Sellers Slip Under Water in Noe

In addition to the short sales and foreclosures that are creeping into San Francisco, there’s another trend afoot: Owners are putting their homes on the market at prices which indicate they’ll lose money or barely break even if their homes sell at list price.

One neighborhood where the trend is growing is Noe Valley. A check on the details behind the 38 single-family homes currently for sale reveals that 12 were purchased five or fewer years ago, at prices that don’t add up to appreciation now. Here’s the rundown:

469 Clipper
Sold for $1,020,000 in 7/08
Current Price: $825,000
*Construction project

4214 26th Street
Sold for $1,553,000 in 6/07
Current Price: $1,499,000

1504 Sanchez
Sold for $840,000 in 6/04
Current Price: $885,000

601 Grand View
Sold for $1,076,000 in 3/04
Current Price: $1,095,000
*Short sale

3730 26th Street
Sold for $1,250,000 in 6/04
Current Price: $1,148,000

1507 Dolores
Sold for $1,310,000 in 2/06
Current Price: $1,198,000

3963 22nd Street
Sold for $1,337,500 in 12/06
Current Price: $1,295,000

826 Duncan
Sold for $1,325,000 in 5/05
Current Price: $1,295,000

414 27th Street
Sold for $1,550,000 in 4/07
Current Price: $1,544,000

76 Jersey
Sold for $1,590,000 in 2/06
Current Price: $1,595,000

4545 25th Street
Sold for $2,725,000 in 2/07
Current Price: $2,625,000

1424 Sanchez
Sold for $1,335,000 in 11/06
Current Price: $1,360,000

Note to buyers: This type of activity doesn’t necessarily indicate that there will be bargains afoot in Noe Valley. The only way that will happen is if any of the owners of the above homes—and the other properties on the market—absolutely have to sell, and will be able to accept sales prices for their homes that are reflective of the current market.

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Get in touch:

Eileen Bermingham

Corcoran Global Living

415.823.4656

eileen@insidesfre.com

DRE# 01352627

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