On the heels of the finally-moving-forward Lux condo development at Church and 28th come dueling Victorian renovations on the 1500 block of Sanchez in Upper Noe. It’s pretty clear that homeowners in Noe are confident in both real estate values and large renovation projects, which is good to know moving into 2011.
1567 Sanchez was last sold in July for $1,075,000 ($50,000 over the asking price). The 2BR/1BA home is getting a major overhaul. The owners are doing a horizontal rear addition at the first floor for a new guest room and bath, new master bed and bath room, and one laundry. There will also be a new second floor deck and an overall interior remodel. Here’s a look behind the plywood barrier:
And directly across the street at 1566 Sanchez, there’s more gutting going on. This home was last sold in 2008 for $850,000. Here’s what it looked like then:
The current owners have a permit for this work issued:
SMALL REAR HORIZONTAL ADDITION – ADD THIRD STORY TO HOME, REPLACE FOUNDATION, EXPAND/REMODEL BASEMENT, ADD GARAGE, NEW INTERIOR STAIR, 3 NEW SKYLIGHTS, UPDATE ALL PLUMBING, ELECTRICAL, HVAC, FULLY INSULATE.
Here’s what it looks like now—basically the facade is the only thing left standing. And it’s good to see they’ve received permission for a garage.
Future Noe Valley buyers should take heed: The market is moving here, and with interest rates continuing to be at very low levels, this could be a good time to take advantage of softer prices and inventory that’s been sitting.