Capp Street has long been known for prostitution. Now, it will also be known for the street where a single family home sold for $3.5 million – $125,000 under its listing price, but still possibly the highest price ever for a place east of Mission Street.
The sale of 507 Capp St. took place in the fall. Today, realtors said, the five-bedroom, six-bath house, which sold in 2012 for $1.275 million before extensive renovation, would probably go for more.
The Mission – and in particular a radius around 20th and Valencia streets – is the epicenter of a new market that Jennifer Rosdail, an agent with the Paragon Real Estate Group, describes in a blog post as “The Quad.”
Rosdail said in an interview that the area – edgier than Noe Valley - was moving up sharply in value because of the weather, its walkability and the grit, but one of her clients suggested an alternative reason: status. He told her that it was about “having an address at the center of the universe.”
Mark Zuckerberg, after all, is nearby just west of Guerrero and well within The Quad.
For some, buying in the Mission “might be the thing that tells the other guys you are really all that,” Rosdail said. On her blog she added, it at least puts “you at the center of the party.”
In terms of other sales, she pointed to 837 South Van Ness, a double lot that listed for $1.395 million and sold for $1.9 million in the fall. It last sold in 2004 for $244,000 and remains a fixer-up.
Rosdail describes the quad on her blog as cutting across real estate districts running from “from 17th & Market to Market & Valencia to 25th & Shotwell to 25th & Church and back again”
“Quadsters are young – under 40 anyway. They like to hang in the sun with their friends. They work very hard - mostly in high tech – and make a lot of money,” she writes adding, “since they work on “campuses,” and are the millennial version of the Cow Hollow “Triangle” dwellers of the 70s and 80s, the name “The Quad” seems a good fit.”
Quadsters like the mix, she writes, of “lux and grit” which is a good description of the 500 block of Capp Street. It includes the Tenant’s Union at 558 Capp St. and low income apartment complexes as well as the Community Music Center at 544 Capp St. and the former home of the conceptual artist David Ireland at 500 Capp St.