Purchased for $1,280,000 in May 2008, the single-family at 1124 Stanyan was gutted, started rebuilding (“new electrical & plumbing [but] not finished”), and then taken back by the bank. On the market and asking $899,000 in its “contractor’s special” condition.
A three bedroom before, but current plans call for a fourth (either by way of the “new exercise room with full bath” or construction of a new “wall to separate two bedrooms” referenced in the approved permits).
∙ Listing: 1124 Stanyan (gutted) – $899,000 [MLS]
Seems like a bargain price until you actually see the condition and the amount of work needed…good luck on this one!!
This is really sad when you think of the hopes and expectations (unreal maybe) that went into buying this property, but not being able to pull off the planned project.
Man this seller lost his/her ass off! Add in holding, closing, permitting and partial construction and you’re probably in the $500k mark. That’s gotta hurt.
Definitely the last buyer lost big. But this is REO. It’s been floating around for a while pre-MLS. The fact that it’s still available speaks volumes.
This is a cool neighborhood, though on a busy street and near the Walgreens which isn’t ideal. Can’t tell what is going on with no pictures, but you would have to be an experienced contractor to have any idea what kind of things you are exposing. We remodeled a small place (think NY small) and it cost a LOT and so many issues found above what the quote included of course! What a pain. I would never want to go through that hell again. Good luck to whoever does buy this.
The loss may depend on how large was the down payment and how much work was done. It also depends on when they decided to stop making payment to the lender. Since the house was purchased May of 2008 and it could have taken them months to get all the permits, the actual amount of work performed may be surprisingly little as the financial market collapsed somewhere around August and September. The investors might have pulled the plug soon after they acquired the property.
If memory serves me correctly, this house is very close to a fire station further adding to its appeal!
And how would they do such a scope of work for $10k?
Permit Details Report
Report Date: 3/5/2010 11:21:39 AM
Application Number: 200810164291
Form Number: 3
Address(es):
1276 / 009 / 0 1124 STANYAN ST
Description: EXTERIOR REMODEL OF AN ON GOING INTERIOR REMODEL PROJECT TO 3RD FLOOR EXTEND THE MASTER BEDRM 3′-7″ NORTHERLY TO COVER PART OF SET BACK, REPLACE WINDOW W/ NEW SH WINDOW, ENLARGE MASTER BR CLOSET, OPEN WINDOW MASTER BATH ON THE 2ND FL, REPLACE REAR WINDOW & DOOR, RELOCATE STAIR @ REAR DECK.
Cost: $10,000.00
Occupancy Code: R-3
Building Use: 27 – 1 FAMILY DWELLING
Disposition / Stage:
Action Date Stage Comments
10/16/2008 TRIAGE
10/16/2008 FILING
10/16/2008 FILED
7/3/2009 APPROVED
For those who are interested, the various parties and loan amounts are shown in this lawsuit filed by the contractor. It appears that it was foreclosed upon (by a second) on February 25, and, from what I can tell, the third lien bore the brunt of the loss. A mortgage broker developed this; he’s a real estate professional — what could go wrong?
As with all of these, thousands of things could have gone right or wrong. “He’s a real estate professional” isn’t saying a whole lot. Many of these are developed by real estate professionals. The snideness you meant to convey was duly noted, however.
If the property is uninhabitable due to no kitchen or bathrooms being functional a bank will not make a loan. That means you have to pay cash…Using an agent with a 650 area code likely means that person also is not an SF market expert
I remember when this hit the market, it was posted on the MLS with some serious missing information (can’t remember what was missing) which prompted me to call the broker (who was out of town as mentioned). I remember he was shocked that he got a cash offer to purchase within 6 hours of posting the property.
Used to live on this street down the hill a few blocks across from Kezar. It was a great hood, would be fun to live there again.
Just checked the listing status, it shows ‘withdrawn’. So much for the $900k burning a hole in my pocket!