-Dolores-St-94110/home/28931070 which is around the corner and just came down to this price range. It's a much larger 3/2.5 townhouse with lovely views from the top floor. That open house was not packed, but it's been on the market for a while.
Posted by: RenterAgain at February 5, 2011 4:29 PM
Very subtle, Mr. Editor. Very subtle.
Posted by: EBGuy at February 5, 2011 9:14 PM
I bet it goes for asking, or close. This sector of the market is doing pretty well.
Posted by: [anon.ed] at February 5, 2011 10:54 PM
Can someone please educate me as to why Noe Valley is such a sought-after area, especially for families? Is it a self-perpetuating thing, since there are so many other families already there? Is it the sunnier weather? The proximity to the Peninsula? I know these are important, but is there something bigger that I'm missing?
Particularly for parents who work in downtown S.F. (like us), I just don't get it with Noe. Transportation to downtown is terrible (unless you're very close to Bart).
Posted by: NJ at February 7, 2011 11:52 AM
Other than the reasons you named, Noe Valley is probably the biggest neighborhood in the city that does not have any public housing within its borders. It's blocks and blocks of very mellow street life, but still with relatively vibrant shopping corridors. Some folks find those factors appealing.
Posted by: [anon.ed] at February 7, 2011 12:02 PM