The sale of 653 Duncan closed escrow today with a reported contract price of $2,251,000. Purchased for $1,550,000 in mid-2004, call it total appreciation of 45 percent for the Noe Valley home since 2004, roughly 4.3 percent per year, with some ups and downs between.
In 2006, prior to the big bust, the average annual appreciation for San Francisco homes since 1949 had been measured at 4.2%. From the “bubble-proof” titled piece by CNNMoney at the time:
If developers were allowed to go all out with building on San Francisco’s Treasure Island, Presidio and the Marin Headlands across the Golden Gate Bridge, the price of housing would fall close to the cost of construction. But those pristine natural amenities are the product of one of the most anti-development political cultures in the country – and a perennial magnet for the highest earners.
At least they got the parts about the Marin Headlands, Presidio (for the most part), and San Francisco being a magnet for the highest earners correct.
Walk Run-Through Of A Minimalist Noe Home [SocketSite]
∙ Expectation Setting: San Francisco Appreciation [SocketSite]
∙ SF Unemployment Rate Drops To 6.0% For First Time Since 2008[SocketSite]