As we wrote about the Noe Valley “Space Invader” home two weeks ago:
Listed for $2.25 million in 2012, the Noe Valley Victorian at 264 Clipper Street which was remodeled under the direction of Envelope Architecture + Design, and embedded with a Space Invader in the concrete out front, sold for $1.895 million in January 2013.
Returned to the market two weeks ago listed for $1.895 million, it shouldn’t come as too much of a surprise that 264 Clipper is already in contract and will sell for “over asking!”
Yesterday, the sale of 264 Clipper closed escrow with a reported contract price of $2.6 million, which is 37 percent above its sale price of two years ago. And of course, it’s 37 percent “over asking!” as well.
Everytime I see one of these great price flips, I think, wish I had had the money to buy in the doldrums and sell now. And then I think, wait, hey, I did buy in the doldrums, and I can’t sell, because where the heck would I live, with prices like these?
Congrats to the lucky ones with either the funds to play with real estate, or whose job and family and housing needs situation lined up with the stars.
Very lucky indeed to have had dear old Dad’s money to buy and remodel this place. That is, unless you think a skateboard salesman and a stylist dropped $1m to buy and $500k to remodel out of their own money.
They may be quite fortunate in general (and thanks for the link) but, per jenofla’s point, they aren’t the ones who made out. They bought the place for $1.368M in 2005 and paid $500K for the remodel, then sold it for $1.895 in 2013. Discount even just the real estate commission and they took a loss after 8 years of owning the place. Now whoever bought it in 2013 and just sold it 2 years later for $705K more is sitting pretty!
Ok, so this is apple to apple sale? The remodel was done before the $1.895 resale? Assuming yes then story goes- trustfunders played with being developer-cum-architects (along with space invaders) with dads cash. Lost money selling, but who’s counting- they had a meaningful and fulfilling experience. Other party buys smart and makes bank. A classic SF real estate story.
Ah, the guy who made the nice profit is moving to LA, where his money will go a little further.
At least the trustfunders got to live in Noe from 2005-2013 for the cost of that loss. Probably not bad when compared to paying rent.
I guess we already hashed out all possible trust-fund-baby / gentrification issues back in 2009.