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The 2007 Quick Hold Shows Up Again in Mid-2012 Upper Haight

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Is flipping back? Sold for $1,200,000 on April 13, now back on the market asking $1,495,000 and touting "approved plans" with "application for garage submitted," the cramped, rundown pair of flats at 1244/48 Masonic Avenue are in "fixer" condition. On a nice block with period details worth preserving, the "open house" on Sunday was more like "time travel." One good feature of the upper flat is that the attic had been integrated into the original design, instead of an afterthought, and otherwise the layout is flexible, as in "is this a dining room or a bedroom?" The plans are for only a remodel and anything more would have to go through Planning, and the garage application might even make it all the way to the Historic Preservation Commission. At $1.495M, the current owners would see a profit of about $200K after the agent's commission and other fees— as opposed to a serious cash outlay for the renovation, taxes and interest— plus a year or more of work.
· 1244/46 Masonic Avenue [Redfin]