2011 Golden Gate Avenue
As we wrote about 2011 Golden Gate Avenue in May:

We can’t be certain that it started out as a “flip” (or more accurately a speculative remodel), but 2011 Golden Gate Avenue is back on the market and asking $1,995,000.

Purchased for $1,350,000 in July of 2007, according to its new listing the 4,356 square foot home has been “elegantly remodeled” since. And according to its permits, that remodel included the addition of a couple of new bathrooms as well as legal square feet.

UPDATE: As a plugged-in reader notes, we should have put that “new listing” in quotes. Asking $2,395,000 in October of 2008 and $2,200,000 in November. But only 12 days on the market according to industry stats.

In and out of contract, reduced and then withdrawn from the market last month, as a plugged-in reader notes: back on the market with an “official” two days on the market (and one less official MLS bath) asking $1,799,000.
∙ Listing: 2011 Golden Gate Avenue (5/4.5) – $1,799,000 [MLS]
Not To Be Flip, But If It Wasn’t A “Flip” It Looks Like One Now [SocketSite]

23 thoughts on “Tis’ The Season (September) To Return: 2011 Golden Gate Ave Edition”
  1. wow – this is nice, if you like Victorians (I do) and the price is looking good too.
    Just how sketchy is the immediate hood?

  2. No problems with the hood there. GG and Lyon?
    Only thing of note would be the Zygmunt Arendt house being built on the corner of Broderick and GG.
    47 studio apartments for formerly homeless seniors.

  3. This really, really pretty.
    Neighborhood isn’t perfect, but it’s not too bad, I don’t think? (Haven’t spent much time around there in past couple of years.)

  4. Nice place and good location. I think they switched realtors on this as well.
    Only real SFH comp of late that I can think of is a SFH over on Broderick between Fulton and McAllister that went for between 1.5 and 1.6M (I think). But, this is nicer and bigger.

  5. I live down the street and have commented on this place before, so forgive any repeat comments. I like the house, and part of me still wishes I would have picked it up before the renovation and when I still had some cash floating around. Though at $1.8M it’s actually around the right price IMO and saves the headache of actually doing the renovation. It looks like a quality renovation.
    I love the neighborhood. Green Chili Kitchen is moving 1 block closer and the current spot is becoming an ice cream parlor(3 blocks away from house). A nice looking wine bar is opening 2 block away as well. Then we also have the Divisadero Streetscape starting next week. The concept drawings look amazing.
    I’m not too worried about the Arendt house. The neighborhood association seems to be able to keep the other social service buildings as positive parts of our neighborhood.

  6. Do units that get mentioned here on Socket Site generate incremental traffic/interest? I’m not in the market to purchase a home, but even this house caught my eye.

  7. Do units that get mentioned here on Socket Site generate incremental traffic/interest? I’m not in the market to purchase a home, but even this house caught my eye.
    Not enough to matter.

  8. kthnxybe, I’m with you, generally speaking. As I noted on the prior thread, it looks like they did a really nice job with this place. And I think this is one of the parts of town that is most ripe for gentrification — nice central location. Although it needs better public transit — I hate the Geary buses. That said, I don’t think I’d want to heat/clean/paint/maintain/furnish 12 rooms and 4400 square feet of house. I only have two kids, and even though they have their own rooms now they generally just share one of them because they prefer it that way. And I don’t think I’d pay this kind of money to live so close to some pretty rough areas just to the west.
    Not sure how it would have worked out permit-wise, but I think they could have done better financially by splitting this into two nice, big 2000+ sf flats.

  9. Corntrolio, you’re right. I meant to say to say it’s rough a few blocks east, not west. It gets quite nice a few blocks west.

  10. I have always loved this place, although I don’t love the nabe. (neighborhood is ok, just not for me).
    I hope somebody buys this to send a market signal to the various flippers/developers/builders that this type of home can be profitable.

  11. I’m down on Hayes and Broderick..
    and I love the hood. having lived in it since 99.. Easy to get to work downtown. Easy access to the freeway. Relatively quick to get to GG Bridge.

  12. It has cleaned up a lot for sure, but it’s still not great. Options of things to walk to is limited, transportation is okay, and it still is a bit shady.
    Ex-SFer, this flipper took a bath so it won’t show anybody how they can profit on this type of project. I am sure they will lose money at this price (they probably lose $150K at this price)

  13. My concern is it will send the opposite of the signal ex-SFer anticipates. We need developers like sparky-b who clean up and improve the housing stock in SF. I think the problem in this case is they paid too much for the “before” house in July 2007.

  14. Thanks trip and that is exactly right, $1.35M on the buy was crazy. I don’t know if it’s going to the auction block, you would think(hope) that somebody buying at that price and dumping much more into it would have the pockets to take that hit. I guess we’ll see.

  15. Yeah, for sure they will lose money, even if it goes for listing. At $1.8m, they have $450k to play with before accounting for any costs. But consider that carrying costs (assume 6% for up to 30 months) + transactions costs (assume 8% of $1.8m) add up to $350k alone! I’m not a contractor, but I’m pretty certain that more than $100k of work went into the place.
    It will be a shame if future (re)developers are deterred. But the good news is that the price for the unrenovated house (i.e., the base cost for developers) has undoubtedly fallen a lot in the last couple years. So there may still be opportunities out there for the sparky-b’s of the Bay Area…

  16. Sold for 1.8M, the third most ever paid for an SFR in the area
    [Editor’s Note: At $413 per square foot for newly remodeled space, how’s it compare?]

  17. It appears to be second most per foot in its relative range for the area. 301 Lyon went for 2.25M back in ’02 at 357 a foot. 1652 Hayes sold for 2.125M, its tax records say 1900 feet, but there was a large studio too.

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