You might remember our post not too long about about the seemingly quick flip at 2730 Fulton, where we saw this property sell in March for $1,605,000, come back on the market (cosmetically modified) mere months later for $793,000 more, and we scratched our heads as to the outcome.
Before:
After:
Well, we needn’t wonder anymore. It has closed escrow for $2,415,000 (slightly above the $2,398,000 asking price) but well above the “most recent sale” in March. We’d have to say that was a pretty damn successful flip in an otherwise unsuccessful market. If you can’t agree, you need help.
Maybe the new Academy of Sciences a stone’s throw away had something to do with it?
–2730 Fulton [MLS Details]
House is GORGEOUS! My favorite type of house: Colonial, brick facade houses, with colonial windows. Absolutely the most handsome type of houses in SF and america.
Impressive stature. I think it’s pretty good value. However, Fulton st. is kinda busy, but the park is right there!
Thank goodness the stock market came back. This saving and investing the difference thingy is horrible! I wish I was just a landlord raking the money in. Heard rents keep going up.
what an excellent example of how a little polishing goes a long way when selling apples.
i’m watching 1710-1712 golden gate as another apple; except this is not polished-they did nothing to it and have it on the market for 20+% over what they paid 3-4years ago.
“If you can’t agree, you need help”?
Actually, you need some too, Alex :)
Let me try: take the $2.4M sale price, subtract cost of the following improvements:
Description: INTERIOR RENOVATION & REMODELING OF EXISTING KITCHEN, BATHROOMS & CLOSETS. 2ND FLOOR: REMODEL KITCHEN & POWDER ROOM (FIXTURES, APPLIANCES) 3RD FL. RENOVATION OF (E) BATH & CLOSETS, ADD NEW STUDY & BATHROOM & CLOSET, ENLARGE WINDOW. 4TH FL.CHANGE (E) CLOSET TO NEW BATHROOM.
Description: REPLACE THE 8 WOOD WINDOWS IN FRONT OF THE HOUSE IN KIND. BACKE OF THE HOUSE 25 ALUMINUM CLUD, WOOD INTERIOR. TOTAL 33 WINDOWS.
Description: INTEIOR RENOVATION OF EXISTING BASEMENT TO INCLUSE A NEW BEDROOM, BATHROOM AND LAUNDRY ROOM, EXTEND EXISTING GARAGE TO ACCOMMODATE NEW 2-CAR TANDEM PARKING.
Description: DRY ROT REPAIR OF BACK STAIR/LESS THAN 48%. 3’W X 6′ LONG TO BE REPAIRED.
Description: 2 ADDITIONAL BATHROOMS ONE LAUNDRY , REMODEL 2 1/2 BATHROOMS, ONE KITCHEN, ONE LAUNDRY REMODEL RELOCATE WATER HEATER.
Description: 40 LIGHTS, 30 SWITCHES, 80 RECEPTACLES. REWIRE WHOLE HOUSE.
(preemptive catcher: don’t EVEN try using the permit’s stated $ amounts, since we all know they are bogus; use an honest contractor’s rates)
then factor in and the fact that the owner had to pay rent for 6+ months to live somewhere else during construction
then take out commission
now you still call this a successful flip? I think you need some help :)
true
Can we get a contractor or two to weigh in on this? Sparky? Paco?
ok, $800k, less $120k (5%comm)less$40k(holding/financing costs)
equals $640k for the remodel costs.
i would estimate that i could do the work for a fair amount less than $200k but b/c this was done so rapidly maybe that number is about right.
i think these guys did a very gutsy flip for this environment and i congratulate them. and even after tax i imagine these guys put some good money into their pockets.
Paco, you could remodel a kitchen and baths, add a bath and a room, redo all the windows, re-do the garage, all the windows, re-wire the entire house, for “a fair amount less than $200k”, including all the materials? You’ve got to be the most affordable contractor in the whole of US of A!
Yeah, I was thinking the whole thing cost probably around 450K-500K, ballpark. That’s all told, holding costs, realtor fees on the sell, taxes, et al. They did not go outside the existing envelope. I bet they pocketed like 300-350K. I’m a realtor not a contractor. But I have done a lot of these over the past 10 years. We just priced something similar yesterday.
Why would you factor in that the owner had to live elsewhere? The owner already lived elsewhere.
The greatest sale is one to buyers who think that the remodeling costs were astronomical. In fact, most all remodeling is way cheaper than what people think. Congrats to the seller for making several hundred thousand bucks.
There are those who do, and those 40 year old renters who do nothing and whine and pay their land lords rent.
Oh, how i wish I was a landlord in Pac heights to rent my 2/2 to aging renters!
asiagosf,
that’s my cost-not my price.
and yes, that number is easily doable.
total rewire is ~$5k, 30 windows @$200/apiece=$6k, throw in all the kitchen appliances and we’re still only hitting $20k. tile, toilets and sinks=$5k. installation of these~$5k.
I posted yesterday but it didn’t come up. Oh well. I think it would cost $250K, cost for me to do it with licensed subs.