Many contractors and small-scale developers who snapped up properties with their cash in the last two years in San Francisco have completed high-end renovations and are now listing those homes for sale. They were able to buy at a time when the market wasn’t quite as hot as it is right now. And we all know that the successful flip largely depends on timing.
Here are three flips that recently came on the market, with their before and after renderings:
212 & 212A Chattanooga
3BR/3.5BA (front) / 2BR/2BA (rear)
List Prices: $2,495,000 / $1,595,000
212 Chattanooga is the front house on a lot that holds two renovated houses. The front (above) was purchased in September 2012 for $750,000. It’s now a three-level home with a tiered main level that has direct access to a west-facing yard.
The rear house, 212A Chattanooga, was sold in the same timeframe for $450,000 as a tenant-occupied cottage. This property is accessed via a walkway that runs alongside 212 Chattanooga. There’s no parking for the rear house, but the idea of a “Vespa pad” is cute:
I liked both houses, though the downside to the rear property is that it’s oriented toward a large, unattractive rental building. Getting to and from the property isn’t glamorous via the narrow walkway. But the location is excellent, and I think it’d be ideal to purchase the entire property as a family compound.
4BR/3BA, 3400 sq ft
List Price: $2,649,000
812 Corbett was purchased as a 2BR contractor’s special in May 2013 for $820,000, and has been completely transformed. All the crowd-pleasing elements are there—the open floor plan, chef’s kitchen, three bedrooms on one level, and roof deck. No views, which is a key selling point for Twin Peaks. But the finishes are way cool and there’s plenty of space.
4BR/3.5BA, 2706 sq ft
List Price: $1,950,000
Situated near Precita Park and offering big space for Bernal, 147 Peralta has been de-Victorianized and now has the trappings of any of the generic new-construction condos everyone’s building these days. The property was purchased in July 2013 for $965,000, and is actually a legal two-unit building. The second unit is being presented as guest quarters. There are three bedrooms on the upper level, and no real yard, as they filled up the lot with the house.