June 30, 2011

Apples To Apples To Apples (And Tipster To Tipster) On Caselli

Purchased for $1,515,000 in August 2005, it was a plugged-in tipster that noted the sale of 226 Caselli for $1,420,500 back in November 2007. As our tipster wrote at the time:

Ironically, as new homeowners on the block (yes, we bought within the past year), you would think that we would be dismayed, or at the very least experiencing extreme denial, about these listings...But before we were homeowners, we were well aware that the SF market might be headed for trouble, and gaining a mortgage and a property tax bill did not suddenly make us grow blinders as well!
We bought a house this year...not because we were trying to 'time the market,' and not because we believed our house's appreciation would beat out our stock market investments, but because it was the right time for *us* (recent job promotion, new baby on the way...all the reasons that normal pre-bubble citizens used to buy houses). We didn't buy our house as an investment...and if the market declines by 10-20% (and I think this is a possibility)...well, we bought for the long-term and intend to stay here at least 5, if not 15, years.
So I do believe that one can be a homeowner AND a rational observer as well, and I bet there are many like-minded readers of [SocketSite].

Having been slightly updated (the floor in the kitchen for example), 226 Caselli is now back on the market in 2011 listed for $1,399,000. And our 2007 tipster weighs back in:

We are still real estate bears. In fact, we do not think the market has hit the bottom yet...which makes me happy that we still have jobs which will keep us in San Francisco for at least the next ten years.
In spite of being real estate bears, we still love being homeowners and are (embarrassingly so) completely in love with our house. [And] we are still huge fans of SocketSite.
Thanks for keeping it real...even back in 2007, when it wasn't fashionable to do so!

Cheers!

∙ Listing: 226 Caselli Avenue (3/2) 1,712 sqft - $1,399,000 [MLS]
Single-Family Apples To Apples (And A Reader’s Perspective) [SocketSite]

First Published: June 30, 2011 7:45 AM

Comments from "Plugged In" Readers

So the listing agent and the seller for 226 Caselli both think that the slight update counteracts enough of the general decline in prices since 2007 to justify only a 1.5% decline in the asking price? One or both of them might have to think again.

And from the pictures, the floors look like junk pergo laminate, not real hardwood.

Posted by: Brahma (incensed renter) at June 30, 2011 10:54 AM

You can't go wrong with Countrywide financing. That said they seemed to target the loan amount at the max allowed by the MID. In another words, there's a hefty down payment at stake.

Posted by: EBGuy at June 30, 2011 1:27 PM

i say this sells at asking. there is nothing decent on the market in D5 in this price range. that is still down from 2005 so the bears should still be happy

Posted by: hangemhi at July 1, 2011 12:39 AM

Here's an SS favorite in D5 that's now reduced to almost $1 million below its 2007 sale price (down 56% -- take that Vallejo!):

http://www.redfin.com/CA/San-Francisco/647-Grand-View-Ave-94114/unit-4/home/17304595

Posted by: A.T. at July 1, 2011 8:03 AM

Here's an SS favorite in D5 that's now reduced to almost $1 million below its 2007 sale price (down 56% -- take that Vallejo!):

Except it wasn't a market transaction, and we've gone over that in the past as well. You continue to be irrelevant with these forced and very weak attempts at pithiness.

Posted by: [anon.ed] at July 1, 2011 8:15 AM

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