Reimagined Home Further Reduced, Slated for ForeclosureFebruary 18, 2020
With the project team having successfully secured forgiveness for the under-permitted redevelopment of their rather spectacularly “reimagined” home at 3847-3849 18th Street at the end of last year, the property recently returned to the market with a newly reduced list price of $8.5 million, down $900K from its previous listing and versus an $11.85 million price tag in 2018.
At the same time, the Dolores Park West property, which was allowed to slip into foreclosure last year, is technically slated to hit the courthouse steps this Thursday.
But with around $6 million of debt on the building, including a first mortgage for $4.95 million (which had been an estimated $400K past due, including penalties, at the end of last year), don’t be surprised if the slated auction is cancelled, or at least postponed, considering the target sale price and potential equity.
Comments from Plugged-In Readers
What’s the play here? Buy for 1.5 mil, put 2 or 3 mil into the renovation, then take out a couple of mortgages for 6 mil and default, keeping the change?
I guess more likely their legal troubles knocked the schedule out of whack and that’s how they ended up here. Feels like Karma.
Maybe the city should force flagrant permit violators into default or bank sales from now on actually.
All of that wall space in the kitchen and you still shove the cook top and sink on the island? Total amateur move.
No kidding, there is almost zero counter space for food prep. The kitchen is designed to heat up your take out, not to cook in.
I wish the city had succeeded in making them reduce the size of that enormous dormer window. It hurts every time I look at it.
And who wants a garage that the whole world can see into? Seems like an invitation to crazy methheads to find some ingenious way to break in.
I kind of hope the bank takes it back and then sells it for $6 million and the developer gets nada, that would be poetically just.
No it does not “hurt” every time you look at the attic, not “dormer,” window. The block is a jumble of styles with a great many odd structures. Get real.
It’s just a window. I’m not sure why you would wish ill will on someone who has different taste than you.
You’re certainly entitled to your opinion, but to think that you or the city should be nitpicking other people’s style choices seems crazy to me.
I remember really liking this house when I first saw it on this site. One night, I was walking through the Castro and recognized this place. It’s located right across the street from a large 50’s style building (looks like it’s senior housing per Google Maps) with fluorescent lights on at night. I understand in the city you have “urban views” but it’s just not that nice for this price point. It’s kind of like a view of an office building or urgent care center. It doesn’t feel very residential. It made this place a bit less appealing. The outside spaces also feel enclosed. So it’s a lovely place, but probably only for those who want an inward-focused residence.
Sorry, don’t know if it’s technically Castro, that’s just what my subconscious calls any area within a 5 minute walk of the Castro theatre. I guess Dolores Park area is more accurate.
Don’t forget the MUNI bus line outside.
Another example in our neighborhood of the city and planning department allowing contractors and developers to convert a two flat building into a mini-mansion with inlaw/ nanny quarters. This needs to stop.
That house isn’t narrow enough. I want to feel like Luke, Han, & Leia in the trash compactor scene in Star Wars.
So was it auctioned off on Thursday?
A weird jumble of styles. Not totally bad, but I don’t think I’d buy.
Now listed for $7.5M
Doubt it will find a buyer for more than $6M.
Reduced again by $505,000 to 6.995K, now more than 40% off its 2018 price.
I’m curious – would the eventual buyer be responsible to re-do the dormer window and ‘solidify’ the suite entrance, or is the developer on the hook to do that prior to sale or within a defined timeline? Just wonder if there are any remaining legal risks in purchasing this property given the history? A very interesting and creative reimagining of the building, nonetheless. Not flawless, but more creative and of better craftsmanship than most new homes on the market in SF.
UPDATE: Infamous Dolores Park West Home Avoids Foreclosure, But…
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