February 28, 2012
Ooh And Ahh (And Ouch)
As we first reported with respect to 1422 Douglass this past September:
Purchased for $925,000 in 2007, the single-family Noe Valley home at 1422 Douglass returned to the market two weeks ago listed for $875,000 while noting: "Be prepared to ooh and aah (sic) over this charming Victorian home that packs a big impression."
On Friday, the list price for 1422 Douglass was reduced to $849,000. We’re not sure if that’s an "ooh" or an "ahh," but we do know that's 8 percent ($76,000) below its 2007 sale price on an apples-to-apples basis.
The sale of 1422 Douglass closed escrow on Friday with a reported contract price of $775,000, 16.2 percent ($150,000) below its 2007 sale on an apples-to-apples basis.
Once again, based on PropertyShark’s stats, the median price per square foot for neighborhood single-family homes dropped 19 percent from 2008 to 2011, down 8 percent from 2010 to 2011. The drop from 2007 through 2011 was 16.4 percent.
∙ Ooh, Ahh...And Now Reduced For The Noe Apple At 1422 Douglass [SocketSite]
∙ A Quintessential Noe Valley Apple Falls Into Our Cart [SocketSite]
First Published: February 28, 2012 1:45 PM
Comments from "Plugged In" Readers
775K for a small 2/1 in this area sounds just about right.
Posted by: foresthillext_chick at February 28, 2012 2:03 PM
Not quite the 6% a year appreciation that the realtor promised back in 2007, but on the other hand I don't think anyone in a position to buy in NV is going to let a $200k loss bother him either.
Posted by: El Bombero at February 28, 2012 3:24 PM
Amazing, EB - I didn't realize you were privy to all the dialogue between the realtor and the owner - how exactly do you know he promised a 6% appreciation per year?
Oh, wait a minute - that's right, you don't.
Posted by: Fishchum at February 28, 2012 3:38 PM
Assuming a 30Y fixed and 20% it only cost them around $9K/month to live in Diamond Heights.
Posted by: HappyRenter at February 28, 2012 3:51 PM
Call it NV pride, but can't help but take issue with 1422 Douglass being called a "Noe Valley Apple"...it's much more a Diamond Heights house than NV. Almost makes you think a new D5 area called "Noe Heights" should be created that runs above Douglass and up to Grand View en route to the Castro--great for those who love wind turbines, dense moss and fog cover.
Posted by: no_ vally at February 28, 2012 4:06 PM
Real Noe Valley.
We heard these same arguments about SF. Then prices dropped.
Posted by: tipster at February 28, 2012 4:31 PM
Love the bamboo. Hate all the paving. Hate the cement board siding over what WAS a Victorian.
Yes, this IS Noe Valley.
Posted by: futurist at February 28, 2012 4:31 PM
ARRRGH - Can we outlaw bad HDR?? This "photo" looks like a cartoon!! Do the Simpsons live here?
Posted by: riffsf at February 28, 2012 4:44 PM
Yes, the HDR is hard on the eyes and so..well. fake.
Posted by: futurist at February 28, 2012 5:09 PM
bought for $925k.
sold for $775k.
Posted by: * at February 28, 2012 6:52 PM
Congratulations to the buyers, seems like they got a good deal. Hope they love living there!
(And yay for a sub-800k SFR in Noe as well!)
Posted by: RenterAgain at February 28, 2012 8:20 PM
I walked through this place a few months ago. First off, as others have said, this is not Noe Valley by any stretch of the imagination. It is at the peak of Diamond Heights. No views at all however.
It is a nice renovation, well thought out use of space, and they tried to give it a little bit of outside sunny space by. Building an elevated deck off the back, over about a third of the yard.
But those apartment buildings looming up on the left there are not going to let much sun by.
Posted by: Jack at February 28, 2012 9:16 PM
I viewed this house and (if I recall correctly) the owner was moving across country so perhaps their motivation increased enough to get out while they could.
Calling it Noe Valley is a stretch, and the interior was anything but charming. It was well kept though, and the deck out back was very nice.
Posted by: bg at February 29, 2012 9:58 AM
They clearly moved it to a new, worse location since 2007. That explains the $150,000 hit.
Or it could be the market went south. Nah! MUST have moved it!
Posted by: anon at February 29, 2012 10:01 AM
Everybody knows it's a less expensive market than 2007, one, and secondly you're always going to have people argue about properties' locations when they're sitting on or near borders. Grow up.
Posted by: [anon.ed] at February 29, 2012 11:02 AM
desirable properties in good neighborhoods like noe valley have maintained value.being next door to one fairly large apartment complex is not what i consider desirable but that's just me.
Posted by: meep at February 29, 2012 11:50 AM
Most of us long time NV residents would call this Upper Noe, but it's still Noe.
Don't forget it's east of Diamond Hts. Blvd.
Posted by: futurist at February 29, 2012 1:05 PM
Look closely at the For Sale sign.. lol.
Posted by: sf at February 29, 2012 11:24 PM
Don't do HDR on windy days.
(MoD explained the phantom sign in his first post on the original thread.)
Posted by: lol at March 1, 2012 9:33 AM