The teensy weensy 790 square foot “condo alternative” at 99 Surrey in Glen Park that had all the blogs abuzz, has sold. Asking $599,000 sold for $573,000 or $725/square foot. It did also have “RH-2 lot with renderings of contemporary 2 unit building with parking”, so we’re thinking we’ll be hearing about this in a few years.
[Update: After browsing MLS a bit longer, we see it last sold 12/29/06 for $499,000, but then it “needed work and creative ideas”. That means it appreciated $73,000 in 6 months, even though it sold under asking. Of course we know nothing of how much they put into it, if any, and how much they spent in mortgage, but those are the basics for you to ponder.]
Weird property. I still believe anybody buying property and selling within 2 years, let alone 1 yr isn’t that savvy and shouldn’t have bought in the first place.
Short term capital gains tax is huge, and if you can hold out for 2 years and pay no capital gains tax, why not? When people start thinking about real estate for the long term, and utilization taxation strategies, that is when the real big money starts coming in.
boom—
if you knew the circumstances, i believe you would think differently. these folks bought this house for $499K as they needed a place to live while they were building a brand new home about .5 miles away. the couple is extremely savvy as they have bought and sold property all over California and SF. they are also very fluent with the ins and outs of new construction. long story short, they bought this place, lived in it for less then a year, fixed things up a bit and made money on the sale. it doesn’t get any better than that–free place to live, plus some extra money at the end of the day. they did a very good job and people never know the circumstances as to why people buy and sell, you just never know…
725 a foot for GP, but that was 18 months, no?
$725.31 to be exact, KKAKAFluj.
it sold in 1996 for $195K.
damn–somebody could have bought that in 1996, lived in it for 11 years, sold it and grossed $378K (not to mention the fact that their mortgage payments were tiny by today’s standards for those 11 years). since the place was so small, only one person could probably have lived there sanely for 11 years, so… that person would have to pay some capital gains taxes, commissions, etc., but shiiieeeet, why didn’t i think of that??