January 27, 2012
Quintessential Noe Valley (And Price Per Square Foot Trend)
Having undergone a major remodel in 1999 following its purchase for $410,000 in 1998, the "quintessential renovated and expanded Noe Valley home" at 4245 23rd Street sold for $1,700,000 in September of 2004.
The 2,302 square foot four-bedroom, which is much larger and scarcer than the median neighborhood home, is now back on the market and listed for $1,795,000.
Although their records appear to be incomplete for 2011, if PropertyShark is to correct, the median sale price per square foot for 94114 single-family homes was $697 in 2004, peaked at $953 in 2008, dropped to $840 in 2010, and was $773 last year on median sized home sales of 1,360, 1,530, 1,512, and 1,650 square feet respectively.
Based on PropertyShark’s stats, the median neighborhood price per square foot is up 11 percent since 2004 having increased 37 percent from 2004 to 2008, dropping 19 percent from 2008 to 2011, and having dropped 8 percent from 2010.
Keep in mind that with a 21 percent increase in the size of the median home sold from 2004 to 2011, even if the price per square foot had dropped 20 percent the median price paid would have shown "appreciation," one of the reasons simply quoting changes in median or average sale price often misleads.
And yes, size matters when it comes to comparing price per square foot for homes.
∙ Listing: 4245 23rd Street (4/3) 2,302 sqft - $1,795,000 [4245-23rdst.com]
∙ Size Matters (At Least With Respect To Dollars Per Square Foot) [SocketSite]
First Published: January 27, 2012 11:45 AM
Comments from "Plugged In" Readers
Why all the caveats? The ask is for almost exactly the median psf ($779).
Posted by: shza at January 27, 2012 12:05 PM
Seriously. Can someone roll out the decoder ring on the post description? These houses aren't really that scarce along those streets in Noe. Here is one that sold in 2010 for 729/psf
Posted by: eddy at January 27, 2012 12:40 PM
2004 was an odd market. The second half of the year terrifically outperformed the first half.
Posted by: [anon.ed] at January 27, 2012 12:44 PM
Nice house. I wouldn't be surprised if it got close to asking.
I love this area of town. Close to 24th but far enough to keep the area safe and neighborly.
One issue about the location. Being at the end of Eureka means beam lights (especially after dark as Eureka tends to be really dark and people use high beams) and a tiny bit of diminished privacy, as local traffic have you right into their crosshair towards 23rd for a few blocks. No biggie though. Some would consider being in plain sight a big plus...
Posted by: lol at January 27, 2012 2:01 PM
That is a big explanation and a bunch of caveats for a LIST price.
Posted by: sparky-b at January 27, 2012 2:06 PM
uh...so is this house for sale or not?
a few blocks away, 3825 22nd St. (3/3.5ba,2,435sqft) sold recently for $1.850cash. This place looks as good, so I'll guess it goes for asking.
Posted by: DanRH at January 27, 2012 2:07 PM
Nice place, albeit nothing spectacular. A fair amount of square footage looks like converted attic space.
Now that we're getting back to prices from more than 7 years ago, you really need to look at real prices. Inflation has been about 18.5% since this place was last sold. $2.015mm would be breakeven.
Posted by: A.T. at January 27, 2012 2:11 PM
This street and its surroundings got typical 1.5M+ - ~$700+/sf sales back at the bubble top. We're not very far off there. It's the continuation of the neighborhood trend if this sells for asking.
Prime NV in the hills (but not TOO much in the hills) at a walkable distance from MUNI and 24th.
Posted by: lol at January 27, 2012 2:28 PM
my guess is it will go for over ask. $1.9M.
Posted by: mmk at January 27, 2012 2:34 PM
Am I the only person who thinks the kitchen is odd? It's open to the foyer but has no focus- maybe I've just gotten too used to the "great room" concept.
Posted by: Rocco at January 27, 2012 2:35 PM
I agree with you Rocco. Why open it up to the foyer? That and the stairs down land in the laundry room (partially finished) and from there you walk on to the guest bedroom. That is some bad flow.
Posted by: sparky-b at January 27, 2012 2:54 PM
Definitely some poor choices for the floor plan.
Agree that the kitchen opening onto the foyer is poor. At best a cased opening would be better; defining the two spaces.
Bedrooms on the second floor are most likely part of the original floor plan;not an attic conversion; the main stair looks original to the house going up to a full second floor.
Also dislike VERY much the modern windwows at the front elevation; at the front of the bay and second floor. Double hungs are the correct style for that house. Not even sure those single paned windows are operable.
Still, a great part of Noe. My guess it will sell in the $1.8 range.
Posted by: futurist at January 27, 2012 3:45 PM
this house is just down the block from us and for the most part is quite nice. Went through it the last time it was on the market. But one additional problem to being at the (dead)end of Eureka (in addition to headlights) is the bad Feng Shui. Might turn some buyers off.
Posted by: bobinsf at January 28, 2012 6:51 PM
Posted by: eddy at February 2, 2012 3:01 PM
House is in escrow and predict well over asking -- $1.95m.
Open houses were swarmed and understand it went into escrow 4 days after opening
Posted by: sf_marketwatcher at February 20, 2012 11:29 AM
Are we "see"ing this apple when it closes?
Posted by: [anon.ed] at February 21, 2012 8:43 PM
I don't understand the "see" comment?
I still don't understand the descriptions / caveats on this original post?
Posted by: eddy at February 22, 2012 5:19 PM
Closed at $1,820,000
Posted by: mike at February 26, 2012 5:25 PM
So "packed" open houses and near instant pending escrow meant all of 1.3%?
Whoo boy, this isn't like the old days!!
Good guess DanRH. The 2004 buyer got out without a loss after fees and costs. Pretty good for an 8 year hold in a hot hood.
Posted by: tipster at February 26, 2012 6:16 PM
It was obviously underpriced. How else could you possibly explain this outcome.
Posted by: Eddy at February 26, 2012 9:20 PM
Posted by: SocketSite at February 27, 2012 2:37 PM