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March 28, 2019

Flip Market Falters in 2019

Small-scale contractor-developers seem to be having a little trouble this year when it comes to flipping their renovated properties. At least half a dozen such homes have been sitting on the market, failing to garner multiple offers and sky-high prices.

It might be time to consider these homes if you’re looking for a newly renovated home. Spring promises to bring fresh inventory—as it always does—and flip sellers may be a bit anxious about falling through the cracks. Here are a few to check out:

2631 Ulloa

Days on Market (DOM): 46
4BR/4BA, 2087 sq ft, 1 parking
List price: $1,488,800

2631 Ulloa is a spacious, 1920’s-era home. The story here is that the sellers—an LLC—purchased the property in January 2018 for $1,050,000, with subsequent renovated encompassing a new kitchen and baths, bedroom addition and more. They hit the market in February for $1,688,800 but have found no takers. The home has nice curb appeal, but the drawbacks are that there’s not really a yard, and the living/dining/kitchen areas are tight. But you’re one block south of Taraval and the L Muni rail line, as well as one block north of Stern Grove. (Ignore the pictures of the Giants’ ballpark and Kearny Street, I think those were accidentally included in the mix. 2631 Ulloa is nowhere near those places.) [Listing courtesy of Real Estate Investment Experts, Inc.]

160 Banks
Bernal Heights

DOM: 23
3BR/2BA, 1500 sq ft, 1 pkg
List price: $1,925,000

I think they did a nice job at 160 Banks after buying the mid-century 3BR/2BA house in May 2018 for $1,425,000. Renovations include a new laundry and larger bathroom on the ground level, along with a remodeled kitchen and new windows. Location is a little far east and up the hill to be considered prime Bernal, but it’s still a very walkable location. [Listing courtesy of Vanguard Properties]

283 Madrid

DOM: 34
2BR/1BA, 750 sq ft, 1 pkg
List price: $899,000

283 Madrid is a good example of a San Francisco starter home. The owners bought the property in June 2018 for $830,000, and then relocated and rebuilt the kitchen, reconfigured bedroom sizes, installed new front wood casement windows and remodeled the bathroom. The floor plan is open, and laid out efficiently enough. Those seeking space for large dinner parties will be out of luck. There’s no yard, just a deck that’s built to the lot line. And there’s an elementary school across the street. However, the BART Balboa station is 1.2 miles away, and McLaren Park is half a mile uphill. [Listing courtesy of Keller Williams San Francisco]

3075 24th Avenue
Merced Manor

DOM: 54
5BR/4BA, 2550 sq ft, 2 pkg
List price: $2,195,000

The probate sale at 3075 24th Avenue closed in June 2018 as a 2BR/1BA house for the very high price of $1,670,000, with new owners who had big plans for the property. They renovated everything, added bedrooms and baths and ended up with what I think is actually a very nice house with a good feel to it. (There are even three bedrooms all on the same level.) I’m guessing the sellers were hoping for a sale outcome similar to that of their neighbors at 3060 26th Avenue—also a thoroughly renovated home listed for $1,995,000 that received six offers and closed for $2.6M in October. But lightning sometimes doesn’t strike twice in the same neighborhood, and it doesn’t help when your exterior is a shiny turquoise color. Still, 3074 24th Avenue is worth a look; you’re in walking distance of the Y, City Sports Club, Stonestown Galleria (where there will likely be a new Whole Foods and movie theatre), farmer’s market, Stern Grove for concerts, and both the Lakeshore and West Portal retail areas. [Listing courtesy of Compass]

43 Edna

DOM: 24
4BR/3.5BA, 2440 sq ft, 1 pkg
List price: $1,800,000

The origins of this flip go back to January 2018, when the house was sold as a 2BR/1BA for $1,175,000. Since then, the owners have added a bedroom, bathroom, family room and laundry on the ground floor and added a bathroom and remodeled the kitchen and existing bathroom on the main level. They also remodeled the two upstairs bedrooms and added a much-needed bathroom on that level. The result is a lovely home, with the big drawback being that the house is a little too close to City College and 280. [Listing courtesy of Compass]

1145 Quintara

DOM: 24
4BR/3BA, 2121 sq ft, 1 pkg
List price: $1,498,000

The corner home at 1145 Quintara sold at the end of 2017 for $1,109,000, and the owners spent the next few months remodeling the kitchen, converting one bathroom to two, constructing another bedroom, office, bathroom, media room and laundry on the ground floor. They came on the market with the finished product in September 2018 for $1,295,000, only to cancel the listing in mid October. But 2019 may bring a new crop of buyers, right? [Listing courtesy of Brokers Connection Incorporated]

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