From “Fluj”:
Have you been following 141 27th St? In the flats of Noe. Formerly known as Baja Noe Valley, between Guerrero and Dolores. Anyway it is a partition sale of a whole scale cosmetic fixer that needs just about everything. It was listed at $637,500 nominally before the offer date. The offers came in, right? $950K. The first court overbid is going to be $998,000.
141 27th St. [listing detail…not an sfnewsletter listing]
We looked at this place, it needs lots of work. It was a steal at $637, but not at $998.
I highly doubt it was a contractor bidding 950K. The place needs 600K, minimum. So, to do the math, that’s 950 + 600 + holding costs (80K) + realtor fees (95K) = $1.78M, conservatively the break even number.
If you figure 20% down (190K) plus 600K, thats 790. For a 120K return, and that’s IF IT SELLS FOR $1.9M? And remember, this is not a premier block. (This is starting to matter less in Noe, but it does still matter.)
I don’t think it even makes any sense for an end user at 950K, let alone the 998K overbid price. Surely someone can find a finished Noe house for $1.8M elsewhere? Or heck, an AWESOME Glen Park, Bernal, or Valencia Corridor house?
This one was pretty good at 800 and under, and great at 700 and under.
I saw this one inside and out, and know one of the owners.
plumbing needs replacement but nothing major. roof has to be replaced, and there is toxic mold. this place has support walls which makes it’s large space poorly laid out. at 635k it made sense, and even up to 700k, but by the time this is over with the pending lawsuits and partition sale…. the bidder at 998k will be BROKE