It’s obvious that the real estate landscape has changed in the United States, California and even, dare I say, San Francisco…
What is beyond fascinating however are examples like 1851 26th Ave. Despite its horrifically pink exterior, this home doesn’t look so bad from the outside. It has unobstructed ocean views, views of the Golden Gate Bridge, large back yard and a ton of space both upstairs and downstairs to add value.
The Deets:
Built in 1939 (on the early side for the Sunset subdivisions)
3 beds/ 2 baths
1175 square feet
List Price: $629K
Days on Market: offers accepted after 2 weeks
Wet as a sponge (see below)
The inside of the house was a different story. I’ve walked into a lot of homes in my day–some of which required hard-hats and safety waivers, but I have yet to see a home as wet and soggy as this one. There was water coming in from every crevice. Leaking through the (probably) 50 year old roof creating holes in the ceiling, mold in the corners and dry-rot throughout.
So, with the softening market and the abundance of inventory, one may think that this “contractors special” would sit or sell for way under the asking price. Wrong. This house received 29 Offers on the offer date (29?!?!?! so 2005) and the accepted bid was for over the asking price.
We’ll keep you posted when we obtain the final sales price.
1851 26th Ave. [Home San Francisco]
3 comments
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November 27, 2007 at 5:29 pm
Matty P.
I’ll preface my statement by confirming that I am no expert in real estate. I can, however, sum this up for the lay person. This home is 629K. It has 3 bedrooms. The asking price qualified a MUCH larger pool of buyers, and although the decrepit insides would lead you to believe it’s not a steal, it is. Someone will either a) find this liveable while saving up for fixing the joint, or b) buy it; fix it the cheapest way possible and turn it around for another 50% profit margin. We’ll see how it turns out, but I hate this market. If you’re an average man or woman living on what most people make, you have no choice. That is, of course, unless mommy and daddy chip in a little change. I’m calling mine now.
Yours bitterly,
Matty P.
November 27, 2007 at 6:03 pm
29 offers!? (1851 26th Ave.) « theFrontSteps…step inside san francisco real estate
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December 4, 2007 at 5:11 pm
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