May 10, 2013
A Cool Noe Breeze Or Conscientious Repricing Strategy?
Purchased for $2,850,000 in June of 2009, the contemporary Noe Valley home "with a conscience" at 3961 25th Street returned to the market ten days ago listed for $3,299,000. In the words of a plugged-in Noe Valley resident at the time:
"I would very tentatively say that Noe is cooling off just a tad. It is still hot, just not hot, hot, hot."
Last night, the list price for 3961 25th Street was reduced by $400,000 (12 percent), now asking $2,899,000 or two percent over its 2009 sale price on an apples-to-apples basis.
∙ The House With A Conscience Returns [SocketSite]
First Published: May 10, 2013 9:45 AM
Comments from "Plugged In" Readers
I think it all depends on the property. 536 Alvarado somewhat quietly (at least in terms of SS) came on the market a month ago at 2.95, sold in a week for 3.575 and closed in 7 days with multiple cash offers. I'm surprised it went unnoticed here.
Posted by: Noe watcher at May 10, 2013 10:11 AM
If its cooling its cooling from a ridiculously hot level. SF RE report has recorded that the median price for SFHs in April was exactly $1,000,000.
That was an increase I think of around 67% from its low point of previous cycle. Think condos median is around 60% up too.
Not confusing medians with prices, but clearly much more than mix going on here.
Posted by: REpornaddict at May 10, 2013 10:11 AM
Posted by: lyqwyd at May 10, 2013 10:30 AM
Dated finishes, so it can't compete with the new flips hitting the market
Posted by: mikey woodz at May 10, 2013 4:48 PM
Yes, it just screams 2009!
Posted by: Dan at May 10, 2013 6:30 PM
Heh. This house is a lot better than 33 valley. Where does the p come in Mikey Woodz? Impo?
Posted by: Truth at May 10, 2013 7:28 PM
There is always a premium on brand new. I don't think this property is dated and in many ways better than what was selling recently but folks rather live in a place that was never occupied.
More importantly I think we had a pent up demand pushing prices higher, and I can well imagine the pool of $3M buyers is drying up. I think also agressive pricing sometimes backfires, see the Noe st FB house. Or Diamond/27th last year.
I'll shut up if Valley sells before, though we can always blame brand new.
Posted by: someone at May 13, 2013 9:45 AM
There was an intangible when I walked through it. It just did not feel right, something was off somewhere. Maybe the big open doors scream lack of security or something or maybe the crazy money is drying up and the price is too high. There was a house on 26th (or maybe it was Chavez) that was almost a million less and also a similar remodel that had a lot more going for it. Maybe the problem is that people don't want a one car garage for all that money, especially on those busy streets.
Posted by: noe mom at May 15, 2013 7:28 AM
The sale of 3961 25th Street has closed escrow with a reported contract price of $3,400,000.
Posted by: SocketSite at June 12, 2013 12:33 PM