CFAH

As we highlighted in the third quarter of 2019:

Purchased for $950,000 in February of 2018, the 1,700-square-foot, four-bedroom Bayview Heights home at 1119 Hollister Avenue was subsequently taken “down to the studs” and subfloors.

A structural wall was removed to open up the floor plan, a third bathroom was added, the electrical was upgraded (along with the furnace) and the all-new kitchen now sports a La Cornue range.

And having returned to the market [in February of 2019] with a $1.399 million price tag, the sale of the fully remodeled home…closed escrow [in August of 2019] with a contract price of $1.15 million, a price which will help push the average sale up, and is “21.1 percent more expensive,” just not on an apples-to-apples (or likely profitable) basis.

The home then returned to the market listed for “$895,000” in October of last year, albeit with the aforementioned La Cornue range, which retails for $8,475, having been replaced by a roughly half as expensive, but still higher-end, Bertazzoni.

And with the list price for the “stunning four bedroom three bath home,” which was “renovated with no details left unfinished,” having been increased to $1.195 million to more accurately reflect the sellers’ expectations after two weeks on the market without an acceptable “over-asking” bid, the sale of 1119 Hollister Avenue has just closed escrow with a contract price of $1.170 million, up 1.7 percent from the third quarter of 2019 (not accounting for the differential of the stove).

The Bay Area index for single-family home values was up 5.7 percent over the same period of time.

Comments from Plugged-In Readers

  1. Posted by The Milkshake of Despair

    The other story here is that the last two trades on this property probably lost money due to the reno costs or short hold periods.

  2. Posted by Day Trader

    A million dollars to live the Bay View. PT Barnum was right.

  3. Posted by Plugger

    Range price affects price range

  4. Posted by y

    Yes, but it’s still a jobs program. Let’s not forget gainful employment… but probably not any local hiring.

  5. Posted by Miraloma Man

    It’s a nice redo for sure, but I thought one thing that the Pandemic taught us is that some walls are good.

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