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“$895,000” in October of last year, albeit with the aforementioned La Cornue range, which retails for $8,475, having been replaced by a roughly half as expensive, but still higher-end, Bertazzoni.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