Decrepit Cottage on Mostly Vacant Noe Valley Lot Asks $1.599M

It's usually not surprising to see run-down homes sell for big prices in Noe Valley—after all, this is a neighborhood where flippers can renovate a home and turn it around for four times more than they initially paid. But the latest Noe teardown to hit the market is one of the most dramatically decrepit we've seen, and it's asking a huge $1.599 million. The existing structure is a 640-square-foot, two-bedroom cottage at the back of the lot with crumbling walls, a rusted bathtub, and basically no kitchen left. The cottage was built back in 1907, and this is the first time ever that it has gone up for sale.

It's mind-blowing to think that a falling-apart cottage is worth $1.599 million, but of course, the value here is all in the land. The lot could even be easier to build on than those with existing houses because it is mostly empty. It sits on the southern side of Noe with easy access to freeways and within walking distance of Church Street. There are no approved plans or permits for the property, but it's easy to envision a multimillion-dollar modern mansion rising on this long-neglected land.

· Rebuilt Noe Flip Rakes In $4.85M, Nearly Four Times Old Price [Curbed SF]
· 311 28th Street [Redfin]