Proving that Mission/Mission Dolores homeowners basically can’t miss in our market these days, the modest two-unit building at 3643-3645 19th Street (at Dolores) sold for what I would describe as a stunning price recently.
The main-level flat (living room, above) was vacant and unstaged. There were two bedrooms, an updated, eat-in kitchen with basic finishes, and a dining room. Downstairs was a very small, tenant-occupied studio with a sleeping alcove.
Listed at $1,225,000, the building sold to an all-cash buyer from the neighborhood for $1,510,000.
Unfortunately for a majority of buyers, it’s a challenge to compete with cash buyers who are not wildly concerned about the prices they’re paying. After all, when a loan isn’t involved, neither is an appraisal. My guess is that a formal appraisal would not have come in at value on this building, knowing the comps. But this isn’t the first instance of buyers paying too much for Mission Dolores properties; this sort of reckless real estate behavior has been happening since early 2012.