There has been a smattering of $1 million-over-asking sales in 2014, but most have been of absolutely impeccable properties that were probably way underpriced. 823-825 Lake Street, which just raked in $1.05 million over its list price, is a different situation. The 4,000-square-foot building is currently divided up into three units, and all are in pretty bad shape. Paint is peeling, floorboards are damaged, and a substance that looks suspiciously like mold stains covers some of the walls. Despite the disrepair, there's something quite lovely about the building's nearly floor-to-ceiling arched windows, numerous fireplaces, and light-filled rooms.
The property, which sits on Lake Street right up against the Presidio, came on the market in mid-November asking $1.395 million and with a marketing website with the rather hokey URL opportunityknocksonlake.com. It went into contract just 10 days later and sold this week for a whopping $2.4 million. It was, of course, purchased in all cash, meaning that flippers are very likely behind the purchase. It's already easy to envision the place as a gleaming, newly renovated single-family home with a neatly manicured backyard. However, with such a high purchase price, this place is going to have to relist for a massive amount to make the flip worth it.
· 823-825 Lake Street [Official Site]
· 823-825 Lake Street [Redfin]