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May 27, 2010

Miraloma Flip Hits Market, Fingers Crossed

Intrepid city home flippers are still out there, looking to make a few bucks on a quick remodel in San Francisco.And Miraloma Park is no exception.

The latest attempt is at 407 Myra, a 2BR/1B home that was in “very distressed condition” when it came on the market in February for $525,000:

But a buyer scooped it up for all cash at a $450,000 selling price in March. Since then, they’ve installed a new kitchen, replaced windows, and removed the vinyl siding, among other odds and ends. Back on the market at $699,000, 407 Myra does admittedly look better (though I’m thinking staging & professional photography might boost the interior shots a bit):

Will the flip be successful? In terms of location, Myra is in the more remote part of Miraloma, at the base of Mount Davidson. Homes in that location tend to sit longer. However, the obvious comp is over at 546 Myra, a 2BR/1BA with excellent views that sold for $700,000 shortly before 407 Myra closed. In terms of a flip, though, I would’ve expected another bedroom out of the effort, which would have really added key value.

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