A tipster wonders about value (“I guess there is no harm in asking for over [a] million for each of these nicely renovated flats…[w]hether the sellers will actually get over $2.5 million for what is essentially a two flat Edwardian building is another matter.”). We just liked looking at (most of) the pictures.
∙ Listing: 222 Funston Avenue (2/2) – $1,175,000 [Coldwell Banker] [MLS]
∙ Listing: 224 Funston Avenue (3/3) – $1,495,000 [Coldwell Banker] [MLS]
Sorry, but the facade of that house is just ugly.
The size of the windows look out of proportion to the house. For $1.5M, you can buy an entire house in the inner Richmond.
Dream on. This entire building was bought for $1.365M in December ’05, at the peak of the bubble. To ask for nearly double that now, in a downturn, is absurd. I don’t care if they gutted it and completely rebuilt (and from a check of the permits, it looks like they have done a fair amount of work, but not a complete gut/rebuild). This is way, way overpriced for an ugly building in a just-okay neighborhood for TIC flats that are not that big.
I agree that the house is pretty camn ugly, but on the inside it looks like there’s been some nicely done work. I also agree that you could buy a house in the richmond for the price of the smaller unit, but that being said it won’t be remodeled like this. I agree it’s over priced, but won’t be suprised when they both sell over asking.
Not that big? Upper unit is listed at 1873 square feet and the lower unit at 2541. That’s a fair amount of remodeling ($) on top of the $1.3M purchase price.
I don’t know what the original building looked like. Since they didn’t gut the entire thing, maybe they spent $400k remodeling the place? So, they would clear about $900k-$1M if they get the asking price? I can’t see how that’s justified.
Anyone care to speculate how much they spent remodeling? Obviously, they redid the kitchens and baths. Also, based on the permits, they replaced the stucco, garage door, and the front windows.
Not sure about the cost to do this redo, but I bet at least $150 per square foot. I gutted at place and it ended up costing much more than that, but just to be conservative. Anyway, at $150 per sq ft that is $600K for the building. Add on to that the carrying costs (or opportunity cost depending on down payment), $1.365 for 1.5 years is about $150,000. So $1.365 plus $800K plus $150K is about $2,315,000. There is some good money there but lets not go overboard.
If the building is sold as one home (4400 sqft), how much would they get?
At $500/sqft, it would be 2.2M. Considering the remodeling, I don’t think 2.5M is that crazy. As Todd said, the seller has some profit but nothing extraordinary.
Who did the staging? Nice
I wonder at what point the staging cost will exceed the selling price of properties in San Francisco……
Well, people’s tastes differ. I don’t find the exterior ugly at all. The interiors are light and fresh. The floor plans are well laid out and functional. Both units have extensive outdoor space. I’d say this place would have a pretty wide appeal. At approx $600 psf the units are well priced – especially compared with what you could buy at a luxury South Beach condo.
I gotta agree with Salarywoman…these units seem reasonably priced and just from the pictures I suggest both (but particularly the 2/2) will go over asking.
“I don’t know what the original building looked like. Since they didn’t gut the entire thing, maybe they spent $400k remodeling the place? So, they would clear about $900k-$1M if they get the asking price? I can’t see how that’s justified.
Anyone care to speculate how much they spent remodeling? Obviously, they redid the kitchens and baths. Also, based on the permits, they replaced the stucco, garage door, and the front windows.”
$400k to remodel 4400 sq.ft?? If anyone thinks he/she can comfortably remodel to this level of quality and details under $200 psf without paying 20% commission to an office, you should really consider doing this business.
Some of you make it sound like buyers are ripped off for buying these beautifully renovated homes. These are not your average rice paper fixers. Try remodeling some part of your own home, only then will you understand and appreciate the amount of pressure and constant struggle involved with it. If realtors get paid 3% for selling them, shouldn’t the project takers be compensated a little more for their hard work and professional knowledge put to work for the buyers? You can find a $1.5mil house ready to come down on a quiet street in Marina, but be prepared to cash out $1mil to renovate it, if you know what you are doing that is. I could be wrong, but I also think these two units will sell over.
I think they did a nice job on the remodel also. Does anyone know how the traffic noise is at this location? Would the parkways help to soften the car noise from Park Presidio?
I’ve seen these flats in person and they are beautiful! It was an absolute gut and remodel. too bad i got in too late. both units were sold within two weeks.
Offered at $2.67M together,
Sold at $2.7M.