That Might Explain The Shocked Look On The Cottage’s
June 11, 2009
As we wrote this past September:
Purchased for $633,000 in October of 2005, this Telegraph Hill single-family “cottage” failed to find a buyer when it was listed for $779,000 eighteen months ago. Back on the market in 2008. And now asking $629,000.
No word on whether or not the fair market value of the “magical transformation by renowned, interior designer, Linda Applewhite to resemble the cottages of napa valley bed & breakfast” will need to be backed out of the future sale price in order to establish an “apple.”
Withdrawn from the MLS in November, 1448 Kearny officially returned to the market yesterday. Now asking $525,000, a sale at which would represent a 17% drop in value over the past four years (not accounting for the value of that magical transformation), and a 32% drop in expectations over the past two.
∙ Listing: 1448 Kearny Street (0/1) – $525,000 [MLS] [Floor Plan]
Comments from Plugged-In Readers
Still shocking at $525,000.
the idea of a $525 studio with a yard still seems inflated to me. although lately 17% seems to be the magic reduction number from 2005 prices. probably will go for another 5-7% below asking.
Do any of you developers know if anything could be done with this cottage? Or as an old earthquake shack in and within the lair of the Telegraph Hill Dwellers will any change be impossible?
Sits on a 28 x 27.5 lot. What CAN you do with that?
Tear it down, but something legit in there. Does the fact that the house on the right has a window mean there in a height restriction? Or are they just SOL if you want to build up (assuming you get past the permit nazis and neighbors and such)
It looks like the whole downpayment (about $160K from prop shark) will soon be in heaven. The bubble gods will welcome it home to its rightful place. It’s time for a new housegambler for this property.
But it looks from the records that this little shack is just a small wager for the big bet. Records show that the sellers of 1448 Kearny are also the owners/renovators of this almost next-door place, 1454-56 Kearny:
That looks a lot nicer, but whether it’s $3M nicer only the market can say 🙂
[Editor’s Note: Not almost, it is (right next door): Hinting At Some Rather Spectacular Views (1454-1456 Kearny).]
I”m sure the people with the window would be horrified at the thought of tearing down this historically important shed.
Yes but whatever is right. Even if you could build on the entire lot (which obviously you can’t) you’d need three floors before you even get to 2,000 sq ft.
Isn’t the market for this more likely some kind of pied-a-terre market? I can’t imagine anyone buying this as a primary residence. Then again, if I were in the pied-a-terre market I still wouldn’t want this.
Well, you could start a “down to the studs” remodel, abandon everything due to a disagreement with the contractor, leaving the place open to the elements for 3 years and pick it up as a tear-down. Of course you’ll get outraged reactions from preservationists in the Chronicle so get ready for good solid media bashing.
Not worth it.
$225k purchase price, let it rot for 3 years, fight the neighbors for 5, $800k construction cost, net result = a 2000 sq. ft. $1M (+ your sanity), Telegraph Hill “renovation.”
Sounds reasonable to me.
Buy the place next door and use this as a yard with an admittedly large garden shed…
It is after all Telegraph Hill, some of the most valuable real estate in the US if not on the planet. Would be more appealing if a garage could be dug out underneath. Also, even w/ a height restriction, it could be possible to add a small sleeping loft space up top. Of course, the garage & loft (if even possible) would add another $200K in construction costs to the already $5125K ask. I’ve known people to “survive” in smaller spaces in SF, albeit on a sailboat. I’m betting the place sells quickly at the ask or above.
“It is after all Telegraph Hill, some of the most valuable real estate in the US if not on the planet.”
Do you remember when the land under the imperial palace in tokyo was worth more than all the real estate in california?
Ah, good times.
Listed as in escrow as of today, seems at the ask of $525K.
its out of contract. this property has been deemed to have ‘extreme charm’ by THD and given the new lockdowns on parking in the area and the undoubted development fights, i’d say its not worth a fraction of the ask…
^^^ What BS. Yeah, maybe it is “cute” due to its little size, but charming ? I don’t think so.
I’ll betcha its two immediate neighbors would like very much to preserve its “extreme charm”.
I simply hope they didn’t make the back-up offerers angry during negotiation 😉
One question though: can you combine a Murphy bed, a book shelf and a flat screen? The ultimate space saver!
Back on the MLS today, @ $525 again. Given the current improving climate perhaps an easier time successfully closing now than a year ago.
525K is a ridiculous price for an mailbox with inner plumbing. Didn’t sell then. Won’t sell now.
Just ask the neighbors to drop a bocce ball on the “house”. Let the historians feud on which is more historically significant. Hopefully they’ll say the ball and you’ll be golden and free to build your dream house (provided your rooftop has a bocce court).
Only in SF
the owners ARE the neighbors. word is that they agreed to a bunch of conditions only to have remorse and pressed the buyers to go away with a small buyout offer. wound up in mediation.
they are pitching it as garagable. well, good luck with that. even if you do punch in your garage, $525k plus garage $$ and you still have 400 sq feet, a murphy bed and a huge future fight with THD over development if you want to go that route. plan on the rest of your adult life dedicated to developing this patch of land.
cottage or bullet?
its in contract?! good god, gluttons for punishment!
UPDATE: An Artistic Re-Renovation Of A Former Earthquake Cottage.
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