When a flip doubles a home’s price
Welcome to the Outer Richmond, where the restoration of a 1913 Craftsman resulted in a dramatic jump in price. Specifically, according to the San Francisco Chronicle, it doubled the home’s value without substantially adding square footage.
The home, located at 542 35th Avenue, first hit the market in October 2013, having been with the same family since 1988. At the time, the spacious five-bedroom, four and one-half bathroom single-family residence needed work inside and out. That said, the 3,100-square-foot home sold two months later largely due to its excellent location adjacent to the shops and restaurants on Balboa. The sales price at the time was $1.05 million.
Then came a year of intense renovation. The owner-developers installed hardwood floors and upgraded the main entertaining floor along with removing one bedroom and bathroom to add space to the other ones. The backyard was freshly landscaped and large glass sliders as well as a deck that were added off the back of the family room, providing better yard access.
So how did this translate to price? With the upgrades and an extra 400 square feet gained by ground-floor development, the property went back on the market for $2.245 million. As the Chron notes, while the asking price more than doubled the previous sale price, the per-square-foot cost of $628 is now in line with the neighborhood. “It may even be a bit of a bargain,” writer Emily Landes asserted, “considering that many homes in the area are in need of some updates. Now it just remains to be seen if all those new bells and whistles will get a buyer to bite.”
What do you think?
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