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October 27, 2009

Noe Valley "Flip" Flops

27th_kitchen

I’ve been tracking the progress of Noe Valley’s 141 27th Street since it was sold for $950,000 in August 2008 and put back on the market at $1.6M earlier this year.

The 3BR/3BA, 1900-sq foot home between Guerrero and Dolores was a total teardown, and since my building sits directly behind its lot, I was pleased the property was being rehabbed. Given the price the owners paid for it, I assumed it was going to be an owner-occupier buyer.

But the house came on the market after a major renovation at its very high $1.6M list price. After 116 days on the market, the property was withdrawn. The problem was that $1.6M was too high a price for a house that featured only two levels (main and garden level), as well as a kitchen that was sort of in the corner across from the living room. Homes selling for $1.6M in Noe this year had more appealing configurations and superior locations).

I confirmed this week that the house is now on a long-term lease, so we won’t be seeing 141 27th on the market anytime soon. It’s a good lesson for those individuals who are looking to flip houses in the current market. You have to be realistic, and be careful what you pay for teardowns.

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