We don’t consider development projects like 455 Prentiss to be flips. The quick resale of 15 Nebraska, however, fits the flipping bill. In the words of a plugged-in tipster with respect to the Bernal property which sold for $660,000 this past July (i.e., three months ago):
Sellers stayed in the home for a month or two after closing. Sellers finally moved out maybe 2 or 3 weeks ago and all the buyer did was repair floors, install some windows, very inexpensively update kitchen and a bath, and paint…
The 1,610 square foot home at 15 Nebraska with an unwarranted cottage out back has just been listed for $799,000 with “offers to be reviewed on 10/30 by 5pm” and no recent permits for any substantive work online.
Welcome back to Bernal Flipper Heights.
∙ Listing: 15 Nebraska (3/3) 1,610 – $799,000 [Redfin]
∙ Before And After At 455 Prentiss: Contemporary Bernal Heights [SocketSite]
Risky move…this may not end well! Not the best part of BH either. Selling costs alone are going to be in the range of $40,000 if this goes for asking.
Yuck!
Man, ugly place, ugly neighborhood.
There have been some complete rebuilds in some similar type streets in Bernal that have sold at pretty high values. 50 Bronte is one. Bought Sept 2011 for $450k and sold Aug 2012 for $1.3M after extensive build.
And 455 Prentiss, mentioned above, sold for $1.549M and people on this site crapped all over that location too. Both complete rebuilds, which 15 Nebraska is clearly not, but they show an appetite for new stuff in areas of Bernal.
I would have thought the seller here would have gone bigger and tried for a better result. Seems to have left himself in a tight spot with the flip.
[Editor’s Note: Re: “people on this site crapped all over that location too.” Really? Which comments?]
@Editor
You know, you’re right. No one really “crapped” on it. PDXer said he/she would be surprised if Prentiss closed at $1.5M and CH said the property itself was not in the same league as Alabama and Banks. That’s certainly not “crapping”.
I think maybe I’m just responding anon’s post above “ugly place, ugly neighborhood”. Really? No other input than that? Thanks for posting.
But I do get the feeling from reading comments on this site, and I read a lot, that if the property is not prime Liberty Hill, Dolores Heights, Pac Heights, or prime whatever.. then they just can’t imagine why someone would live there. South side Bernal gets that treatment often. But truth is.. folks have to balance ideals with affordability. And many of the less prime areas are perfectly fine areas to call home.
Still, this seller with 15 Nebraska has me puzzled.
Bernal continues to do great, as many predicted for reasons of the tech market and southern gentrification, but many idiots on here snidely hated on.
i think the kitchen looks cheap,the windows look cheap, the bathroom finishings are cheap.
it may be what some people can afford but it’s just not an attractive home.
just my personal opinion
That is one of the lamest kitchen “remuddles” I have ever seen. What a waste of money. The next owner is going to have to start over again and remodel it the right way.
Goodness gracious, you are trying to take a hundred grand out in 3 months. Pony up for a stainless fridge, and repaint the interior at least.
My read on the “Seller reserves the right to accept or refuse any or all offers” ==> a make-me-move (TM) price, and $799 is not it.
If Bernal had a beach it would really take off, like the Outer Sunset…..
Bernal doesn’t have a beach, but it has a moat where cars take the place of water
This house is horrible. Ugly on the outside, and ugly on the inside. The rooms are choppy and clausterphobic. The front door opens to the bottom of the stairs. It looks like the kitchen was added to a corner of the living room with that big picture window in it. Is the seller insane? Even if I could afford it, I wouldn’t pay half the asking price!
Pending as of 11/7.
Sold 12/27/12 for $792,500. Looks like the seller made a few bucks. Let’s see what the buyer does. Flip again?
Good work Boo.