Huge Noe Valley Flip Asks $5.8M, Targets Grown-Up Hipsters

Way back in 2012, as the current real estate boom was just kicking off, flippers bought 553 Elizabeth Street for $1.575 million in cash. The main part of the property was a vacant Edwardian with a legal four-bedroom component and additional rooms downstairs behind the garage. There was also a second tiny cabin-style home at the rear of the lot. The flippers set out to capitalize on the property's fantastic location just a block from the 24th Street corridor and transformed the house into a modern home with design from John Lum Architecture and SF Modern. The asking price is an enormous $5.8 million, an increase of $4.225 million over the last sale.

The interiors are filled with custom millwork and fancy fixtures. A huge deck takes over most of the backyard, and that little cabin out back seems to have disappeared. The new living space clocks in at a huge 4,456 square feet and also offers up a two-car garage. It's the description of Noe Valley in the brokerbabble, however, that really stands out. "Where do San Francisco hipsters move when they grow up?" it asks. "Noe Valley. This small enclave … is proof positive you don't have to leave the city when you transition from Stoli to stroller." That's just the sort of pitch that can really get a roomful of Noe lifers going. Also, are we quite sure about the Stoli?

· 553 Elizabeth Street [Official Site]
· 553 Elizabeth Street (2012 Listing) [Redfin]
· 11 Years After Closing, Owner of Noe Valley's Real Food Finally Ready to Build [Curbed SF]