June 22, 2012

The Circle Of Life And 521 Liberty

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]

First Published: June 22, 2012 10:45 AM

Comments from "Plugged In" Readers

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.

Posted by: hello at June 22, 2012 11:58 AM

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

Posted by: sparky-b at June 22, 2012 12:05 PM

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.

Posted by: Jameson at June 22, 2012 3:04 PM

$1.45M

Posted by: kenz at June 22, 2012 3:45 PM

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.

Posted by: curmudgeon at June 22, 2012 4:24 PM

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

Posted by: meep at June 22, 2012 5:15 PM

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?

Posted by: heir at June 22, 2012 6:25 PM

^^ 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?

Posted by: formerly%whatever at June 22, 2012 8:11 PM

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

Posted by: bruce weber at June 24, 2012 9:04 PM

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.

Posted by: curmudgeon at June 24, 2012 11:13 PM

Nobody calls this neighborhood "Eureka Valley" except Real Estate Agents.

Posted by: Mark F. at June 25, 2012 12:26 PM

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

Posted by: CH at June 26, 2012 10:34 AM

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.

Posted by: curmudgeon at June 26, 2012 11:01 AM

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

Posted by: R at June 26, 2012 11:57 AM

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.

Posted by: Ron at June 27, 2012 11:24 PM

pending

Posted by: curmudgeon at July 5, 2012 12:11 PM

sold, 1.8

Posted by: curmudgeon at August 1, 2012 9:07 AM

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