Ok that can happen. Some flipper bought one down the street from my house for 1.3M, turned around and sold it for 1.9! I felt that was grossly overpaid though…
Probably same dude…I am assuming in your case, the place was remodeled some to justify the increased pricing at 1.9M. Now, this was Sunset or where?
In the Sunset.
Wow, ok. My goal is to hit the 2M level, like that Dutch Colonial one on 42nd Ave. I have been told by my knowledgeable neighbors that I can get it but in due time. What do you think of this additional strategy? If one were to go up a 3rd floor on my corner house one would get 180 degree ocean views and potentially GGB views. I don’t really want to actually do it since I have other plans/projects in mind but would go get the plans and the approval since I do have a good architect/expediter who can get it done for me. Shoot, she told me when I bought the house eons ago if I wanted to go up but I had no more money at that point. Imagine a 4 bd, 4 ba corner home with approved plans for a master penthouse suite or more rooms with clear unobstructed ocean/GGB views. I would think 2M would be easily doable then, especially if the Sunset continues to be a haven of million dollar babies. Thoughts?
Ok, this house up the street from mine. The machine at it again. Another potentially $2M house in the making.
They digged up the entire backyard all the way under to renovate this baby!!! Oh my god. This is definitely the most costly rehab I’ve seen in the Sunset ever.
I’m not even sure if you wanted to call it a “rehab” to begin with though… the house was already in great shape when they bought it last year.
I think the living room and dining actually lost some of the original character after they remodeled it. But the backyard… fantastic!
Wow, this is a nice one. Not too big on the exterior color of the home personally with the lime green door. Need to check my feng shui notes on that one…
Is it possible that the Sunset in general has become the Darling of the Fab 7x7 with these crazy-arse purchases and remodels? Like everyone is trying to one up their neighbors by blowing major cash and doing some pretty extensive remodeling and the masses are drinking the Kool-Aid as if no tomorrow… I def want to track this baby…
It seems now the borderline inner sunset is selling at a discount to central sunset? Is it just me? These flippers paid 1.3M last July and God knows spent how much on the rehab. It’s a very high risk play on their part. After the Machine got his pound of fresh there may not be enough meat on the bone for the flippers.
No, it is not just you since I came up with that theory awhile ago and you pooh poohed it…
That’s probably because it made no sense for someone to prefer central to inner sunset. 
Again, these are some of the reasons I cited out of actual personal experience:
- commuting into downtown has gotten hellacious. I would say 50% of the time now, I do not get a seat now even from my central sunset perch at 6:30am. Imagine how it is for Inner Sunset folks. Yes, on the return home you may get out sooner, but again you have to fight the crowds to get to the doors. Many more people live in the central and especially outer Sunset now.
- To me, inner Sunset is somewhat far from stores and restaurants. Not as convenient.
- To me, availability of street parking is better in the central and outer Sunset.
I don’t know where you have been, but it makes perfect sense to me. It is all about convenience and Inner Sunset does not offer that. Privacy and seclusion, yes. The other goodies, no.
And I forgot a big one: relatively easy access to freeways.
Inner Sunset will always be more expensive than Central and Outer. No question about that. That house on 18th is a prime example… flipper can only find that kind of margin in Inner Sunset for that kind of extensive facelift. If he were to do that in Outer Sunset I’m not sure if he can break even.
In general, assuming 2 identical houses everything being the same except street number, expect a $10k decrease in value for every street you move up. So the same house on 18th Ave would be worth $300k less if it were situated on 48th Ave.
In general I agree with your initial statement but aren’t we seeing the tide change some? I do not expect wholesale changes of course. First of all, let’s see what your masterpiece goes for first. We can always argue later…
That wasn’t my masterpiece. The owner is someone named “Yuen Louie” who lives on 30th Ave.
Darn. Central Sunset Chinese are taking over the Inner!
You know what I mean, It is your case study. And I admit, it should sell for a lot more. But you have to admit that regularly remodeled central Sunset homes are garnering 1.2M now so which one is actually doing better relatively speaking? Can one find an Inner Sunset home at a bargain so that a good return can be realized or is it easier to find a fixer in the Central and Outer Sunset to make a decent profit?
It’s hard to find fixers in inner sunset. There are fewer homes to begin with and sellers usually spice up the home before they sell. Look at what Mr. Louie had to go through… he bought something that wasn’t even a fixer to begin with and tried to fix it up! So of course the rehab has to go way above and beyond, which in this case I feel that it certainly did.
Yes, certainly fewer fixers in the inner hence the more flipping action in the Central and def Outer Sunset where buy-in is “reasonable.” I am just saying that the Central and Outer have certainly moved up in the hierarchy to be closer if not better (one day) than Inner. It is like UC San Diego, all those years hanging around in the lower ranks but now voila, it has kicked Davis’ arse to be #3 on most folks lists behind Big Brother Berkeley and Westwood. It sounds like I need to give more to Westwood to stay ahead…
Mr. Louie knows what’s up…he lives in Central while his project is in Inner. Does one generally live in a poorer spot than their rental/flip/project? No!!!
Well, that doesn’t really mean anything… my next door neighbor lives in the East Bay but all his rentals are in San Francisco.
Technically I live in the East Bay and some of my rentals/flips are worth more than my house here for sure.
Mr. Louie’s house on 30th seems to be a duplex… I bet he is renting out one floor while living in another one.
How’s this unit: https://www.redfin.com/CA/San-Francisco/2010-23rd-Ave-94116/home/1636520 ? Is that trying to brew potential bidding war?