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

Prime Noe Valley Fixer has everything you need! But in order to get to this:

you gotta get through this:


Designer kitchen (doubles as Master Bath):

Formal living room with charming fireplace:

Separate laundry room (literally separating from the house):

Amazing views:

And a huge lot (30′ X 114′ and Zoned RH-2):

Don’t miss your opportunity to turn this diamond in the rough:

into your 4 bed, 3.5 bath 3500 square foot dream home with two car parking, decks, views, and a top notch location. Swing by 469 Clipper (@ Diamond) on Sundays from 2-4 p.m. to see just what kind of opportunity awaits.

Oh yeah. Unfortunately there is a protectedive tenant, so you’ll want to look into getting her out without too much trouble:

Front-elevation rendering
Floorplans: Main House
Floorplans: Garage and Basement

-469 Clipper, $979,000 [listing detail coming on Friday. Giving all theFrontSteps readers a jump on it.]


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alexclark

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6 thoughts on “But Oh The Potential! 469 Clipper Returns ($979,000)”

  • Noe Valley, SF

    November 13, 2008 at 10:03 am

    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?

    Reply
  • thefrontsteps

    November 13, 2008 at 11:28 am

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

    Reply
  • Tom Dolan

    April 25, 2009 at 3:45 pm

    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!

    Reply
  • fluj

    April 26, 2009 at 12:03 pm

    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.

    Reply
  • Yookli

    May 18, 2009 at 4:29 pm

    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.

    Reply
  • Asad

    June 4, 2009 at 9:52 am

    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.

    Reply

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