Having been taken “down to the studs and masterfully redesigned,” with four (or five) bedrooms, three full bathrooms, an open chef’s kitchen and great room, and a penthouse media room with a wet bar and wrap around roof deck, the modernized single-family home at 864 Florida Street, “in the heart the Inner Mission,” sold for $3.1 million in March of 2015.
Since improved with custom enhancements and “now better than new,” the roughly 2,850-square-foot home returned to the market this past September, priced at $2.995 million with expectations for a bidding war.
Having failed to secure an acceptable offer, the list price for 864 Florida was raised to $3.08 million in October, to $3.15 million in November, and then removed from the MLS without a reported sale.
And today, the remodeled single-family home is back on the market with a $3.15 million price tag, a sale at which would represent total appreciation of 1.6 percent since early 2015 on an apples-to-apples, versus “median price,” basis and with an official “1” day on the market according to all industry stats and reports.
If you think you know the market in the Mission, now’s the time to tell (especially if you missed the mark with respect to the apples-to-apples sale of the remodeled single-family home at 948 Hampshire Street).
Another apple-to-be of similar vintage, a few blocks to the west, is 3590 20th St. #505. Listed now at $2,349,000. Sold 6/2015 for $2,595,000.
And of course, the adjacent penthouse unit #504 at 3590 20th Street ended up quietly selling for $2.239 million this past October having been purchased for $2.595 million in July of 2015.
But don’t forget, the median sale price in San Francisco and index for Bay Area condo values are up!
Now back to 864 Florida…
So it was on for 2.995 when after tax property taxes were $1500/month lower and it didn’t sell. A $1500 per month added payment would translate into a $317,000 mortgage. Interest on the mortgage was deductible up to $1.1M, now $750,000. That adds $350,000 x .02, or about $600 per month, which is another 100+K mortgage. So payments will seem like they would have if you paid another $400K price on top of your purchase price.
Not that the market is perfectly rational in these things, but if the value was something south of $3M then, it’s something south of $2.6M now.
My estimate of the sale price: Won’t Sell.
I’m pretty sure increasing the transaction price by $150K wouldn’t translate into $1,500/month or $18K per year of new taxes. I think it’s closer to $1,500 per year and $125 per month.
Still seems unlikely to sell at list price but not because of taxes.
stay tuned to be proven wrong
so how did your prediction work out for you
Awfully tiny for a “chef’s kitchen” – a single sink? – and the WIC in the master bedroom is kinda pitiful too. I’d have deleted the tub from the master bath (how often are those even used?), flipped the shower over, and enlarged the WIC. But what do I know, I just live in houses – not design them!
Also curious about the room measurements… a significant portion of the “15 x 10” dining room overlaps with the upper right corner of the “9 x 15” kitchen and “16 x 16” living room… in fact take away the overlaps, and the dining room is essentially a 4 x 10 bump-out, with a couple feet more on the living room side.
I see the skylights are flush with the deck, and no railing around them – so presumably they’re meant to be walked on. Can someone guesstimate the added cost of these against ‘ordinary’ skylights?
I thinks its just a super thick piece of plexiglass or glass framed on the deck over the skylights. I don’t think you are actually walking on the skylight itself.
Staged house with a crucifix in the bedroom. Being offer to a broad range of ppl. Wassup with that?
It’s in the Mission right?
We see houses staged with Buddha statues all the time.
Here’s one from a similar time period: 3200 Oceanview Ter. #321, sold for $625,000 in May 2015 and just sold again for $860,000 – up 37.6% and sold in 3 weeks for $111,000 over asking (despite the new tax law). But no cherry-picking here . . .
A completely different neighborhood (Ingleside Heights), price point and market segment (not to mention what would appear to have been an off-market sale in 2015). Well done and right on cue.
Then again, we couldn’t have picked a better example to illustrate our point about how “outsized gains at the lower end of the market” are distorting perceptions of the market overall. So again, well done!
But now back to 864 Florida, the Mission and single-family homes, or at the very least the segment of the market at hand…
The rest of the house is kind of basic, but I do love the deck and the backyard. I am predicting a sale at $2.9 million, even.
you predicted wrong
5 bedrooms but the kitchen is sized for 1.5 residents, not to mention IKEA ugly. And that’s not a “dining room”, it’s a dining table blocking the patio door where two seats are practically in the kitchen. “Masterful” remodel, except they totally failed on the most important room.
Perhaps that’s why it only fetched $3.1 million ($1,088 per square foot) on the open market in March of 2015.
$2.89M
wrong
I think the Mission is very clearly showing that it advanced too fast, too high. The folks who flipped homes in this area in the 2010-2015 era made out like absolute bandits, but $3 million dollar homes were just a bit too much to sustain. Particularly when they McMansions squeezed into vanilla working class homes. Sorry, but 9X9 is not a bedroom…
I don’t think so. I think the 3M and higher Mission sale never really was a bankable thing in the first place, one. And secondly I think most of the sales in the 3M range have actually been in the last year and a half anway.
Still crazy in the Mission by any measure, in any event. 1071 Alabama, just closed today for $2,850,000. Not an “apple” and very nice, but nothing to write home about. But close to 3 million on Alabama. So “maybe it would have sold for even more two years ago” is a possibility, but it’s not as if the madness has eased materially. That’s a seriously high price for a pretty standard place.
And 948 Hampshire just sold for $3.2 million! Yes, $3.2 million on Hampshire.
Of course, 948 Hampshire had previously traded for $3.8 million in December 2015. And while $3.2 million or over $900 per square foot certainly isn’t cheap, it is 15.8 percent cheaper since the end of 2015 for the exact same home (i.e., on an apples-to-apples basis).
Wow I’m surprised about 1071 Alabama at $2.85. It’s only about 1800 sq ft I believe. Especially when 1051 Alabama a few doors down sold for $2.4 in December 2017 and is larger at 2200 sq ft. Both homes renovated similarly/nicely imo. 1051 has a real garage, though 1071 is a bit more unique, but I don’t think one is superior to the other.
Anybody else check both homes out? Be curious as to other’s opinion on the PSF price disparity.
Dang 1071 Alabama sold for almost $1600 PSF. And 948 Hampshire for only $900+ PSF. Both homes renovated to similar standards. Crazy disparity, even if you account for the difference in home sizes. I think the mission is going through some gentrification growing pains; like the awkward teenager changing from boy to man. Noe prices? Or Excelsior prices for this nabe?
Mission 2015: A monologue for an audience of one
“Bro, I see value way ahead of time – like way before these VC’s I try to scrape money from. Like this house bro, I mean look around. Do you see the modernity? It’s reflective of my worldview. Like my vision of America and how I knew HamsterPong would be the app everyone wanted. I knew this house would only ever go up in value. I mean, yeah it’s stucco on the front, but I painted it dark. Real dark, bro. I am the one I have been waiting for.”
UPDATE: Modernized Inner Mission Home Fetches its Early 2015 Price