March 15, 2012
Cain Records A Pre-Season Loss Over In Noe
Having not been remodeled since the 60’s, the 2,628 square foot home at 1901 Diamond was purchased for $1,450,000 in 2007, underwent an "eco-friendly" and "no expenses spared" renovation, and sold for $2,050,000 with 2,819 square feet in October 2008.
Listed for $1,950,000 this past September, reduced to $1,850,000 "by Motivated Sellers!" in October, and then withdrawn from the market in December, yesterday the hill-top home with a Noe Valley address returned to the MLS listed anew and asking $1,795,000.
The sale of 1901 Diamond Street closed escrow on Tuesday with a reported contract price of $1,800,000. While officially "over asking" (by $5,000) according to industry stats and newsletters to be, it’s also 12.2 percent ($250,000) under what Cain paid in late 2008.
First Published: March 15, 2012 8:15 AM
Comments from "Plugged In" Readers
old matt cain does have a knack for doing well financially! Really good result. Only lost 12.2% plus another 7 1/2 % from inflation. Call it a 20% loss. And another $90,000 in commissions. Far better than most SF buyers are seeing. At least he can afford it
Way to go. Now go work on your slider.
Posted by: anon at March 15, 2012 8:41 AM
so he was 6 months ahead of "the bottom" in early 2009, and yet he still lost a quarter million dollars, plus another hundred thousand in selling costs, transfer tax, etc?
I don't think you can time things perfectly, but I think it's better to have the bottom well behind you than a little ahead of you.
Posted by: tipster at March 15, 2012 10:00 AM
and in other breaking news, water is wet
Posted by: [anon.ed] at March 15, 2012 10:30 AM
Yes, it is always better to have perfect 20/20 hindsight.
Posted by: Rillion at March 15, 2012 10:32 AM
20/20 foresight is far better than 20/20 hindsight. Everyone has the latter. Those who lacked the former (or heck, 20-40 or 20-100 would have been good enough) have lost a ton of $$$ in sf real estate.
And a 94 mph fastball with a wicked changeup is always good.
Posted by: anon at March 15, 2012 10:44 AM
What is that weird black stain to the right of the front door? For $2M you would think they could at least paint the exterior.
Posted by: NoeValleyJim at March 16, 2012 9:27 AM
Selling this house was obviously the key to throwing a perfect game.
Posted by: NJ at June 13, 2012 10:38 PM