I was reviewing sales in Noe Valley today and came across the final selling price for 752 Elizabeth. This was a 3BR/2BA, 1440 square foot house with a two-car garage and cute garden that was listed for $1.5M. The seller received 17 offers, and the home sold for $2,150,000 in an all-cash transaction. (About half the offers were for cash, by the way.)
This kind of market activity tends to scare buyers off—and with good reason. The reality? Unless you have cash or a hefty down payment and can go into contract with no contingencies and a fast close, you can’t compete in high-demand neighborhoods like Noe Valley. A successful house hunt, as a result, will largely depend on how flexible you can be with respect to location and amenities.
The good news is that there are certainly options, and I’d like to show you one: 115 San Pablo, in St. Francis Wood. This neighborhood is one of the most desirable in the city, and is a stone’s throw from the West Portal retail area and Muni station. It’s also a quick shot down to 280, if you’re a South Bay commuter.
115 San Pablo is listed for $2,050,000—less than 752 Elizabeth’s sale price. But you get A LOT more house for the money. San Pablo has three bedrooms, two and a half baths, almost 2300 square feet and ocean views! All the bedrooms are on the upper level, and there’s a bonus family/media room down.
115 San Pablo isn’t staged, and the sellers’ furniture isn’t the slick, contemporary style you typically see in staged homes—which could be throwing buyers off. But if you have a bit of imagination and can see past that, you can score excellent value for the money.
Did I mention that the property has been on the market for 36 days? That means 17 offers and a ridiculous overbid aren’t on the horizon. Stop following the herd and check out 115 San Pablo. They’ll be open this Sunday 2/22 from 2:00-4:00.