Comments on: wow — complete Noe wreck, on a busy street, sans views

By: calabria property

calabria property — Sat, 07 Mar 2009 16:54:03 +0000

That seems like a lot of money for this area.

By: Neighbor

Neighbor — Fri, 29 Aug 2008 20:37:20 +0000

Anyone know what the “contractor special” went for at 4037-4039 25th in Noe?

By: joemama

joemama — Tue, 26 Aug 2008 23:59:43 +0000

3888 26th sold for $1.2MM…..i dont know what the predictions were here but i was surprised until i realized its right next door to the firehouse and chloes.

By: sparky

sparky — Wed, 20 Aug 2008 15:21:41 +0000

Historic gets complicated. But depending on the shape of the place more work can be done if it fails the soundness report. That and you can bring it back to historic if some funky later additions are there (per fluj), or you can show that the historic details don’t exist anymore (but that doesn’t seem to be the case here)

By: urbanSF7

urbanSF7 — Wed, 20 Aug 2008 00:01:11 +0000

not true at all with regard to the building in dis-repair. this does NOT make it easier to remodel and build. the building is classified as an historic resource. the facade of the house and facade of the garage must be retained. any additions must be distinctly different from the original architecture.

even though it’s zoned RH-2, it will remain a single family residence. the owners bought it for under market value and will reap a nice reward in about 2 years when the full project is complete. I’m bullish on Noe Valley real estate.

By: Neighbor

Neighbor — Mon, 18 Aug 2008 16:28:49 +0000

fluj, i agree with you that it sounds risky, but these folks have immersed themselves in a long term project, not a short term one. Armageddon may be a good time to buy…

By: kenneth kohlmyer a k a fluj

kenneth kohlmyer a k a fluj — Sun, 17 Aug 2008 18:11:26 +0000

If I had the money I would too. The property actually needs to have square footage subtracted in order to be developed properly. But remember what time it is? “It’s armageddion time” — Joe Strummer.

Just kidding. But $1M for a fixer in Noe? OK on Clipper? OK. NOW? that’s the pertinent query

By: Neighbor

Neighbor — Sun, 17 Aug 2008 15:06:42 +0000

I second kaya. For a developer, there is value in the fact that the place is about to fall down.

By: kaya

kaya — Fri, 15 Aug 2008 22:57:21 +0000

If I had a million bucks lying around, I would’ve bought 469 Clipper.

The fact it’s falling down makes life at the building department heaps easier. It’s RH-2 so you can easily make a tidy profit on it. There aren’t lots of flip type properties for sale whose investment wisdoms are so clear cut, but this one is.

By: sparky

sparky — Thu, 07 Aug 2008 23:25:45 +0000

So they go on title it takes two years and $500K is tax free?

By: urbanSF7

urbanSF7 — Thu, 07 Aug 2008 18:33:49 +0000

sure, no problem. That’s really all I can divulge at this time. read what you want into it, but yes, it will be a complete transformation, and the neighborhood should be happy.

By: urban dweller

urban dweller — Thu, 07 Aug 2008 18:20:39 +0000

urbansf7 – Thanks for the insight. I am sure it will be beautiful. “young couple representing a wealthy investor”. What do you mean?

By: kenneth kohlmyer a k a fluj

kenneth kohlmyer a k a fluj — Thu, 07 Aug 2008 18:02:23 +0000

And Wayne County Recordhawk?

You have combined several names that are indeed from my past. Yet it isn’t quite right. Who the heck are you?

By: kenneth kohlmyer a k a fluj

kenneth kohlmyer a k a fluj — Thu, 07 Aug 2008 18:01:30 +0000

Well, the overbid itself was not the exciting aspect. The exciting aspects were how much of an unbelievable wreck this was, on a particularly busy stretch of Clipper, and it still went for north of a mil.

By: urbanSF7

urbanSF7 — Thu, 07 Aug 2008 17:06:20 +0000

buyers were a young couple representing a wealthy investor. they plan to fully rebuild and remodel the property, spending about $2m.