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November 6, 2009

Another Noe Valley Flip Hits the Market


I’ve been watching the 1381 Sanchez renovation in Noe Valley between 27th St. & Cesar Chavez along my dog-walking route since the house changed hands as a fixer back in May 2008 for $1,005,000.

The price paid back then seemed reasonable for a future owner occupier to pay for the location, architectural style, and lot size.

But all along, the intention was apparently to do a flip. The property has now been expanded to 2200 square feet. It’s been outfitted with two front bedrooms and great room that combines a “farmhouse-style” kitchen, dining/living area, and bathroom on the main level, and a master suite plus additional bedroom and bathroom on the garden level. The rear patio is largely concrete encircled with trees & plants that I saw being trucked in recently.

There’s also an offer date of November 18th, which means that someone is very confident that a buyer will pay at least the $1,795,000 list price in another week or so. And they could be right: Given that the average price paid this year for a three- to four-bedroom Noe home in the $1.5M+ price range has been $1,998,148, maybe they’re not far off base. There are a few examples of homes that sold for similar prices that also relied on garage-level master bedrooms (vs. being located on a more desirable third level upstairs).

But let’s not forget my favorite recent flip attempt at 141 27th Street. This is about three blocks away between Guerrero and Dolores. Those owners also paid around $1M and did a down-to-the-studs renovation. But its floor plan had a few issues that didn’t warrant the $1,595,000 price tag. And the location is clearly less desirable. (The home has since been pulled off the market and put on a long-term lease.)

I’ll be keeping my eye on 1381 Sanchez. In the meantime, here are a few more pics of the master bedroom, yard and exterior:



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