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August 13, 2010

Cole Valley Construction Project Hits the Market as REO

It seems like the math was all wrong for the recent purchase and down-to-the-studs renovation attempt from the start. Purchased in a private sale in May 2008 for $1,280,000, the 2,000+ square foot house at 1124 Stanyan at Parnassus, the home’s new owners quickly embarked on obtaining permits for a major renovation.

But things went awry with construction within four months, and the project was stopped. It went on the market for $899,000 in its down-to-the studs condition, with no walls, toilets, sinks, or light fixtures. And was withdrawn shortly after.

But now 1124 Stanyan is back as a foreclosed construction project, listed at $1.3M. Based on the current, unfinished condition, I’m guessing the new owner will need a fair amount of cash to complete this house. Is it worth it? I’m not entirely sure. The block is nice, but is situated near the firehouse, as well as on the busy stretch of Stanyan that’s also impacted by busy Parnassus. If you purchase this project for $1.3M and spend $200,000-$300,000 to finish the project (not an exaggeration by any means on this 3,000-square foot home), will you be able to get at least $1.5M in this location down the road?

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