From Flippy To Floppy To Five Hundred Grand More
April 21, 2011
The sale of 2011 Golden Gate Avenue closed escrow on 10/15/09 with a reported contract price of $1,800,000 ($413 per square foot). Purchased for $1,350,000 in July of 2007 but then remodeled and expanded (adding legal bathrooms and square feet), 2011 Golden Gate returned to the market in October of 2008 asking $2,395,000.
It was subsequently reduced and relisted a number of times, most recently for $1,799,000 this past September. And while not exactly apples to apples on account of the remodeling, call it a likely six-figure loss on the investment when all is said and done.
In terms of industry statistics, however, the sale will be officially recorded and reported as “over asking” with less than 40 days on the market.
And while we don’t see any permits for additional work since its last sale, as a tipster notes, 2011 Golden Gate Avenue is back on the market and listed for $2,300,000 in 2011, a sale at which would represent a 28 percent ($500,000) bump in value from 2009.
∙ Listing: 2011 Golden Gate Avenue (5/4.5) – $2,300,000 [MLS]
∙ From Flippy To Floppy And A Cliché For 2011 Golden Gate Avenue [SocketSite]
∙ Not To Be Flip, But If It Wasn’t A “Flip” It Looks Like One Now [SocketSite]
∙ Tis’ The Season (September) To Return: 2011 Golden Gate Ave Edition [SocketSite]
Comments from Plugged-In Readers
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I have always really liked this house, although I don’t know the location super well.
$500k bump in price seems quite aggressive, although perhaps the working theory is that it was sold on a discount the last time.
yet another house that is on and off the market all the time. I’m not sure why anybody bothers buying this, they’ll just sell it in 2 years anyway.
It’s already in contract. They just put it into MLS for comps.
I think one reason it’s attractive is that the garage door is lower than street level, and as unobtrusive as possible.
And it’s not a bay window.
They already put it in, as contingent, for comp purposes? Why? I doubt that. It doesn’t even read as contingent. This one makes no sense. NOPA (wow, they got me using that and I don’t really want to) is gentrifying rapidly. But not to the tune of 20% annually. Odd one.
The listing says active contingent, which means it’s in contract… It could be a mistake though.
Agree that type of appreciation seems odd.
I looked at it in the MLS before I posted that, and it merely read “active.” But I was viewing the MLS with Safari on a Mac, so maybe it was not displaying properly.
^So I guess making any mistake makes you a “liar”?
No, and where are you getting the idea to put quotes around “liar” from? I mean, you’re a total liar. You’ve been caught out there countless times. But why you’re talking to me about it here I don’t know.
How odd.