Purchased as a 2,000-square-foot property, “in need upgrading,” for $1.31 million in May of 2018, the single-family home at 1160 Florida Street has since been redesigned by Martinkovic Milford Architects, completely renovated (“no stone has been left unturned”) and expanded to 2,800 square feet of habitable space, featuring a “modern aesthetic and designer finishes,” with “an abundance of natural light,” a “dazzling” open floor plan, four bedrooms and four baths.

Priced at $3.995 million last October and then reduced to $3.495 million after two weeks, the Mission District home was listed anew for $3.095 million early last month, with an official “1” day on the market.

And the list price for 1160 Florida Street has now been further reduced to $2.95 million, down a million (26 percent) since the home was priced last year but a sale at which would be considered to be “at asking” according to all industry stats and aggregate reports.

If you think you know the market in the Mission, or the market for newly remodeled homes in general, now’s the time to tell.

Comments from Plugged-In Readers

  1. Posted by Clyde benke

    Call me picky…. but all that untidy wiring on the front facade just does not add up to 2.95 million. Looks more like 595K

    • Posted by Jeffrey W. Baker

      The wiring on that side of the meter belongs to PG&E, so it may be that no amount of money would be enough to get it tidied up.

      • Posted by The Milkshake of Despair

        You might be able to underground the link from the electrical poles to the house. That would be spendy, at least $10K, and still you’re left looking at the much larger telephone poles on the street (out of the frame and behind the photographer).

        • Posted by asdf

          I tried to move my electric meter. I opened a work application online with PG&E, got my city permits to include the relocation, communicated with a case officer at PG&E, offered to pay for all costs. Despite following up every month, I never did hear back from this case officer. After 6 months, PG&E emailed me that “after not hearing from you for 180 days, we automatically closed your application.” This is all happening while PG&E was bankrupt and presumably could use some of my money. From my anecdotal experience, PG&E makes SF planning/DBI feel like a responsive, agile, customer-centric organization.

      • Posted by Breh

        That conduit is a retrofit. The original was inside the wall. The Contractor who upgraded the service didn’t want to open the wall. Saved the homeowner a cool $300 buy not opening up a bay and hiding it in the wall. PGE Is only responsible up to the splices.

        • Posted by Jeffrey W. Baker

          The conduit is there on Google Street View from before the remodel.

  2. Posted by Cynthia

    I can’t describe in adequate terms the loathing I feel when looking at that design aesthetic.

    • Posted by MDG399

      i can describe it,.. Let me know if I’ve captured your feelings:

      Contractors Special
      Bore boxes arrived today from Wayfair….

      How’s that…?

    • Posted by Miraloma Man

      Exactly. Dwell Blah.

  3. Posted by Sri

    $4 million was extremely ambitious.

    Now – $2.95 for 2755 sq ft, 4 bed, 4 bath, backyard, and roof deck? New renovation? Quite the deal if I do say so myself! Someone is going to get a steal on this one it seems. Buyer’s market I guess.

    • Posted by Sfnative

      A steal? I wouldn’t go that far. The area is so congested with sfgh nearby. The projects and homeless at the Caesar Chavez 101 exit is too close to spend 1k per square foot. With nearly 40k in property taxes, with nothing but subpar schools and urban decay to show for it, I would rather find a tic or single family fixer home in upper eureka valley.

      • Posted by Sfnative

        I have no skin in this game, (maybe Sri does) but if I were to be in the market for that area of the mission I’d think about listing it at 2.3 at the most. Even then I’d think about getting something on lower now valley or Dolores heights off of church street.

    • Posted by tipster

      It’s been sitting for $100K more for the last month with no offers. If 3% off is a steal, I would have thought that they’d have offers on their most recent asking price after a month. A week ago, someone certainly could have offered them 5% under, but no one bothered. When a price is dropped 3% after a month’s time, this isn’t any steal.

      And the stock market has tanked by 15% since then. If they drop the price to 2.6, they’d be even with their price from a month ago (relative to the stock market) at which they got no offers. Instead, they provide this meek little 3% reduction.

    • Posted by jackson

      $2.95 would be a good deal if this area gentrified to something like a Noe Valley level. But to pay that price now when who knows when or if that will happen is just foolish. Location, Location, Location….

      • Posted by sparky-b

        Well someone paid $2.9 for this in May 2019 and it is smaller ($1144/ft) and this sold for $4.15 in October at 1443/ft.

        If the area got to Noe Valley pricing the cost would be a lot more than $2.9.

        • Posted by sfnative

          Well, as you probably already know, a couple blocks from a particular area in SF will likely make an area worlds apart (a la lower pac heights and western addition. try walking/driving south of this immediate area. Just sayin

          • Posted by sparky-b

            A few blocks in some parts of town do feel different, but walking the flat 20th to 24th on Florida does not feel like a neighborhood change.

        • Posted by markus

          Just because [somebody] overpaid doesn’t make a neighborhood nice. Jus’ saying.

  4. Posted by Sfnative

    yes, from 20th to 24th…that’s why I mentioned to walk south of this home. Let’s just say that you’re ok with it, and I wouldn’t if I were to raise a family there and agree to disagree. Those homes being sold for that much honestly seems a bit more obscene than the usual obscenities of home prices here. I also feel that pricing out artists, restaurant workers, teachers, and the people who are vital to urban communities is pretty awful. Ironically, this sort of stuff of “gentrification” only drives more of a housing gap in a place where there’s very little space. the parks nearby will soon be laden with decay.

    • Posted by Jake T

      I’m sure the flipper would have been happy to build 4 units on this lot and sell them for $1m each, if the city made it as easy to do as this renovation. Maybe the artists couldn’t afford that, but the nurses certainly could and so could many city employees who earn a median of $180k/yr.

      • Posted by haighter

        Median city employee salary is $180k/yr? Holy smokes! Plus defined benefit pension…

        • Posted by Notcom

          That seems a little implausible: the MEAN (2018) was ~$90K and the mean is usually higher than the median, tho of course there could be lots of part time/low income employees skewing things.

          (once we’ve digested that, we can come back to why SF has so many employees – LA has only 50% more with 5x the population…some of it’s being city+county some is having agencies like Muni, but stil…)l

          • Posted by haighter

            Ah, thank you for the reality check. $90k is what I would’ve expected.

        • Posted by Jake T

          Sorry about the vague wording: this is fully loaded cost which includes benefits. You can check the stats from the controller’s website. Of course since we have an ongoing pension and other post employment benefits shortfall, there are off the books expenses as well. If you don’t want to run a median on the column yourself, this article quotes the average at $160k, which is both stale and a little lower because it computes a different metric.

          • Posted by Jake T

            To be clear, mean before benefits was at $105k in 2016, it’s probably closer to $120k now. The public pay website linked above doesn’t filter out non full time positions nor the partial annual income as net headcount increases through the year.

          • Posted by SocketSite

            Keep in mind that the “$160K” stat is effectively the median cost per employee, which not only includes direct benefits, such as health care and retirement, but perks as well (cafeteria, gym, swag, etc.).

          • Posted by Notcom

            The caveats noted are correct, but one of the advantages (of the site I linked) is that you can drill thru all the data: there are something like 4200 pp, so the median is page 2100 (or thereabouts); if you want to account for part-time, then set a likely limit – say $20/30K – and adjust your page reference accordingly…it’s a really neat site!

            Now to tie that in to current events: how many of these people – I wonder – are going to become (at least temporarily) unemployed, and will they be paid? Obviously first responders will be employed but what about others? No libraries means no librarians; will Muni dramatically cut back service? If the courts shut down what about clerks and lobby guards and…you get the idea.

            And if they DO continue to be paid as usual, what about the disconnect between payroll and revenue – particularly sales tax – which seems set to collapse.

  5. Posted by L'UrbanistaSF

    But is the neighborhood vibrant? Where is the nearest Boba Guys? Can I get a $14 matcha croissant nearby?

    • Posted by sparky-b

      I don’t know about Boba or matcha but it’s right by Dynamo Donuts, so yes it is a vibrant hood

    • Posted by Sri

      Anyone who uses the hyperbolic fake phrase $14 matcha croissant (it’s more like $6 but yeah) is def filled with angst that either (1) they cannot afford SF anymore (2) “it isn’t what it once was as a city” classic old fart commentary. Or both.

  6. Posted by Philip

    All the charm of an insurance office.
    The insightful observations about cheaping out on the electric wires made me think of what additional, and invisible, shortcuts were taken taken with materials and construction. Incredibly, buying property, putting some bucks into it, then being entitled to a 50% profit in a year…is not one of the Laws on Nature.

    • Posted by Sri

      Forget the supposedly shoddy craftsmanship you are implying with no proof – your 50% shows nothing but really shoddy math skills! Yikes….

  7. Posted by joe

    The house at 864 Florida Street was redone about 3-4 years ago. Interior looks very similar. Sold for $3,100,000.

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