Purchased in the Inner Mission for $541,000 in April of 2003, a bank owned and previous owner’s work in progress 981 Shotwell is back on the market and asking $555,000.
New kitchen, electrical service and “other mechanical upgrades” but it’s not yet construction complete (pay special inspection to those braces during any inspection).
∙ Listing: 981 Shotwell (3/3) – $555,000 [MLS]
I hope it is just lens distortion, but the lines on that facade do not look straight at all. The doorway tilts to the right and the bay windows tilt to the left.
Also it looks like the seller was intending this to be 3 units as he installed 3 power meters. That’s odd as it now seems to be sold as a SFH.
[Editor’s Note: Three meters is more often a sign of two intended units (one per unit plus one for the house as is required to condo convert). And while not noted in the listing, it looks to be zoned RH-2.]
“Single family home chopped into 3 unwarranted units” notes the listing for this 3/2 sfr about 2 blocks north asking $599K. Is this a trend in hipsterland?
http://www.redfin.com/CA/San-Francisco/2963-22nd-St-94110/home/721681
Milkshake o’D —
I don’t think it’s the lens. Compare the angle of the siding on the right side of the building with the angle of the siding on the building to the right. Either that’s some serious droop, or the building on the right isn’t horizontal.
Shotwell had some serious earthquake issues in 89, maybe that explains the “droop”. There’s apparently a filled creek running underneath the street, and there was a lot of settling, and a few houses had to be torn down. I would want to be extra special sure of foundations in this this location….
regarding the droop–
if you look the place up on googlemaps it looks much straighter than it does in this picture, though it still seems a bit droopy to me. I’m not sure when the picture on google was taken, though.
Interesting that property shark shows that the foreclosure for this property happened six years ago. CIT took back the property on April 2, 2003 at a trustee’s sale. The amount of the debt was $541K.
Perhaps the property shark data are just wrong. Or maybe the bank has been holding this property for six years! (maybe trying to get some tenants out, lol?)
CIT is just about bankrupt and is in the process right now of trying to avoid formal bankruptcy by buying back outstanding debt at a large discount, so maybe that is playing some role in the timing if prop shark is right that this has been on its books since 2003.
i can’t tell by looking at the garage photo but the real question re the tilting is whether the foundation has been reinforced or not as part of the construction.
3 gas meters would make me think that perhaps this used to be a multi-unit building that was ellised to convert to SFH. i live on a street in the mission that has had many houses ellised and converted back to sfhs – most retain all of their original multiple gas meters. the owners claim that it’s in case they ever want to convert back to multiple units when they sell.
looks like there is potential, but i’d bet it will cost at least 300k more(depending on the state of the foundation and bathrooms) to get this place into livable condition.
To paraphrase Dirty Harry’s famous “lucky” monologue:
But being as this is a no-disclosure “as is” bring-your-contractor REO, the most powerful money sucking device in the world, and could blow your bank accounts clean off, you’ve got to ask yourself one question: Do I feel lucky? Well, do ya, punk?
Great curb appeal.
rr, milkshake et al…. isn’t it more likely that this was a “botched” photoshop gig, probably given to some “intern” on craigslist to work on ??
ha ha. I don’t think it is that far-fetched….
Topher,
That picture is lifted straight from MapJack.com. The Google Maps version doesn’t have a good enough angle. It’s as good as these pics can be.
i also don’t think this is the most charming part of shotwell. i think 380-400k would be more realistic.
cerky,
I love the 20th-22nd stretch with its wide sidewalks and nice vics. But the blocks around 24th street have the potential to be if not as nice, at least much more appealing. I actually scouted the 24-26th block last WE but didn’t see this train wreck.
A great feature of this area is the crossing of 24th and Folsom, especially Philz’. One of the greatest coffee in SF and a great team, imho.
i agree that shotwell btwn 20th and 22nd is amazingly quaint – almost fully in tact Victorian blocks. and toward cesar chavez it again becomes nice. however, there is some serious drug dealing that goes on around 22nd and 23rd. i think this house has a lot of potential but 600k is a bit ballsy for a house in that condition and in that area of the mission.
there’s a great victorian apt/retail space on valencia btwn 22nd and 23rd for sale. it has 2 (probably) protected tenants in it but would be an amazing opportunity for someone who wanted to open a shop and live above. it has a ton of potential, but they are asking 700k which is wildy overpriced for the state of the building and the tenant situation.
i think these places are all great opportunities but i don’t get why sellers continue to ask such ridiculous prices especially in this market.
A great feature of this area is the crossing of 24th and Folsom, especially Philz’. One of the greatest coffee in SF and a great team, imho.
Am I the only one who doesn’t like Philz? I don’t like this business of spending $4 on a cup of cream with a bit of coffee in it.
Seriously, Coffee Bar is much better. Epicenter Cafe is better. Ritual is better. Even the Fascist Pigs at Blue Bottle (“No, we don’t have straws. No, we won’t make that iced. No, you can’t have 2% milk, and we will decide how much to pour.”) are better. Actually, the dank cave known as SugarLump is a better place to get coffee — and cheaper, too.
Or maybe the bank has been holding this property for six years!
The newest entry on the County Recorders website is an abatement order from way back in 2004 (filed against CIT, of course). Talk about rotten to the core…
I don’t like this business of spending $4 on a cup of cream with a bit of coffee in it
I guess that makes sense, but you can ask for only a splash of cream if you like. They’ll work with you. Philz has something like 20 blends running the gamut of coffee tastes and caffeination. The small size, which is 12 oz and not that small, is 2.75. Gotta say, every time I set foot in Ritual the line is too long. You know what’s good? The espresso drinks at Tartine. I did have a blue bottle espresso for the first time last week. Very tasty.
and the water heater isn’t strapped properly either LOL.
Maybe I am wrong, but yesterday’s MLS listing didn’t use to have the sentence “Needs extensive work and will likely require an ALL CASH offer.Financing is likely not going to fly.”, did it?
The Straight-Talking Realtor of the Year Award goes to…
I like Sightglass (7th @ Folsom), Farm:Table (Post @ Leavenworth) then Four Barrel (Valencia @ 15th).
Disclosures not available at this time according to MLS. Scary. I also think the LP is too high, maybe that’s just wishful thinking.
Yeah well the place isn’t slanting and it’s way bigger than 1536 feet too. Somebody will buy it at this price, and there are ways to get loans too, i.e. local bank, 40% down, owner occupied.
Consider this an open offer: $50k, all cash, no contingencies, closes instantly. Mail me.
Why are there so many alleys in this part of The Mission?
not a bad deal… 942 south van ness sold for 1.4 million a couple blocks away
This Shotwell property got into contract within four days.
Not to make light, but the person who is in contingent contract on this house might be regretting it after this:
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/09/19/BA8L19PJ59.DTL
Did this place ever close? It was delisted a couple weeks ago.