Sold in December 2005 for $868,000 and then again for $875,000 in September 2008, 1409 Sanchez retuned to the market in January asking $1,250,000 with newly approved plans and permits in hand to raze the current structure and build two units in its place.
Yesterday the listing for 1409 Sanchez was withdrawn from the MLS despite reductions down to $970,000 and an offer by the “Seller/Builder” to “complete [the] project at a Discounted Price & Customize [the] Plans to Suit!”
No word on whether or not the listing will soon return with a new new price and zero days on the market or if said seller/builder has simply decided to go the spec route.
∙ The Future Façade Of 1409 Sanchez (Assuming Approved And Built) [SocketSite]
A blast from the past of 1409 Sanchez: A Total Noe Fixer/Tear-Down (For A Little Less Than Two Years Ago?)
ugly wires, didn’t notice that last time this listed.
The only chance this thing has of turning a profit is if they do the build themselves. But it’s still thin. Everybody looked at it for 970K. Take it from someone who did the same project, with the same orientation, a block away, and got it for 750K. They could maybe build the units, sell one, keep one, and wind up with a discounted unit out of it though. Then rent it cash flow positive for a while. Perhaps that’s the way to approach this. That’s what I would advise if I had their ear.
sounds like the guy who dumped in sept. 08 for $875k probably knew this was a major turkey. just like the guy who dumped it beforehand in dec.05 for $868k. so this current owner, who had the misfortune of buying it sept(!!)08- probably was closing escrow as lehman was going up in flames- got royally screwed. (some contractors should just remain contractors and not play the development game 🙂 anonn’s suggestion is probably the most logical one.
I’m so tired of people attempting to sell “plans” as if they’re worth almost as much as a finished house. See also 507 Mississippi. Yes, maybe the designs and permitting were time-consuming and expensive, but they’re YOUR plans, that you didn’t go through with. I just don’t think there’s much of a market for people who want to buy fixer-uppers where they don’t get to decide how to fix it up.
I’m sure there are some contractors/agents around here – does anyone know how to value “plans” given that very few prospective buyers could/would actually implement them?
Back on at 970k. 1 DOM!
dang, so the 2008 price *did* move! someone’s sitting on a cactus today.
October 2009 — TEAR DOWN! Has anyone noticed that the house @ 1409 Sanchez is now gone? Anyone know whether it sold again — or if the developer finally decided to actually build on their own? Not listed on Zillow with a recent sale so am only guessing at this point…
– A curious neighbor
Has anyone noticed that the house @ 1409 Sanchez is now gone?
Umm…1409 Sanchez Meets Its Maker (But Not Because Of The Storm). And we don’t believe it sold.
Wonder if 507 Mississippi is worth any more due to being in “Streets of San Francisco”, albeit only in an outside shot of Stone visiting the widow of a dead cop who lived there.