Southern-lying Crocker-Amazon is supposed to be one of the few remaining places in the city where buyers can still hope for a deal on a home. But a bargain is in the eye of the beholder.
100 Florentine Street is a three-bedroom San Francisco home from 1927 that sold last week for $938,000, a deal by 2017 standards.
But the house was in such disrepair that it doesn’t even have electricity, the only circulated photos showed boards over all of the windows, and the listing specified “all-cash sale due to the condition of the property” and “sold as-is.”
Well, fixer-uppers and teardowns must be sold just like any other home. The astounding thing in this case is that 100 Florentine listed for just $599,000 four weeks ago, but managed to grab a price 56 percent higher.
Note that Crocker-Amazon consistently has some of the city’s lowest rents and inexpensive housing prices. The real estate group Paragon calculated a neighborhood average of $840,000 for a single family home here in 2016, based off of 42 sales.
This fixer-upper beat the neighborhood average. Let that sink in.
The example of the now famous Outer Sunset teardown at 2055 20th Avenue may prove instructive. That home was in even worse condition when it sold for almost the exact same price in early 2016. By the end of the year the repaired version of the home had sold for $1.7 million, later renting for $7,200/month.
Crocker-Amazon can’t hope for Sunset prices in 2017, of course. But the temptation to try must be hard to ignore.
- No electrical, but you get plywood for windows [The Front Steps]
- 100 Florentine Street [Redfin]
- Mapping Average SF Rents [Curbed SF]
- Exhaustive Map Of SF Prices [Curbed SF]
- Teardown Sells For $950K [Curbed SF]
- Million Dollar Teardown Rents For $7,200 [Curbed SF]