A “diamond in the rough” in need of “major TLC,” the 1,200 square foot two-bedroom Bernal Heights home at 821 Moultrie was listed for $499,000 last July and sold for $460,000 this past August.
Permits for relocating the kitchen while adding new bedrooms, baths and interior stairs from the first to second floor were filed the day after its sale and issued a week later.
Now a four-bedroom home of 1,670 square feet with three baths but one less parking space, 821 Moultrie is back on the market and listed for $798,000.
∙ Listing: 821 Moultrie (4/3) 1,670 sqft – $798,000 [MLS]
Looks like a decent-enough reno., but $800K to live just a fence’s hope from the Alemany projects? Uh . . . I’ll pass.
Oops, I meant “hop.”
Hahaha. I like “hope” better!!! As in, I hope that fence works!!! 😉
I’m usually on the opposite side of this debate, but doesn’t 1670 sqft seem rather small for a 4/3? In particular, the photos of the common space make them look cramped, and the kitchen is cramped as expected. Then again, I have lived in 3/2s that were 1200-1500 sqft, without having them feel small, so maybe it’s not that bad. It’s just that it feels weird for a 4/3 not to be 2000 sqft at least.
Btw, the permits say $62,000 was spent on the renovation, which sounds low. Even so, it looks like the flipper will make a profit here.
The permit “cost” doesn’t mean anything. That’s what the city arbitrarily states that the renovation work cost. They could have spent 10 times that, and it wouldn’t matter for permit purposes.
Any way to see the “before” pictures? It looks like a nice enough remodel and I’d love to see what it looked like before.
These guys are pretty professional: did a major renov in 7 mo’s, Inc. Adding legal rooms down. Ya gotta have your shit together to do all that in such a short time. Plus, the design and finishes are pretty solid.
Depending on how much structural was involved, I bet they spent $150-200k tops. So yeah, they’ll make a profit if they sell anywhere near asking. The real neg here is the shite location.
Looks like $profitable$ flippin’s back folks!
Don’t we need to know the sales price before knowing whether this has a chance at being profitable ?
BTW, considering the extent of work done I wouldn’t call this a flip. More of a redevelopment. The investors are truly adding value here.
“The permit “cost” doesn’t mean anything. That’s what the city arbitrarily states that the renovation work cost.”
Yes, but I’m extrapolating in my head from that $62K to what it actually costs. Milkshake is right that we won’t know if this will be profitable without a sale, but just on the surface, it looked like they would make something.
This sold for 865.
As noted, the sale of 821 Moultrie closed escrow on 4/22/11 with a reported contract price of $865,000, $518 per square foot for the recently remodeled Bernal heights home with four bedrooms.
“$518 per square foot for the recently remodeled Bernal heights home with four bedrooms.”
The story here is that this sale was on Moultrie below Crescent street. It was a very good result for the sellers and the most ever on that block.
[Editor’s Note: It always helps to be one of the largest finished homes on the block. Keep in mind 825 Moultrie sold for $521 per square foot this past November, 807 Moultrie sold for $539 per square foot in 2010, 814 Moultrie sold for $658 per square in 2006, and 841 Moultrie sold for $693 per square in 2006 as well.]
Of course it does. “Largest” being the optimal word on a block with a price ceiling that’s been ~825K since the last market. Heck, there are probably six tiny fixers somewhere around that latitude that got 900 per foot each.
[Editor’s Note: None of the three houses we noted above were tiny fixers but rather averaged 1,286 square feet (versus 1,250 for the neighborhood).]
Do you disagree that a larger house on that block would have diminishing $psqft returns, or something? Not sure what you’re saying. I thought this house would get right around asking at best.