When the small single-family home at 56 Clipper Street in Noe Valley listed for $859K in January, buyers willing to overhaul the house swarmed. The home is currently in disrepair, but it does sit on a large lot in a prime location between Dolores and Church streets. According to two agents from real estate website Redfin who both toured the property, it is almost definitely a total teardown. There is currently barely a kitchen and the backyard is a torn-up jumble of concrete, but that didn't deter buyers. 56 Clipper was under contract in less than two weeks and sold for $1.38 million, a solid $521,000 over asking.
The run-down little home currently has three bedrooms but is only 1,050 square feet, meaning that its sale price came in at $1,314 per square. That's in line with some of the city's new luxury condo developments, like 8 Octavia. Of course, the real value in the Noe Valley site lies not in its current structure but in the opportunity to redevelop it into a big single-family home that we imagine will be very luxurious and very expensive.
· 56 Clipper Street [Redfin]
· 8 Octavia Listing Lands, Sets Price Per Square Foot Record [Curbed SF]