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February 4, 2011

Diamond in the Rough for $2.4M


Where can one purchase a partially gutted, unfinished corner home with no heat and limited lighting in San Francisco for around $2M? Look no further than 620 Euclid Avenue in Jordan Park. The sale of the 7BR/6.5BA home with more than 7,000 square feet was listed in September 2010 for $3.1M. The property went into contract around Thanksgiving and closed this week for $2,437,000.

Though there’s work to be done, Euclid did have lots of period detail intact, as well as seismic upgrades, a new roof, and substantial electrical/plumbing completed. Permits were pulled for various renovations as far back as 2008, but apparently the work got to be a bit too much for the current owners. The home was last sold in 1999 for $1.4M.

Given that the most expensive home in 2010 in Jordan Park sold for $3,725,000—and that most homes sold in the neighborhood last year were substantially smaller—I’m thinking that the Euclid sale was not a bad deal.

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