It’s no secret that terms like “fixer” and “contractor special” are usually just ways to make a rundown property sound more attractive, but at least such properties potentially allow ambitious buyers with less green than the South Beach crowd to get a toehold in the market.
Except for cases like 775 Clementina Street, which asks a kingly price in spite of some less than royal trappings. This six bed, three bath, 2,150 square foot single family home right smack dab in the middle of SoMa has clearly seen better days in a previous century.
There are holes in the walls, chunks missing from the plaster, cardboard used to cover up patches, some of the appliances have given up the ghost, and everything looks like it needs a good cleaning.
The ad by realtor Jenny He is pretty frank about the conditions, telling potential buyers “Bring your contractors/handyman & build some automatic sweat equity” while touting the advantages of the location right near Folsom and a few blocks from major tech HQs.
The big difference between this and other neighborhood fixers is the price: $1.99 million, more dough than even many new condos or well-appointed Victorians and remodel jobs sell for in other neighborhoods.
Of course, that’s not necessarily a fair comparison: Those homes don’t have six beds, and how many chances does anyone have to buy a house right downtown like this?
Even so, that’s a dizzying amount of money and a tough pill to swallow. “I think it is maybe a little overpriced,” realtor He tells Curbed SF. “But we’ll see how it goes. The seller is an older gentleman and his situation is unique, so we hope we can sell it for the right price for him.”
He also points out that the $1.99 million asking is actually a price cut: Back when 775 Clementina last hit the market in August of 2015 (sporting these same photos) it asked $2.5 million.
“It is almost certain that the place will be bought and completely redone only to reappear on the market in a couple of years,” Curbed SF wrote at the time, but it appears no one took the plunge then.
In the meantime the price has come down and home values in the city have only gone up. Will 2018 finally be the year? Or is this too much to ask even from San Francisco homebuyers?