Pick Your Dream on Day Street

There’s something for everyone over on Day Street, in Upper Noe Valley—depending upon your budget, and your dream.

For the inner contractor in you, consider 324 Day, a renovation project stopped dead in its tracks:
324day

Unfortunately, construction was halted and the property is being foreclosed upon. This is a Victorian single-family home with permits issued for adding a bedroom, bathroom and office on the ground floor; remodeling a bathroom and adding a bathroom; converting a bedroom to a living room, living room to dining room; adding rear deck and stairs to yard. List price: $760,000 (but “bring your best offer, don’t worry about the list price,” says the listing agent).

For those looking for an actual finished property with expansion and/or cosmetic remodel potential, 385 Day may do the trick. This is a two-bedroom, one-bath home that’s been in the same family for more than 50 years. The latter phrase is code for “will need an extensive bathroom and kitchen remodel.” The seller of this home is 102 and will be involved in the sale, so don’t think you can just skate by. List price: $829,000:

385day

And the last one in our lineup is what the other two Day Street properties can someday become. 493 Day will provide you with three bedrooms, two bathrooms, and 1591 square feet. List price is $1,095,000:

435day

Dominos on Dolores

1583_87 doloresThe first of the condos in the three-unit building at 1583-1585-1587 Dolores at 29th Street in Upper Noe Valley went on the market in April—the 3BR/1BA top unit at 1583 Dolores. It was listed at $869,000, but has since been reduced to $799,000. There isn’t parking in the building, but the seller has secured leased parking at $200 per month.

The lower unit at 1587 Dolores tossed up its For Sale sign a month later, offering the sidewalk-level, 1BR/1BA unit with no parking prospects for $549,000, only to be reduced later to $479,000.

The latest neighbors to get on the selling bandwagon are the folks in middle unit at 1585 Dolores. This 2BR/1BA unit with no parking options is being offered at $649,000. Listed on June 12th, there’s still time for a price reduction, based on the activity of the other two units. No word yet on why everyone’s bolting from the building. My guess is that the domino effect has hit the building, but it should be interesting seeing how all the sales prices play out.

Luxury TICs Pray For Buyers

1669churchConstructed in the shadow of St. Paul’s Church in Noe Valley, 1667-1669 Church is a two-unit TIC offering in search of buyers looking to spend $1,289,000 and $1,479,000 for either of the 3BR/2.5BA units, which offer 1750 square feet each.

The usual trappings are here—radiant heat, Energy Star appliances, CaesarStone counters. I’m not sure what to think of the little drink shelf around the island in the kitchen:
kitchen_church

But here’s my quick and dirty evaluation: The building is on Church Street, which is notorious for noisy, rumbling street cars. There are only two units, so I’m thinking the building will fare better than its modern, three-unit TIC counterpart up at 1278-1282 Church Street. (The most recent sale took place in the latter property in late April: a 3BR/3BA, 1650-square foot middle unit that sold for $950,000.) The asking prices could be a bit ambitious, particularly since the TIC world is on shaky ground these days. I’d advice putting that statue of St. Joseph in the backyard.

3961 25th St. Lands in Lap of Luxury

396125thWhen I listed and sold 3961 25th Street in Noe Valley back in the summer of 2006, there were multiple offers and the lucky buyer purchased the property for $1,050,000. About a year later, the owners—a Google employee and Noe resident who’d bought the house as a guest quarters of sorts for visiting parents—resold the property for $1,250,000.

The home has now morphed into a three-story, 4BR/3.5BA “house with a conscience,” listed at $2,850,000. I have to say that I really like the upstairs bathroom. Not everyone can take a bath and then step out on the deck to dry off:

25th-bathroom

I’m nostalgic for the smaller and charming Victorian that my client lovingly took care of, but the real estate beat goes on, I suppose.

Castro Compound Hits the Market

caselliCheck out 171 Caselli / 20 Yukon—two homes on one lot. 171 Caselli (above) is a 2BR/1BA home with its original bath and kitchen, a nice bonus room, and a huge garage.

Separated by a small garden and picket fence is 20 Yukon, a one-bedroom home currently tenant occupied. Asking price for this all-encompassing property? $1,289,000. There doesn’t seem to be any financial distress going on, just an owner who has owned the property since 1999. Buyers, start your engines: This won’t be on the market for too long before someone snaps it up.

714 Duncan Finds a Friend

714duncanFirst listed back in March at $1,295,000, 714 Duncan sat on the market for a couple months before finding a prospect. This surprised me, as the four-bedroom, two-bath home with a two-car garage in Noe Valley seemed like a home that’d sell fairly quickly. I was even more surprised when there were no takers after subsequent price reductions left the price standing at $1,195,000.

Indeed, its current owners paid $1,413,000 in January 2008, when the house spent only 13 days on the market.

But alas–714 Duncan went into contract last week, and I have to say that I think the buyers are getting a good deal. The current owners are selling because they’re not using “their place in the city” as much as they thought they would. And they reportedly have no loans on the property, having paid cash. So this seller had the latitude to put the price where it needed to be in order to move the property. Otherwise, the home would probably have joined the ranks of the “withdrawn” on the Multiple Listing Service.

765 Sanchez Snaps Into Contract

sanchezThis 3BR/2.75, 3271-square foot home at Sanchez and 21st came on the market in early May and slammed into contract by the end of last week.

The average days on market has been a tiring 81 for the 34 single-family homes that have sold for above $2M since January. So I think we can all agree that 765 Sanchez achieved a rare feat in the current marketplace.

Though the home wasn’t “done” by any stretch of the imagination—and the balcony above was about the only area staged—the location was the big selling point. There are buyers who specifically seek these coveted areas of Noe and Eureka Valleys. Case in point: 3690 21st Street at Sanchez, which sold in eight days last August for cash in a confidential sale. (Word has it that the property sold for around the $4.2M point.)

New Owners Remodel a Remodel in Noe Valley

313duncanWhat’s the first thing you do after you buy a $2.4M house in Noe Valley for all cash? Why, remodel, of course!

The sale recently closed on this newly renovated, 5BR/5.5BA, 3200 square foot home at 313 Duncan Street, but contractors are again pulling up to the driveway. The new owners have applied for permits to replace the kitchen cabinets and remodel the master suite, according to the Building Department’s online files.

The offending kitchen cabinetry:
duncankitchen

And the type of bathroom that screams out to be remodeled (similar finishes, though I’m not sure this is the specific bathroom that will soon be pulled apart):
duncanbath

I’m getting nostalgic for the freewheeling days before the recession. It’s situations like this that give me hope.

141 27th Street Comes to Market

141__27th
Several months after it was purchased in August 2008 as a fixer/teardown for $950,000 in a probate sale, 141 27th Street on the Noe Valley/Mission border is rehabbed and ready for a buyer.

The developer brought the interior down to the studs and created a main level that features a living/dining/kitchen combo; small middle bedroom; full bath and large master suite at the rear. Downstairs is a family room, third bedroom and bath, and a two-car garage. The yard is now nicely landscaped. The house is about 1900 square feet.

The kicker is the $1.6M price. There’s a lot of competition in Noe right now; in fact, the same listing agent just brought on a large-scale, two-story Victorian with 2400-square feet at 1522 Sanchez at 28th for $1.6M today. Several other currently listed homes may not be renovated circa 2009, but for the money, can probably provide a better location or floor plan.

We’ll see how it goes. My sense is that paying $950,000 for a teardown originally listed at $637,500 might have been a bit rash. The desired profit may not be there in the current market.

The Beaver Trio

There’s something for everyone on the 100 block of Beaver Street in Corona Heights/Eureka Valley. For the single-family home set, there’s 141 Beaver, a 2BR/2BA home listed at $1,850,000 that boasts a modern design by renowned architect Bernardo Urquieta:

141beaver I was last in this home when it was on the market in 2002 and purchased by its current owners for $1,650,000. It doesn’t appear to have changed much, so I’ll let prospective buyers be the judge as to how much appreciation a 2BR/2BA home will be allowed under the auspices of the current market.

Across the street is 146 Beaver, a nicely remodeled 1BR/1BA with just under 1,000 square feet: 146beaverThis Marina-style unit is listed at $669,000 and was last sold in November 2007 for $715,000.

And then there’s 2BR/2BA 136 Beaver:
136beaverListed at $949,000, this top-floor unit actually has three-car parking between two garages. The master suite (above) is what I’m diggin’. You can really get a feel for it in person. Nice remodel on this unit, too.

Battle of the Midcenturies

Two 1950s single-family homes are currently duking it out in Upper Noe.

In one corner is 260 Day:
day This has been on the market since early March. Its current list price is $1,045,750, down from $1.1M. This 3BR/1.25BA house has two-car parking, room to expand on the garage level, and sits opposite the Day Street Rec Center.

Just around the corner lies the new contender at 228 30th Street:
30thThis 3BR home is missing the .25 bath, but also has three bedrooms and two-car parking. The kitchen has been remodeled—though it appears to be a bit awkward—and it’s slightly larger on the main level than Day Street. However, the location right on 30th Street between Chenery and Dolores means Muni will be a big factor, both rail lines and buses. That block is busy.

Noe Valley Searches for Buyers

Thirty-eight single-family homes and 36 condos/TICs are apparently more than current San Francisco buyers can handle. That’s the level of inventory currently available in Noe Valley. There was a time when Noe homes were snatched up within days. But with less loan money available to buyers, Noe sellers—like those in the rest of San Francisco—will need a dose of patience, luck and good fortune to clear out the inventory.

The once popular $1.2M-$1.5M single-family home price range is awash with inventory in Noe. But there are likely not enough Silicon Valley-commuting buyers on hand to get some of these homes into contract.

Up for a TIC in Noe? There are 29 TIC interests available, ranging in price from $389,000-$997,500.

With only 12 single-family homes, eight condos, and 11 TIC interests in contract or pending, it doesn’t appear that Noe Valley will have a dramatically new influx of residents over the next month or two.

535 Duboce: Good Value for a 2BR

535duboceFor those wondering what a two-bedroom, two bath condo in a central location costs in the current market, here’s your answer: 535 Duboce just closed escrow for $810,000 in an all-cash transaction.

This first-floor unit has one-car tandem parking (meaning you have to move one car out of the garage to get the other out), and the kitchen and bathrooms were not up-to-the-minute, high-end remodels. But at 1420 square feet, the selling price translates into good space for the money and location. It’s also located within a two-unit building, so you’re only dealing with one other owner.

The Next Noe Project House

369duncanWithin a few weeks of me witnessing the presumed owner of 369 Duncan shimmying a tombstone out of the property and into a car trunk, the For Sale sign was slapped up on the exterior.

This 2BR/1BA Victorian “fixer” built in 1884 has about 1249 square feet and is now the latest magnet for contractors and developers looking for their next project in Noe Valley. And the comparative sale for the finished product is just a few doors away at 313 Duncan. This 5BR home was originally a small Victorian that sold a few years ago for $725,000. It was first listed about 170 days ago at $2,850,000 and just sold for $2.4M.

And I’m thinking removing the tombstone before the marketing period was a sound decision.

Checking Out Q1 House Averages

With volumes and prices down, the first quarter of the year opened with a whimper. Buyers were reluctant to make purchase decisions, and sellers held back from putting their homes on the market.

Most neighborhood averages were below $1M. That just supports my theory that the most popular price range continues to be $400,000-$900,000. Here’s a look at how single-family homes fared in a variety of neighborhoods:

Inner Richmond
# Sold: 2
Avge Price: $860,000

Inner Sunset
# Sold: 4
Avge Price: $793,200

Parkside
# Sold: 11
Avge Price: $719,000

Ingleside/I. Heights
# Sold: 14
Avge Price: $445,279

Miraloma Park
# Sold: 8
Avge Price: $831,375

Sunnyside
# Sold: 9
Avge Price: $684,333

Noe Valley
# Sold: 19
Avge Price: $1,291,605

Glen Park
# Sold: 8
Avge Price: $941,625

Corona Heights
# Sold: 2
Avge Price: $1,145,000

Pacific Heights
# Sold: 3
Avge Price: $3,524,500

The Mission
# Sold: 2
Avge Price: $592,625

Bernal Heights
# Sold: 11
Avge Price: $710,455

Potrero Hill
# Sold: 6
Avge Price: $952,333

The Excelsior
# Sold: 18
Avge Price: $529,411

Stop in tomorrow for a look at condo averages!