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November 30, 2011

Mission Dolores Units Sell for Way Over Asking

3883_20th

I toured 3883-85 20th Street adjacent to Mission Dolores Park when it came on the market in August. The vacant property was listed at $1.3M was essentially a shell of a property, with plans to remodel and legalize it as a two-unit building. There was a large yard and an additional housekeeping unit in the back. Based on the condition, it was clear that a buyer who needed a loan to complete the purchase would have a bit of a challenge. The rear of the house sat just above the J Muni track.

The sale closed last week in an all-cash purchase for $1.5M. This is definitely a testament to the continued strength in the market for small-scale property development in San Francisco, particularly for owner occupiers. It’s all about location, folks, and this one was prime for the buyer who wanted a front-row seat for the antics of the Dolores Park.

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