August 1, 2011
The Confirmed Confidential Sale Price For 526 Duncan
While you won’t find any record of the sale on the MLS, we’ve been told the agents involved were required to sign non-disclosure agreements (NDAs), and a blind entity (the "526 Duncan, LLC") was employed to quietly make the purchase, we’re pegging the new owner of 526 Duncan as a former Facebook engineer turned angel investor.
While we can’t yet confirm the sale price, we can report the purchase was financed with a first mortgage for $3,240,000 and line of credit for up to $1,000,000 more.
As plugged-in readers might recall, the seller was a former Google engineer who paid $5,300,000 in cash for the property known as the "the T House" in 2005 and was quietly asking $6,400,000 for the property today.
And as a plugged-in reader correctly notes, we can now confirm the sale price at $6,100,000, a bit below asking but 15 percent over its 2005 all cash sale.
∙ The House
∙ 526 Duncan (The Noe Valley "T House")
Quietly Hits The Market [SocketSite]
∙ Ogrydziak/Prillinger Architects: The T House [SocketSite]
First Published: August 1, 2011 9:00 AM
Comments from "Plugged In" Readers
And who will buy it next? Google > Facebook > next new thing?
The Bay Area never ceases to amaze me. I hope that we can keep it up.
Posted by: curmudgeon at August 1, 2011 10:14 AM
Is this a new Noe record then (most expensive house sold)?
Posted by: DanRH at August 1, 2011 11:29 AM
ah, just spent a few mins on SS and I think I answered my own question - it appears it is. Takes the title back from it's neighbor, 626.
interesting read from a few posts on the 626 thread -(Laughing Millionaire Renter in Marin), "I boldly predict that $5.818M will be the high sales price in Noe Valley for the next 15 years."
Posted by: DanRH at August 1, 2011 11:41 AM
Holy Crap people are paying $6 mil to live in NOE VALLEY!?!? Did we default already and did the America dollar drop below the Peso?
Posted by: sf at August 1, 2011 12:20 PM
This is an apple, right?
Posted by: Sanfrantim at August 1, 2011 12:39 PM
526 Duncan is definitely a typical, representative indicator of the Noe Valley market. This place:
an SFR down 10% from the sale 5 years ago is an obvious outlier.
(* it appears that 526 Duncan's 2011 sale price is just about exactly the 2005 sale price + inflation per the CPI - so we need to define if "the record" is in real or nominal dollars. And the 2005 google engineer buyer would have come out WAY ahead had he simply left that money in GOOG stock. Maybe the 2011 buyer will do better . . .)
Posted by: A.T. at August 1, 2011 12:54 PM
Of course this isn't representative. It's a one of a kind property. Regardless, must have missed the part where you earned people's attention spans when it came to describing what is and is not representative in Noe Valley or anywhere else. Recall a lot of 30% down citywide, no 25%, no 20%, no [insert number/flame here], look at this distressed condo sale redfin link in another neighborhood, that sort of thing.
Posted by: [anon.ed] at August 1, 2011 5:32 PM
Down 25-40% from peak, fluj. Some places a little better (like Noe), and a few places a lot worse.
Posted by: A.T. at August 1, 2011 8:09 PM
Funny that 1406 Sanchez St came up––I knew the previous owners. It blew me away when it sold for 1.11M in 2006. (I didn't live in Noe Valley then). It's a charming, very livable small home. I suspect it might have gone for a little bit more in 2007–2008, when I was following this specific market (small charming homes in NV) very closely.
As ex-SFer has pointed out, even a small 11% decline is a large $ loss when looking at a 1 million dollar home.
Posted by: RenterAgain at August 1, 2011 8:51 PM
"Down 25-40% from peak"
Yeah, that sort of stuff. You like to flame that way on here. yawn.
Posted by: [anon.ed] at August 2, 2011 10:00 AM
@A.T.-agree that some places are in that range. And agree with others that even a small decrease is a large $ loss. But 1024 Sanchez is another example of a peak-to-recent apple (I believe) that was down 3%, which is not 'a little' better than -25% (it's a lot).
Posted by: DanRH at August 2, 2011 12:04 PM