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March 5, 2009

1409 20th Meets the New Market

1409_20th

There once was a time when you could buy a small-but-cute Victorian in a reasonably good part of Potrero Hill and expect nice appreciation over a four-year period.

Welcome to 2009. Over at 1409 20th at Texas, there’s a 2BR/1BA house with great curb appeal and a less-than-great floorplan (two very small bedrooms, one of which is a double parlor setup) awaiting a buyer. Purchased for $860,000 at the height of the multiple-bidding activity in May 2005, the seller is now hoping an asking price of $899,000 will do the trick. He’s a contractor who’d intended to expand the house on the garage level, but the economy’s nixed the expansion, and it’s time to move on.

Best comparative sales for 1409 20th are 1300 20th (closed at $809,000 on March 2nd) and 1185 Rhode Island (closed at $825,000 in December). So I’m thinking closer to the $800,000 end of the spectrum may be most realistic.

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