Several months after it was purchased in August 2008 as a fixer/teardown for $950,000 in a probate sale, 141 27th Street on the Noe Valley/Mission border is rehabbed and ready for a buyer.
The developer brought the interior down to the studs and created a main level that features a living/dining/kitchen combo; small middle bedroom; full bath and large master suite at the rear. Downstairs is a family room, third bedroom and bath, and a two-car garage. The yard is now nicely landscaped. The house is about 1900 square feet.
The kicker is the $1.6M price. There’s a lot of competition in Noe right now; in fact, the same listing agent just brought on a large-scale, two-story Victorian with 2400-square feet at 1522 Sanchez at 28th for $1.6M today. Several other currently listed homes may not be renovated circa 2009, but for the money, can probably provide a better location or floor plan.
We’ll see how it goes. My sense is that paying $950,000 for a teardown originally listed at $637,500 might have been a bit rash. The desired profit may not be there in the current market.