Comments on: But Oh The Potential! 469 Clipper Returns ($979,000)

By: Asad

Asad — Thu, 04 Jun 2009 17:52:52 +0000

So someone has already blown 300k on this place and now it’s up for the next lucky investor. fluj is right a realtor didn’t buy it, they are too smart to throw their own money at the SF market.

By: Yookli

Yookli — Tue, 19 May 2009 00:29:52 +0000

It’s down to 765K now. I have an interest and I could probably pull it off. But it would have to go down in price significantly, and as a project seems to be a disaster waiting to happen.

By: fluj

fluj — Sun, 26 Apr 2009 20:03:55 +0000

I don’t know that it isn’t worth 2M+. It has the potentiall to be really huge, with two car parking and a south facing lot. Yes, Clipper is a big minus, but it’s quite a walkable Clipper block. Why are the realtors the ones who are smoking weed? A realtor didn’t buy it for 1.02M, cash, and then give up on it.

Now that it’s at 825K there’s probably a play. Agreed tho, the margins are not there for spec.

By: Tom Dolan

Tom Dolan — Sat, 25 Apr 2009 23:45:39 +0000

This is what happens when you legalize pot and give it to Realtors.

What is the story behind this?

The property was purchased a year or so ago and it was later discovered that the “plans” could not be approved. This is a tear down that cannot be torn down. The only option is to renovate it. It needs over a million in renovations. The question is, will it be worth over $2 million when it is done.

The answer: “No”

Maybe $1.5, but to get some to risk $1.5 million of cash to make nothing is just stupid. There must be a reasonable rate of return for the risk. I would say 25% is fair. If the finished value is $1.5 mil and the renovations are about $1 mil, the sale price must be in the $200-300k range for it to have ANY chance of being a good investment.

Of course you could just smoke more pot and hope that a really stupid rich person comes along and wants to throw a million at you. Have you looked at the real estate market recently? You can’t get anything for under $2 mil in SF. Oh wait, you can. . .idiots!

By: thefrontsteps

thefrontsteps — Thu, 13 Nov 2008 19:28:44 +0000

Plans are not approved. They are “preliminary” and an example of what one could do.

By: Noe Valley, SF

Noe Valley, SF — Thu, 13 Nov 2008 18:03:55 +0000

That protective tenant should be moving out soon.

Very curious to see if this one sells quickly. This is the first true fixer in the ‘hood since the economy collapsed. While Noe has faired better than other areas, banks and developers seem to be a bit gun shy.

Are those plans approved?