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November 2, 2010

Upper Noe’s Dolores Street Adds to Inventory

A glut of inventory has materialized along the stretch of Dolores in the Upper Noe section of Noe Valley (south of Cesar Chavez, to 30th Street). I walk my dogs past all of these properties on a daily basis, so I thought I’d run through what’s out there in the event somebody’s interested in one of these homes.

First up is the peaked-roof renovation at 1356 Dolores:

I blogged about this 4BR/2BA home  in July. It’s currently listed at $1,549,000. They’ve done a nice job on the main level, but the fact still remains that there’s still no bathroom to accompany the two bedrooms on the top floor. The current owners paid $995,000 for the property in 2006 and completed their renovations. They brought the house on the market in May for $1,695,000, and eventually withdrew it, but it’s back on again for what I feel is a very high price given the location and floor plan limitations.

Head further south on Dolores and we reach 1505 Dolores, which has the distinction of being located directly next door to the “Romanesque Victorian” sold a couple years ago. 1505 Dolores doesn’t have the most eye-catching exterior, but it has decent space and the tenants will be moving on November 1st:

1505 Dolores is a 3BR/2BA with about 1540 square feet and one-car parking, listed at $1,038,000. Remove the faux stone on half the exterior, replace the siding, install a more appealing front stair assembly, and you’ve already added value.

At the next corner is a 3BR/2BA condo in what I call the Funeral Home building. Thirteen condos were constructed on the site of a former one-story funeral home in 2004, amidst much neighborhood protesting:

1592 Dolores is situated further away from 29th Street and the bar on the corner, so that’s a plus. I think the condo has good space, with almost 1600 square feet across three levels. But at $1,250,000, there might be other options in the neighborhood that can offer more value.

One block down is 1632 Dolores, another peaked-roof Victorian:

I toured this house when it first came on the market in early October, and thought it was nice. You get 3BR/2BAs across 1615 square feet, a large garage that hasn’t been bastardized by a “room down,” and a bathroom on the main and upstairs levels. The seller has plans on hand for an extensive remodel, so you have to figure out whether paying the $1,149,000 makes sense if you’re planning on plowing another $150,000-$200,000 in for a renovation (possibly more or less).

And finally, there’s 1688 Dolores, which appears to be displaying a glowing hue that’s perfect for the Halloween season:

Listed at $1,050,00, this 2BR/2BA home was sold in 2005 for $1,227,000. Unfortunately, the owners have been trying to sell their home since March as a short sale. In this case, there are three loans, and it looks like the lenders are looking for some pretty hefty buyer contributions. Tread carefully with this one if you’re interested, as Wells Fargo has two of the loans and has made it very public that they will not extend close of escrow deadlines in short sales.

There are lots of comparable sales along Dolores and on the nearby blocks in Noe for any of these properties. The most obvious and recent was at 1626 Dolores, a 2BR/2BA, nicely done Victorian with a large garage that sold for $1,105,000 on October 22, 2010. And a total of nine condos/TICs have sold along the same stretch of Dolores over the past year. Dolores is appealing for its palm-tree lined roadway and proximity to Church Street, as well as to some really cool restaurants such as Front Porch, Blue Plate, Emmy’s Spaghetti Shack and Blue Smoke in the adjacent Bernal/Mission area. If you’re interested in any of these properties, I’d be happy to consult with you to determine the best offer strategy.

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