“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]
This is why property prices will continue to go up. There will always be ‘sweat equity’ which translates to higher prices. People are capitalists. Crummy building on your block not up to par? Someone buys it, remodels it and uplifts the entire block. It’s a cycle.
Will the Fed cut rates this year? I think so. That helps a city which is already up 5-10% YTD, and doesn’t need help. Ironic isn’t it?
BTW, I like this house. I tell ya, the mid to low $2million price point is the new frenzy price point if the sqftage and area can support it. 3 years ago, that frenzy was the $1.5 and below.
Just like how you thought renting for $1,000/month was a lot 10 yrs ago, and renting for $3,500+ for a 2/2 seemed unfathomable just a couple yrs ago, it’s very common place now.
umm.. you’re kidding, right? you do know that nothing has changed in the before and after photos, except that the counters have been cleared off and the new photo was made by a professional photographer with proper lighting equipment.
[Editor’s note: I’m going to check it out today, and I’ll let you all know for certain. To me, it looks like they did some cosmetic work throughout the house. Of course MLS is down, so I can’t get any photos of the before for you to check out, except these of the now: http://3809clay.com/wfPhotoGallery.aspx%5D
[Update: You are correct. Good photography vs. poor photography. But they did clean up and paint throughout. I learned my lesson, yet again, not to post if I don’t know the facts. Thanks!]
I predict a loss on this one for the most recent flipper..
If you’re just dying to access MLS data while SFAR is down, you can still pull up SF listings on the MLS alliance: http://ca.mlsalliance.com/.
[Update: You are correct. Good photography vs. poor photography. But they did clean up and paint throughout. I learned my lesson, yet again, not to post if I don’t know the facts. Thanks!]
I just assumed it was irony – because your post looked like it. ;-)
What has changed? Time has changed. Prices are up over the past 12 months.
Checked out the house. Very clean, A+ block. Only about 1,800sqft or so, and kind of dark. But, this is THE CHEAPEST price to get on this block.
Very livable for a family. Damn, I love that block. Absolutely amazing.
Should be able to get $2.4 mil at least.
1,800sqft is generous btw.
Unknown fact: The neighborhood has no parking for visitors due to the proximity to the hospital and employees parking on the street…
I went to this open house on Saturday: The agent expressed to us that it was inappropriate for a family (I was with my husband) and to recommend it to anyone who might be interested in a condo as another option. He did all he could to turn us away, from talking about the staging to the limited closet space; a very odd experience.
This property got into contract either today or over the weekend. Is it really only 1800 feet or less?