While they couldn’t rent the Ross Leavy renovated 195 Beacon for $6,000 a month, they could sell it for an MLS reported $1,600,000. Asking $1,650,000 (which is what the seller had paid in October of 2007).
UPDATE (10/1): Sorry folks, but we screwed up. While 195 Beacon was purchased for $1,650,000 in October 2007 and did just sell for $1,600,000, it wasn’t an “apples to apples” sale but rather invested in and improved.
We missed a permit for the addition of two bedrooms on the ground floor, a kitchen and bathroom renovation on the upper floor, and a few new windows in-between sales. Luckily a plugged-in reader did not.
∙ Name That “Noe Valley” House (And Architect) [SocketSite]
∙ A (195) Beacon Of Renovated “Hollywood Hills Style” Up In Glen Park [SocketSite]
Hmmm…in other words, the sale price was over 22x annual rent (possibly significantly over, since monthly rent could be significantly less than $6,000). Still overvalued? Check. Hope they’re not planning to sell soon.
Is that it? 3% off 10/07 price?
(I dare not use the word ‘peak’ obviously..)
[Editor’s Note: Not quite.]
wow, I’m surprised that it sold that high — and that fast. the house looks far better in pictures than it did in person. ikea kitchens and baths (not that there is anything wrong with that), uneven floors and an odd downstairs space, that, apart from the pool felt like an east coast basement. certainly not mr leavy’s best work, although the view was nice.
congrats to the sellers, and to the ever resilient SF market.
I’ll chime in as well: this is a better outcome than I would have expected.
So, from what I can tell from the permit history (11/02/07), they lost a chunk of money after improving the place (to the tune of at least $25k). Flip… flop…
RENOVATE WITHIN EXISTING ENVELOPE, NO ADDITIONS, ADD 2 BEDROOMS ON G/F, RENOVATE KITCHEN AND BATH ON UPPER FLOOR, 2 NEW WINDOW OPENING
I think everyone who reads socketsite believes that some people paid way too much for some property in 05, 06 and 07. the interesting question going forward is what would a property worth, say, $1.3M (based on income-generation, “intrinsic” value or your own personal appraise-o-meter) sell for next year? 1M? 1.3M? 1.6M? based on this sale and the south park one, put me in the $1.6M camp. happy days are here again
I’m very surprised by this sale price.
UPDATE: Sorry folks, but we screwed up. While 195 Beacon was purchased for $1,650,000 in October 2007 and did just sell for $1,600,000, it wasn’t an “apples to apples” sale but rather invested in and improved.
We missed a permit for the addition of two bedrooms on the ground floor, a kitchen and bathroom renovation on the upper floor, and a few new windows in-between sales. Luckily a plugged-in reader did not.
Cheers.
…And to take it a step further, they fled Ess Eff for the East Bay. One less family competing for the vaunted SFR.