“This property [3809 Clay, a 3 bed, 3 bath in Presidio Heights] sold about three years ago (neighborhood rumor) to an agent, who modernized it then flipped [it] for around 1.4… note what it is listed for now. What do you think? We are aghast.”
Well…I don’t like rumors, so I did a little digging, and I’m sure some readers will dig a little more. Especially, the growing number of readers I’m now referring to as the “traders”. They love working the numbers (even if the facts are not all there), and we love reading it.
From what I can tell, it sold in August 2003 for $1,450,000 from a $1.6M asking price. At that time, it was not yet modernized, but it did sell to an agent that is known to be a part of “flipping”. I won’t say anything of the quality of flipping, just that they flip. [Update: And the agents were not part of the remodel/flip...only the clients.]
It was indeed remodeled after that purchase and came back to market in February 2004 at $1,899,000, and sold in 15 days for $2,070,000. (In my humble opinion they could have done better on the remodel.)
It is now back on the market, and to me it looks like whoever lived there did some nice touching up to make the home look like it should. [Update: Going against my cardinal rule, I posted without actually knowing the facts. They did, in fact, not do anything to the property except landscape and put in new shutters. Good photography vs. poor photography is what it comes down to. I'm red with embarrassment.] It is now listed at $2,595,000, and we’ll have to watch and see what happens. It looks much better. Wouldn’t you agree? [Update: I still think it looks better now though.]
I am not aghast, but I am also not a neighbor. Anyone else?
[Last Update: A good comp for this property is 339 Walnut, but since MLS is down, I can't post it.]
-3809 Clay [MLS]