521 Liberty Exterior
Purchased for $1,161,500 in 2006 then gutted, rehabbed, and returned to the market asking and selling for $1,950,000 in 2007; the owner of 521 Liberty passed away and the home is back on the market and listed for $1,795,000.
In the words of a plugged-in ex-neighbor who notes the owner did some landscaping and minor work in the basement, but nothing that should really change the value:

I’m not sure what to think of the price. I thought [$1,950,000] was a crazy peak at the time in 2007. But it is a fantastic street, and with what’s been happening recently, could this actually be underpriced? I’m just not sure anymore.

If you think you know Eureka Valley, now’s the time to tell.
∙ Listing: 521 Liberty (3/2) 1,608 sqft – $1,795,000 [Redfin]
Life, Liberty, And The Pursuit Of Profit A New Home [SocketSite]

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Comments from “Plugged-In” Readers

  1. Posted by hello

    Completely anecdotal, but we bought in Eureka Valley last May (2011) and have some friends who are currently looking in the area for around the same price range (800-1m).
    The difference is striking. Where we had properties to see every weekend, they go a couple of weeks before something comes up in their range with their criteria.
    We had plenty of time to decide if we wanted to put in an offer and they are seeing the good properties go under offer the next day – no time to think.
    Last year the over priced bad properties would sit on the market until eventually they would get a reduction, now the bad properties just sit at the too high price and eventually sell.
    When we picked the property we wanted, we had one other bidder. It went back and forth, until we both had roughly the same offer. The owners picked ours because they liked us better. Our friends are competing against multiple offers, often times all cash.
    I went with them to one of the open houses and there definitely was a feeling of ‘panic’ that wasn’t there last year.
    Again, this is just my take.

  2. Posted by sparky-b

    that is becuase D5 is super duper hot. This place will go over asking for sure.

  3. Posted by Jameson

    This better be in better shape than when it was purchased in 2007. Personally, I think anyone that is willing to pay over $1000/sf outside of Pacific Heights should share the crack that they are smoking.

  4. Posted by kenz

    $1.45M

  5. Posted by curmudgeon

    For what it’s worth, I think it’s closer to 1700 square feet (versus the 1600 listed as official square feet) because there is a kitchen addition from 2007 that may not be reflected. However, that’s still of 1K/square foot.

  6. Posted by meep

    my take is that inheritors just want to get a quick certain sell . it not as if they worked for the money.

  7. Posted by heir

    My sympathy goes to the family of the previous owner who passed away suddenly. The family was overwhelmed with managing the estate remotely. Some professional speculators took advantage of that and took possession of the house. So sad.
    How can someone sleep at night by profiting from the dead?

  8. Posted by formerly%whatever

    ^^ Could it be that the heirs knew what to do? The amount owing on the loan was >1,750,000. There was also a 2nd with an original loan amount of 255,000. How could the heirs sleep knowing the crushing the home was under? They must have also agonized over how to pay for the rapacious agent’s fee. Maybe for once inaction was the smart thing to do. So glad. How can BofA not be dead yet after taking so many hits like this?

  9. Posted by bruce weber

    Is the dead owner under the sheet in picture 38? For a million 8 takes some better damn pictures!

  10. Posted by curmudgeon

    Wow, those are some of the worst photos I’ve ever seen for a home in this price range. The contrast with the photos from the 2007 sale are incredible.

  11. Posted by Mark F.

    Nobody calls this neighborhood “Eureka Valley” except Real Estate Agents.

  12. Posted by CH

    wrt the photos: “Currently Tenant Occupied will be Vacant on July 31, 2012″.

  13. Posted by curmudgeon

    yeah, but that is no way to sell an approaching $2.0 M house. I know that the value of staging has been endlessly debated on here, but those pictures sure don’t scream “buy me”. Someone is being very irresponsible. I’d love to understand more of the back story on this.

  14. Posted by R

    Yes, this is a strange one. Why not wait until the tenant moves out in a month and you can clean it up?

  15. Posted by Ron

    This will go for $1,875,000.00 – $1,900.000.00 in this super heated market. All of Noe Valley is now selling at 110% of list.
    I’m making a solid wager.

  16. Posted by curmudgeon

    pending

  17. Posted by curmudgeon

    sold, 1.8

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