It seems that homes trying snag top dollar by selling with big, flashy renovation plans are struggling. Earlier this week, there was the Pac Heights Victorian with plans to go modern that took $1 million off its price. Now, a rustic Bernal Heights home with aims to transform into a three-level, glassy showstopper has cut its ambitions from $1.895 million down to $1.795 million. It's rather unusual to see so many "pre-renovation but with plans" properties on the market at once (there's also this Russian Hill giant), and they haven't exactly been meeting with great success. Unlike the Victorian example, the interior of the Bernal Heights place has already been gutted and everything is, according to the brokerbabble, "hammer ready."
Last year, the property sold for $1.525 million to its remodelers. Its big, boxy exterior closely resembled a barn, while the interiors were sort of retro rustic cool. The home was advertised for its incredible light and huge lot. Renovation plans have taken advantage of both of those features, with a planned house that has floor-to-ceiling glass everywhere and huge decks. The interiors are now gutted and the home is ready to expand. But even with the added square footage, the home will end up at 2,669 square feet. That means that the new ask is at $672 per imaginary square foot.
· Victorian on the Verge of Renovation Drops $1M From Price [Curbed SF]
· Just the Idea of a Russian Hill Mansion Up for Sale for $9.495M [Curbed SF]
· 233 Franconia Street [Redfin]