1104 Treat

Listed at $779,000, 1,537 square feet on a 2,809 square foot lot. This property currently has multiple tenants but will be delivered vacant. The property has a two-car garage and expansion opportunities in the garage. The huge backyard extends all the way to Lucky Street, offering the opportunity to possibly erect a garage or additional unit.

I viewed this house last night. There are three bedrooms upstairs and a large storage closet that would be ideal for adding a bathroom. The entire house needs to be gutted and remodeled. Considering the potential this property offers.... large footprint, large lot, garage and yard... This is a great property for someone looking for a project.

The realtors have already received two offers on this property. One has been rejected and they have submitted a counter-offer on the second. The property will be open for viewing Sunday from 2-3:30.

For comparison purposes - Look what they have done to this house... only 4 blocks away....

http://sfarmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Sanfrancisco&PRGNAME=MLSPropertyDetail&ARGUMENTS=-N659548874,-N223865,-N,-A,-N14203902

Price Increased: $637,500 to $998,000!!

141 27TH ST was increased to $998k. The offer date was yesterday and the price increase was today. Although it was increased by $360,500, it is still the lowest priced SFR in Noe (not including the off-market listing referenced below). Wow!

Scarcity, lack of inventory is definitely having an effect on Noe buyers. I anticipate brisk buying and overbidding on the lower end properties throughout the summer.

Best Deal in Bayview

1017 Jamestown, Bayview Heights. Reduced to $545,000.

1,947 square feet on a 2,500 square foot lot with wonderful views. MLS: 342859

The “Fortress” is what my spouse called this house when we visited in 2005. We really liked the house. It is like a Tahoe house in SF, built in 1986 and appearing barely lived-in at the time we toured. There are mirrors in the family room and carpet throughout that date the house from a design standpoint. The bathrooms, as I remember, were neutral in the tile selection; giving new owners plenty of great options for personalization.

The views are really wonderful and the house offers two decks from which to enjoy the views. Gilman is a remarkably quiet elevated street with ample parking. The house offers two car garage parking and a cute, landscaped yard. There is also a hill behind the house offering additional privacy.

As ironic as it sounds, this house, to me, seemed like a refuge away from the city (while in bayview heights, no less). This house was sold for $750,000 in 2005 (and previously for $420K in 2000 and $300K in 1990). The house is now in pre-foreclosure and was reduced on 6/24 from $595K to $545K.

http://sfarmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Sanfrancisco&PRGNAME=MLSPropertyDetail&ARGUMENTS=-N509854604,-N223062,-N,-A,-N14172693

More pictures here:

http://sfbay.craigslist.org/sfc/rfs/729483703.html

Someone’s going to get a great deal. Good luck!

Two on Treat

There are two homes for sale (actually, there are about four on the same block) and I viewed two of them this past weekend.

1264-1268 Treat (Yellow). Listed at $775,000 for the whole building. The top unit is vacant and the bottom unit is rented to two tenants (one living there 9 years) for $998/mo. The property has parking but due to the short lot, there is no backyard. The unit is about 1,100 square feet and the lot is short at 1,746 square feet. The current taxable value of the property is at about $42,000.

http://sfarmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Sanfrancisco&PRGNAME=MLSPropertyDetail&ARGUMENTS=-N670583963,-N223292,-N,-A,-N14161695

The vacant unit needs a total remodel (some floors can be saved). The top unit has an an enormous attic with incredible potential. The exterior façade of the building is beautiful and grand and would look even more impressive after it is repainted.

At $775,000 you get the whole building, help with the mortgage and any upside if your tenant moves or accepts a fair buy-out agreement. With one unit vacant, you could move into the top unit and your TIC partner could perform an OMI on the bottom unit (as long as the tenant is not protected). With two tenants, you would owe them each $4,500 in relocation benefits (thanks Prop H), plus legal fees, plus money for legal, delays, etc.

At $775,000, I believe 1264-1268 Treat Avenue is a great deal in a rapidly changing neighborhood.

1148 Treat (Blue) is a condo. The condo is listed at $749,000 and is a tastefully remodeled two bedroom top unit with lots of light and character. This unit also has a fantastic attic, currently used as storage that offers tremendous potential for more.

http://sfarmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Sanfrancisco&PRGNAME=MLSPropertyDetail&ARGUMENTS=-N670583963,-N222983,-N,-A,-N14161695

I made an offer on a single family home on this block of Treat in 2005. The building was in major disrepair and the block was very rough.

When I went to the open house this weekend, Treat Avenue was HOPPING. There was still a rough element but Treat was alive with diversity – soccer and birthday parties underway at Garfield Park, young 20-somethings enjoying the great weather on their stoops and a party underway in the front yard of the small remodeled SFR that I had made an offer on 3 years ago.

There is a brand new building being built on a formerly vacant lot on this block (presumably two-unit condos). At the edge of this block is the infamous property at 1294-1298 Treat, the property owned by Gregory McDowell that was Ellis-acted and later set on fire while tenants were still living in the building (links below). There is currently still a sign on the building offering a reward for information related to the fire. The owner is waiting on an insurance claim. I understand that if he gets his claim he will redo the units and sell them as TICs again (FYI – Gregory McDowell also owns 1232 Treat which is currently on the market).

http://www.socketsite.com/archives/2008/01/a_reader_reports_12861298_treat_avenue_goes_up_in_flame.html

http://thefrontsteps.com/2008/01/22/things-getting-ugly-between-developers-and-tenant-activists/#comments

Noe Valley Off Market Listing

$950,000 - "Principals Only" Craigslist listing for a small Noe Valley home at 1301 Diamond (at Cesar Chavez). I drove by the house last night. It is indeed a small house on a small lot. I imagine expansion opportunities would be limited to reclaiming garage space. The house was built in 1940 and the sellers appear to currently occupy the property (property valued at $55,756 with the homeowner's exemption)

1301 Diamond (from Property Shark)

Zoning: RH1
Year Built: 1940
Stories: 1
Rooms: 4
Baths: 1
Building Area: 1,025 SqFt
Lot Area: 2,000 SqFt

Here is the link to the craigslist ad:

http://sfbay.craigslist.org/sfc/rfs/724640304.html

I think diamond at cesar chavez is a great location but in my opinion it would be difficult to commit $927/square foot for a property on a small lot; that likely needs a kitchen and bath remodel at the least. Since this is an off-market deal and considering the owners paid under $60K for the property, this may be an opportunity for a buyer to test out their negotiating skills... Colleen Cotter415.706.1781

141 27th Street - Lowest SFR in Noe

This house - 1,275 square feet on a 2,848 square foot lot is listed at $637,500 (at exactly $500/square foot) and has a scheduled offer date of June 25. The house is vacant.

MLS: 342117

Let's look at the basics... In Noe Valley (big plus), garage (big plus), flat lot, yard and low price. The street is relatively calm and the walkability to Bart, Church street/24th, is very good.

I toured the house on its first open house, days after its listing date (5/22). The open house was well attended and the agent was very friendly. The house requires a remodel to the studs (some floors can be salvaged). This can be a relief in some ways, as the new owners can basically start from scratch in determining a new configuration and design.

The entrance to the house is right in the middle of the house, splitting the house in two and making the bedrooms to the left and right on the small side (think tunnel hallway with rooms to left and right). There are many options for configuring the house - You could keep two bedrooms in the front and then open-up the back of the house for an open kitchen, formal dining room and living room effect. Honestly, if you needed more bedrooms/office space, you could actually configure the house to have four smaller rooms in the front of the house, and one open kitchen/living room in the back of the house (although then your "great room" would be on the small side)

There is also the ability to incorporate the basement as a master bedroom or even a media room.
There is a large and well-established lemon tree that is very close to the house and blocks the existing window/light in the kitchen. This tree needs to go. The yard is cute but a little dark for my tastes... but again - lots of potential.

I think this house would make a great investment for an owner or developer. I think it will sell for well over 800K.

http://sfarmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Sanfrancisco&PRGNAME=MLSPropertyDetail&ARGUMENTS=-N715432130,-N222389,-N,-A,-N14087148