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$1.9M Noe Home Adds 80 Percent to Price in One Year Flat

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It was less than a year ago that 470 Alvarado Street sold for $1.935 million in cash to flippers. Unlike many flips, the three-bedroom home was in very livable condition and wasn't being marketed as a fixer-upper. Instead, it was described as an architect-remodeled home with a "museum-inspired staircase," skylights, and a landscaped back garden. The new owners changed it all anyway, creating a four-bedroom, three-bathroom house with an open-plan great room, a brand-new kitchen with a Calacatta-slab island, and a grassier and relandscaped backyard. The redone house is asking $3.495 million, an increase of $1.56 million over last year.

The official square footage has increased by 363 square feet, to 2,563, and parking for a second car has been added in the garage. That "museum-inspired staircase" of last year is now much fancier, with a designer black handrail (um, are those gongs?). There is also a lot of new dark gray paint throughout, including on the old brick fireplace that the sellers kept. A set of floor-to-ceiling glass doors opens onto both the backyard and onto the back deck on the second floor. The modifications are quite well done, and the location is only a few blocks from the heart of Noe Valley, so we wouldn't be surprised to see this one go for even more than its asking price.

· 470 Alvarado Street [Vanguard Properties]