The “fixer” buyer pool no longer exclusively consists of contractors and small-scale developers. Instead, deep-pocketed buyers known in industry speak as “end users” are more likely to purchase a fixer and turn it into their dream home.
The most recent example I heard about was over at 226 20th Avenue in the Richmond. The two-story, 4BR/1.5BA home with 2150 square feet had been in the same family for more than 50 years and was ready for a facelift. But all the bedrooms were on the upper level and the garage offered good expansion potential—the perfect storm for the end user crowd.
The house was listed for $1,475,000 and the sellers received 21 offers. All but two were from buyers planning to owner occupy and renovate the property themselves, reported listing agent Kelly Quon at my company, Corcoran Global Living. There were 12 cash offers and most contracts had no contingencies. The sale closed last week for $2.3M, with five of those offers above $2M.