Purchased for $1,150,000 in 2005 with 25 percent down, in January of 2012 the three unit property at 152 Hancock Street was taken back by the bank with no bidders at $850,000 in cash on the courthouse steps.
With two of the three one-bedroom units currently occupied and the building in need of a bit of work, the bank-owned building a block from Dolores Park is now back on the market and listed for $1,100,000.
Our countdown to the “contemporization” of 152 Hancock has begun. And we’re not simply referring to its facade.
∙ Listing: 152 Hancock Street – $1,100,000 [Redfin]
∙ Eureka Valley Contemporized [SocketSite]
This could be a tough sell as a 3-unit rental building that’s covered by rent control– even month-to-month tenants can be difficult to extract.
The Planning Department’s been adamant about not losing rental units– so turning it into the neighborhood’s usual luxury 1-family housing may be difficult.
This isn’t the “right” block either. Because it’s not a block off the park, actually, it’s a half block more than that in the wrimg direction.
When did west of the park become the “wrong direction”?
Yeah, there’s little upside to putting big new money into old rental housing in San Francisco. That’s why our housing stock becomes more and more dilapidated each year that passes.
And now the so-called “tenant activists” want to extend rent control to post-1978 buildings, so that they can start their decline into a run-down state. But hey, it keeps the “tenant activists” in their well-paid jobs!
That’s not the point, Dan. The point is that it’s past Sanchez, toward Noe. If it was between Church and Sanchez it would have better views and it would be a block off the park. Go up there sometime. You’ll see.
Being one block off Dolores park these days is no perk. I live on this street and actually think that having a one block buffer from the loud, crowded, traffic ensnarled scene that Dolores park has become is a good thing.
This particular block is ideally locally. Local families. Quiet location off the park, and right in the heart of it. The local owners have beautified the sidewalks as well. There is a reason the vacant lot half a block up just sold for $5,000,000. Get a grip, Anowned.
I assure you, tu, i’ve got a firm grip on values in that area, how to express myself, how to disagree without being insulting, any number of things. This section of Hancock isn’t going to command the big bucks other sections of the same hill nearby will. But yes, nice area.
This is valuable property located in Eureka Valley. Also being South of 18th Street up the hill towards Liberty Heights is even more prime. Hancock is a highly desirable quiet Street steps from the Castro and Dolores Park. This will be multiple offers, however depending on the tenant situation that could make it less desirable but still not deter a high price.