“Perched majestically atop Golden Gate Heights” on a 6,365-square-foot, park-like lot, the designer five-bedroom home with a detached guest cottage at 565 Ortega Street returned to the market priced at $5.95 million at the end of last year.
And the sale of 565 Ortega Street has now closed escrow with a contract price of $5.55 million, which is over double the $2.65 million that was paid for the property back in 2016!
But as we outlined last month, the already “AWESOME HOME!” with panoramic views looked and lived rather differently back in 2016:
And in fact, “over $4.5 million” was subsequently invested in the redesign and renovation of 565 Ortega between 2016 and today, with a renovation budget of over $1,000 per square foot, a budget that hasn’t been out of line for high-end projects locally, at least not at retail, and a total investment of over $7 million into the property that just fetched (over) 20 percent less.
This had to have been someone who overpaid for their remodel, thinking it was their forever home and thus not caring about capital efficiency, and then changed their mind a few years in? No flipper would ever make this mistake?