One of the latest trends in San Francisco real estate seems to be the appearance of "fantasy homes" on the market. No, these aren't high-end dream houses—at least not yet. They're either fixers or under construction flips with plans to transform into luxurious modern homes, and they've been pouring onto the market over the past few months. The latest to enter the fray is 548 Rhode Island Street, a powder-blue fixer in Potrero Hill that was purchased for $1.15 million last year. The buyers put together some very fancy plans for the place that include a boxy new facade, a marble kitchen, and plenty of glass. But, before construction could start, they placed the home back on the market for $1.75 million.
With everything approved and design work complete, the listing boasts that building can start in early 2016. Very few other details—like the future number of bedrooms and planned square footage—are provided. The property joins a whole host of other unfinished houses on the market. So is this a sign of change in the city? With the market for luxury properties slowing down, at least for the moment, are investors trying to get rid of these places instead of waiting to finish them? We don't know for sure, but our attention is certainly piqued.
· Yet Another Mid-Renovation Home Heads to Market, Asks $3.5M [Curbed SF]
· It's Now A Buyers' Market for Luxury Properties in SF [Curbed SF]
· 548 Rhode Island Street [Redfin]