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Unbuilt Mission Flip Adds $1M Just for Plans and Permits

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Less than sixteen months ago, the rundown house at 29 Dorland Street sold for $1.35 million, a price that was based on its location near Dolores Park and its potential for upgrades and expansion. It is now back on the market for $2.4 million, but this isn't a normal flip. The plans and permits for a total rebuild of the property are all in place, but none of the construction work has been started. The approved plans, with design by Winder Gibson Architects, will place a 3,455 square foot, 3-level home with 6 bedrooms and 3.5 bathrooms on the lot. Although the house's Edwardian facade will remain, the interior has been completely overhauled with a new third floor added. An elevator will provide easy travel between a four-car garage at street-level and the three floors of living space above. Not included in the price are the costs of construction. The plans look gorgeous, but is an unbuilt house really worth $2.4 million?
· 29 Dorland Street [Redfin]