In recent months, there have been seemingly no boundaries to the demand for fixer-uppers, especially in prime neighborhoods like Noe Valley. A Noe Street house in need of renovations went for $2.8 million, a former hoarder house in nearby Glen Park snagged $1.525 million, and a beat-up Mission duplex grabbed $2.35 million. All of those sales were well, well over asking. So when a four-bedroom house on Noe Valley's Douglass Street went up for sale for $1.995 million, there was every reason to believe that the price could pass the $2 million mark. Instead, after two weeks on the market, the house has taken a big price cut down to $1.699 million.
So why hasn't 674 Douglass reached the stratospheric heights of some of its fixer-upper neighbors? The house is definitely in need of some upgrades, although it's unclear if its expansion potential is as great as in some of the other big future flips that have sold recently. It's also not as central as the $2.8 million Noe fixer, but it's still in a prime location. There is the potential to add a garage to the house, and approved plans already exist to legalize what is currently unwarranted space on the lower level of the house. And the outdated kitchen, the dirt backyard and the carpeted interiors could all clearly be modernized. So is this fixer-upper's lack of success just an aberration, or is it a sign that there really is an upper limit to San Francisco's market for future flips?
· Noe Valley Fixer Sells for $2.8M, Nearly $1M Over Asking [Curbed SF]
· Glen Park Hoarder House Lists for $899K, Sells for $1.525M [Curbed SF]
· Beat-Up Mission Duplex Fetches $2.35M, Double Its Initial Ask [Curbed SF]
· 674 Douglass Street [Redfin]