Flipping houses is undoubtedly a major business in San Francisco, with fixer properties selling for huge all-cash sums to investors and then being turned around for even larger sums once they've been renovated. But lately, something different seems to be going on. There are still plenty of flips on the market, but quite a few homes have popped up for sale right in the middle of the construction process. We noted that there were an unusual amount of "pre-renovation but with plans" properties a few weeks ago, and now another big partially-completed house has landed on the market. This time, it's a Cole Valley Victorian that will have five bedrooms when it's finished.
When it went up for sale last year, the Victorian was advertised as being relatively untouched since its birth. Inside, there were plenty of period details including tiled fireplaces and original rosettes. It sold for $1.995 million, or $915 per square foot, and the buyers immediately set about making plans to double the square footage from 2,136 to 4,316. The home is now back on the market for $3.5 million and is being advertised as a "partially completed Victorian masterpiece." The excavation and new foundation are finished, but there's no news on whether any of the detailing remains.
This Cole Valley home joins a gutted Bernal house, Pacific Heights Victorian with big plans, an imaginary Russian Hill giant, and an under-construction Buena Vista Queen Anne on the list of homes for sale in some stage of renovation. A few of these have already taken price cuts. Is this becoming a new trend, and if so, why? Are sellers trying to get out before the market hits some uncertainty? We can't tell yet, but we'll keep an eye on this one.
· Gutted Bernal House With Big Plans Drops Price to $1.795M [Curbed SF]
· 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]
· Queen Anne Manse in the Midst of Renovations Asks $4.5M [Curbed SF]
· 164 Belvedere Street [Redfin]