January 4, 2013

Renovated Noe Valley On An Apples-To-Apples Basis Since 2010

3715 22nd Street

Listed for sale at $2,750,000 in 2010, the "exquisitely renovated [with] hi-end finishes & impeccable detail" Victorian home at 3715 22nd Street ended up selling for $2,500,000 that October, which included the legal one-bedroom unit below and Noe Valley views.

3715 22nd Street Kitchen

Back on the market and listed for $2,825,000, a sale at asking would represent annual appreciation of 5.7 percent over the past two years for the Noe Valley property on an apples-to-apples basis, total appreciation of 13 percent since the fourth quarter of 2010.

And yes, there's a pot filler over the range.

∙ Listing: 3715 22nd Street (4/4.5) 3,772 sqft - $2,825,000 [22ndstreetvictorian.com]
A Plugged-In Pot Filler Comment (And Theme) We Couldn’t Resist [SocketSite]

First Published: January 4, 2013 10:30 AM

Comments from "Plugged In" Readers

I saw this hit the market yesterday and am curious to see where this ends up. I'm not convinced this one will show an increase from 2010. Could go either way. And for the record, I kinda like the pot filler as a concept. Happy new year.

Posted by: eddy at January 4, 2013 11:14 AM

Pot Filler...as a concept, I suppose. But if you're strong enough to take the full pot OFF the stove, what's so tough about putting it ON the stove in the first place. Oh, sure it's convenient...but it's so down on the list of priorities it barely registers.

But, btw...is there a name for this picturesque steep-pitched roof architectural sub-style? I tend to think of it as scandinavian derived.

Posted by: curmudgeon at January 4, 2013 11:36 AM

The finishes and staging here are confusing to me (and rather awful) -- Tuscan? Art nouveau? Contemporary?

Posted by: Footie at January 4, 2013 11:37 AM

Saw this place last time. GREAT location / street.
Big price though. And it's a bit too vertical for my tastes. But the details / finishes are perfect (I envy the outside paint job).

Posted by: DanRH at January 4, 2013 12:05 PM

I've seen some pretty substantial (10%-20% or more) increases for apples that would have sold for perhaps $750k to $1250k in 2009-2010. I wonder if that segment of the market is appreciating more rapidly than the >$2.5M segment. Thoughts?

Posted by: observant neighbor at January 4, 2013 1:30 PM

That architectural style is called Early Shingle Witch.

Posted by: futurist at January 4, 2013 2:04 PM

My great grandparents lived at 3622 22nd for several years, and from reading the 1930 census the neighborhood was heavily Scandinavian (Swede, Norge, Danish) as well as German immigrants.

Even more interesting; they note the value of the home as 1400 dollars 1940 and 4000 in 1930. Ostensibly underreporting property values/or remodels to avoid taxes is an established SF tradition.

Posted by: marko1332 at January 5, 2013 9:58 AM

What's with the doors/windows in that second picture? It looks like the exterior picture was grafted on the doors.

As an aside, how does one photograph an interior to show like the picture above?

Posted by: passerby at January 5, 2013 1:53 PM

The architecural style is quite nice. I do,however wonder why someone would use a design with that roof pitch since there is no snow in SF. Your also waste a ton of living space on that lot. Was it the case of the builiders failing to let go of the past or failing to see what SF would become in the future?

Posted by: VancouverJones at January 7, 2013 3:33 PM

The architecural style is quite nice. I do,however wonder why someone would use a design with that roof pitch since there is no snow in SF. Your also waste a ton of living space on that lot. Was it the case of the builiders failing to let go of the past or failing to see what SF would become in the future?

Posted by: VancouverJones at January 7, 2013 4:01 PM

I am not a fan at all ... meh.

Posted by: Tanveer at January 8, 2013 5:38 PM

Nice finishes and I love the staircase. But the kitchen is making me claustrophobic. And where's my built in microwave hood when there is a premium on counter space? I hate how it's shoved in the corner.

Posted by: Lori at January 10, 2013 3:32 PM

And a question/observation for the experienced architects/designers here: while it's beautifully artistic, is the metalwork here to code? I look at the top of image 31/84 on the listing site and think "really, that's supposed to pass as a railing that would keep kids from falling to serious injury or death on the marble below?"

Posted by: no_ vally at January 11, 2013 8:01 AM

They are not to code, not even close. I remember the agents making sure everyone knew that the last time around.

Posted by: sparky*b at January 11, 2013 8:18 AM

In escrow. Looks like I will be proven wrong. Amazing.

Posted by: eddy at January 11, 2013 3:41 PM

Can someone quickly define what 'apples' and 'oranges' mean in the context of this site? Thank you!

Posted by: Sandy at January 25, 2013 12:13 PM

Sandy, Google search is your friend.

http://en.wikipedia.org/wiki/Apples_and_oranges

Posted by: Jackson at January 25, 2013 12:14 PM

I know about the phrase comparing apples and oranges, but I'm sorry that my brain isn't naturally transposing that in the exact nuance of its meaning in talking about real estate... so if someone can just give me a hint as to what it means here... I think it's that I'm still grappling with so many aspects of reading about real estate that it's not coming through clearly to me... Like what is Socketsite talking about when comparing apples to apples? The same kinds of houses, the same condition, the ehhhh?? Very sorry for being so dense, I may be trying to do too many things at once this week and maybe the obvious will finally hit me once I've read more things here...

Posted by: Sandy at January 25, 2013 12:15 PM

Sandy - "apples to apples" in this context means comparing the sales price of the same home on two different occasions and assuming that no significant remodels were done. For example if 123 Nimby Ct. sold at $960,000 in 2007 and then for $1,000,000 in 2013 and no work was done on that house between 2007 and now then we could say that that home was an "apple" that appreciated by $40,000 over those years.

The same concept can be applied to comparable properties: similar units in the same condo building or similar houses. But in practice here it is usually the same property, without work, and two sales dates.

This is part of the basic methodology for the Case Shiller index.

Posted by: The Milkshake of Despair at January 25, 2013 2:04 PM

...and sold. Over asking at $2,890,000.

Facebook affect, right SS?

Posted by: DanRH at January 31, 2013 9:46 AM

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