Skip to main content

October 27, 2009

Noe Valley "Flip" Flops


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 After 116 days on the market, the property was withdrawn.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.

Explore All Posts

Blogging Since 2008

Posts by Neighborhood

Posts by Category

Posts by Year