Nothing’s Changed but the Price, Oh, and the Type

The history of 465 Hoffman looks something like this:

Sold

03/08/2007—$1,150,000— 18.2%/yr (appreciation)

07/21/2006 —$1,035,000— 9.7%/yr

04/15/2004 —$840,000

…as a single family.

The plans look something like this:

465hoffman.jpg

…as an “Ultra-Modern designed legal 2 unit,also marketable as a magnificent 4 BR/3 bath,VIEW,single family home.”

The views still look like this:

465hoffmanview.jpg

…but now the price looks something like this:

$1,625,000.…as a vacant lot.

We ask, do you think a “status change” (“Single Family Residence” to “Lots & Acreage”) and demolition of this house (below) could add $475,000 in value in nine months?

465before.jpg

We’ll have to wait and see, and go check it out.

-Sales History [Redfin]

-listing detail [MLS]

4 thoughts on “Nothing’s Changed but the Price, Oh, and the Type”

  1. Is the house demolished? Has the current owner obtained entitlements to build or are you just buying plans? I would be surprised if they obtained entitlements in 6 months. Was the current owner was smart enough negotiate to allow the new owner to contract with the architect to complete construction drawings or hire another architect to do so? So lets say all of this is okay and you are looking at a 2,000 sf home that needs to be completed at $450/sf. That would mean that the the complete home would be $2,525,000 in costs. Seems a good deal high to me for that area.

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