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May 7, 2012

Buyers Will Pay for “Done,” Even in So-So Locations

Despite most San Francisco buyers’ firm proclamation at the outset of their house hunt that they won’t pay for someone else’s renovation, many are doing just that. One trend that doesn’t appear to be slowing is that of buyers snatching up fully renovated single-family homes—and paying dearly for them, even if the homes are not in prime locations within a given neighborhood. (Because not everyone can afford a newly renovated home in the heart of Noe Valley, right?)

The latest example of this trend occurred recently at 124 Chilton, technically situated in Glen Park. The property looked like this only about a year ago:

However, 124 Chilton was renovated to unrecognizable levels over the past few months; the owners added a third story and horizontal extension, as well as completely revamped the first and second floors.

The result was a 3BR/3BA, 2510-square foot modern residence with high ceilings, high-end finishes, and a peaceful, landscaped garden:

124 Chilton is located on a cul-de-sac in Glen Park, but it feels more like Sunnyside. The block is on the south side of busy Bosworth Street, which lies between the house and the downtown Glen Park hub. That means that anytime you want to head to BART or a restaurant, you need to navigate along and across Bosworth, which may not be ideal if you’re also toting children.

However, the lack of geographical convenience didn’t deter five buyers, who submitted offers on the home fairly quickly. The winning offer is reportedly in contract for more than $200,000 over the $1,475,000 list price. So if you’re thinking of renovating your home on the outskirts of Noe Valley, for example, it might be worth exploring as we continue headlong into the new and improved 2012 San Francisco real estate market.

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