July 27, 2009

NSFB2 (Not Safe For Breakfast): A little deferred maintenance in San Francisco

469 Valley St, San Francisco, CA 94131 | MLS# 356925
469 Valley St San Francisco, CA 94131
Price: $675,000

469a
Beds: 4
Baths: 2
Sq. Ft.: -
Lot Size: -
Property Type: Single-Family Home
Style: Cottage
View: Bay, San Francisco, Twin Peaks, Canyon, Valley
Year Built: 1910
Community: Noe Valley
County: San Francisco
MLS#: 356925
Source: San Francisco MLS
Status: Active
On Redfin: 47 days
Diamond in the rough. Zoning is RH-2. This SFR is a situated on a quiet block of Noe Valley. Current structure is in dilapidated condition. Property has nice views of Noe Valey, Diamond Heights, S/W and S/E views. This is a Probate Sale (IAEA). .. property shall be sold in its physical AS-IS condition.

Looks familiar? It should. Burbed reader Carsten has been keeping tabs on this house and had sent it in back in December! But there were a few slight differences back then:

NSFB (Not Safe For Breakfast): A little deferred maintenance in San Francisco

Back then it was a Contractors Special. Now it’s a Diamond in the rough. And it’s taken a price cut. Frankly, I’m a bit surprised. I would’ve expected this to have been sold already given what an awesome deal it was before. Now its an even more awesome deal!

Just imagine the possibilities. How much lower can this go? What would you build on this lot to maximize its full potential?

Comments (16) -- Posted by: burbed @ 5:40 am

16 Responses to “NSFB2 (Not Safe For Breakfast): A little deferred maintenance in San Francisco”

  1. BobbyS Says:

    Whoever bought the house must have bought it a very long ass time ago as the owner only paid a measly $592 in property taxes in 2008. Maybe they are the original owners of the home and is/are centurions? My god if Walls Could Talk! I’m guessing the owners are looking to cash out their beautiful rustic cabin. With inflation taken into account, I’d say they would still come out behind if they sold for $1 mil, so the house is way undervalued. Perhaps it’s priced way bellow market value that people become suspicious of this wonderful beautiful antique cabin. Raise the asking price to $1 mil and I bet they will get many offers.

  2. pianist Says:

    Since it’s a probate sale, the owner(s) must have already cashed out. But that gives me a thought. Perhaps the highest and best use is as a private mausoleum, a sort of mini-temple monument. Just a zoning change or two and the wealthiest SFers can view Noe Valley for eternity.

  3. nomadic Says:

    Habitable places are selling for $790/sf in the area. They somehow think they can get $721/sf for a place that has to be burnt to the ground and rebuilt???

  4. steve Says:

    the lot value is likely north of $700K. however, the market for tear-downs isn’t booming, so it will be curious to see what it finally sells for.

  5. sfbubblebuyer Says:

    I lived in that neighborhood a little further east. It’s a very nice area of the city, but that house looks like Bob Toll spent a year eating nothing but spicy burritos and took every dump on the lot. Seriously.

  6. Pralay Says:

    Who vomited on kitchen countertop? Seller, agent or one of the visitors?

  7. nomadic Says:

    It was me. I spilled my kool-aid again.
    ;-)

  8. Pralay Says:

    That explains $63K drop. Not a fault of property.

  9. BuyersAreIdiots Says:

    New home sales rise!!

    http://news.yahoo.com/s/ap/20090727/ap_on_bi_ge/us_new_home_sales

    Yee haw!!!!

    Only one question; the articile says:
    While home prices are still falling, the figures released Monday were another sign the housing market is finally bouncing back

    Um, if we ‘bottomed’ in January as Captain Excrement indicated, how come prices are still falling?

  10. UnrealAlex Says:

    I can’t see a centurion living there, being commanders of 100 Roman soldiers, centurions tended to need more space for their living, their armor, horses, etc.

    Centegenarians, however, yeah I can believe that. Being eventually dragged out along with the dessicated bodies of 100-odd cats and a bunch of live, un-neutered ones running around.

    And their “significant other” hanging from a hook in the closet, his/hers uncashed SS checks spilling out of the top drawer of a 1920s dresser with a happy family of rats in the bottom drawer.

  11. Pralay Says:

    Um, if we ‘bottomed’ in January as Captain Excrement indicated, how come prices are still falling?
    —-

    BAI, you need to be have selective reading skill to make argument like Captain Excrement.
    Home sale up – useful aggregate data.
    Home price down – useless aggregate data.

    BTW, New home sale actually down 21% from last year:

    However, sales are still 21% below the levels of a year ago, when new homes sold in June at an annualized rate of 488,000, according to the report released by the U.S. Department of Housing and Urban Development. Four years ago, during the height of the housing boom, the sales rate for June was 1,374,000, nearly three-and-a-half times higher than last month.

  12. sfbubblebuyer Says:

    Somebody “bottomed” the heck out of that bathroom.

  13. BuyersAreIdiots Says:

    Just noticed this house was built in 1910.

    I wonder if it ended up replacing a house that got flattened in the 1906 earthquake.

  14. nomadic Says:

    BAI (#9) – I know you were being sarcastic but here’s a Wall Street Journal that spells it out for the logically-impaired:

    http://online.wsj.com/article/SB124872653284684759.html

    Many investors celebrated Monday after June’s “surge” in U.S. new-home sales. Alas, it was largely wishful thinking.

    True, the Census Bureau reported sales up 11% from May. That’s a big number, at first glance justifying Monday’s 4.5% leap in the Dow Jones U.S. Home Construction Index. But it fails a close inspection.

    First, home sales quite often jump in June, the height of the spring selling season. When trying to gauge the strength of home sales, then, it makes more sense to compare them to the same month a year ago. That comparison is less kind — sales were down 21.3% from June of 2008.

    Seasonally unadjusted data show a total of 36,000 new homes were sold last month, the lowest June total since 1982, notes Richard Moody, chief economist at Forward Capital.

    And the Census Bureau warns against assuming too much precision in these numbers, which are based on a sample survey. Accounting for a 13.2% margin of error — at a 90% confidence level, suggesting the actual error could be higher — new-home sales enjoyed somewhere between a 24.2% gain or a 2.2% decline from May.

    New-home inventories are falling, an encouraging development. But inventories are still higher than their historical norm, and there remains an avalanche of distressed sales.

    Little wonder, then, that June’s “surging” sales were driven by heavy discounting. The median new-home price — not seasonally adjusted — fell 12% in June from a year ago to $206,200, the lowest June sales price since 2003. And it was down 5.8% month on month.

    To paraphrase Pyrrhus, if sales keep soaring like this, then homebuilders will be utterly undone.

  15. Living in SF Says:

    This house is sitting for several reasons. First of all is that it’s a probate sale. No court confirmation (good) but you still have to give a 10% deposit with an offer and no financial contingency. If buyer can’t secure a loan that 10% is down the drain. And one is hard pressed to find a lender willing to give out a loan on a dump like this one in times like this.

    Second is that the cost of repair could very well exceed the price of the home. I don’t know what’s wrong with the house but it sure looks like it’s in very poor shape. Forget about tearing it down, the SF dept will never allow that to a “historic” home. You will have to patch everything which can be more expensive than building a new house. This kind of projects has been known to bankrupt people.

    So this property’s targeted demographic is a cash buyer who is not afraid of taking on the SF Planning Dept and can afford to wait 1-2 years for the whole project to complete.

  16. Living in SF Says:

    BAI(#13).

    Unlikely. The 1906 quake mostly burned down houses east of Van Ness. The fire was caused by ruptured gas lines so it mostly affected areas where people lived. Noe Valley in 1906 probably had more wild animals than people.


Leave a Reply

Please be nice. No name calling, no personal attacks, no racist stuff, no baiting, etc. Let's be nice to each other in the true Bay Area spirit! (Comments may be edited/removed without notice.)