Having been taken down to the studs and expanded to 2,908 square feet of space, the now four-bedroom home at 1683 Newcomb Avenue returned to the market in early 2017 and sold for $1.45 million, or roughly $500 per square foot, that June.
This past July, the Bayview home returned to the market with a $1.595 million price tag, a sale at which would have represented total appreciation of 10.0 percent on an apples-to-apples basis since the second quarter of 2017.
Reduced to $1.495 million in September, the list price for the “stunning Victorian conversion” has now been dropped to “$1.195 million.” And while briefly in contact following the latest reduction, at which point the official days on the market for the property were reset as well, the home remains on the market and listed at $411 per square foot.
Looks like a pretty conventional studs job. Why sort of ruin the back yard with the cement and rocks scheme, though?
Looks like a builder designed back yard. Also there is no access to the back yard from the back of the house. If you are doing a to-the-studs remodel/expansion it would make sense to have at least one access door from the back.
So you can rent the property out and not pay for maintenance.
All the charm of a parking lot…
Unfortunately, the SF crime map is informative as to the local neighborhood conditions: 18 reported incidents in past 6 months at this intersection (stolen cars, battery, person with knife).
My point is not that [the market is only going up and this is an aberration!], but we saw some Icarus trades over the past few years in these neighborhoods (too high, too soon). Just because a guy dressed up a place and it feels nice at a sunny open house, doesn’t mean gentrification washes over a place quickly.
It looks like this house sold for $455K in august 2016 out of a messy foreclosure/REO situation. From there to 1.45mm 10 months later? I mean, god bless the flipper, but that’s a moonshot trade.
Sells for $1.35mm, hopefully to a buyer with eyes wide open. 50% of the loss attributable to general market softness, 50% to having sold last time as the nicest house on a rough block.
From the listing in 2016, prior to the permitted renovation and expansion: “Property suffers from some non-permitted additions as per the San Francisco Dept of Building and Safety who is not aware of the property’s present condition which appears to suffer from fire damage, vandalism and significant deterioration. Due to Unknown structural damage caused by fire, the property may need to be completely demolished and rebuilt.”
I thought the mantra of good real estate investing was “buy the worst house in the best neighborhood you can afford”. Kind of flipped that one on its head here. Not smart money
Luxury Home Depot finishes throughout! That aside, I cannot imagine a worse layout than this one for the main floor. Truly spectacular waste of space. That entrance directly into the kitchen is hideous. Whoever buys this place will need to correct the layout making the lower floor entrance the main, removing the upper front door or making it a slider. Also, no slider from the lower master to the yard? Missed opportunity.
Why are the white box remodel jobs always sold as ‘stunning’? Stunningly awful? Stunningly plain? Stunningly boring?
Front door opens directly to LR, kitchen, dining area. Agree with Bernalkid wrt the back yard. Only 1 car garage for such a large home.
Per Google Street View, several properties in the immediate area have maintenance issues. I don’t really know this part of town well but several of the neighborhood shots posted on Realtor.com are less than compelling.
Maybe at $1.2 million, they find someone looking for a lot of square feet, but nothing about this is “stunning”.
Oh I don’t know: I’m still stunned by what one gets – or doesn’t get – for a million dollar$ these days.
Frequently.
Oohhh. There was a major fire here back in 2014-ish.
Is neighbor’s property available…great decks!
UPDATE: The list price for 1683 Newcomb has suddenly been bumped up to $1.399 million (a sale at which would still be below its early 2017 price on apples-to-apples basis).
Translation: all they got were a handful of offers at or under the asking price, which they had no intention of accepting. The bidding war having failed to materialize, they’ve changed the price to the only one they were going to accept.
UPDATE: Having been bumped back up to $1.399 million in November, a sale at which would have still been below its early 2017 price on apples-to-apples basis, the remodeled Bayview home at 1683 Newcomb has just been relisted anew with a “$1.199 million” list price and an official “1” day on the market according to all MLS-based stats and reports.