We represented the buyers of this now famous Great Highway property. We were shocked that news of this transaction spread like wildfire and was all over the media, even making the news in the UK and on CNBC. Headline’s such as the following were popping up on the internet, in print, and on national television:
Ramshackle San Francisco home sells for $1.2 million
Total Disaster Lists for $799K, Sells for $1.21M in Outer Sunset
Dilapidated four-bedroom home in San Francisco sells for astonishing price
Dump sells for $1.2 million in S.F.
Yes, this property was listed at $799,000 and sold for $1,210,000, the fact that it sold for more than $400,000 over asking was the cause for the media frenzy. 1644 Great Highway is a fabulous old 1900 square foot, four bedroom, two and a half bath home on a 3,600 square foot lot with sweeping views of the Pacific and is positioned across the street from Ocean Beach. Location, location, location.
This turn of the century home is in cosmetically rough condition, however, it has excellent bones. We had the crawlspace inspected, the foundation is in good shape and the building is structurally sound with a new roof. Did we mention there is a second building on the property? It comes with a back carriage house, which could be converted into an art studio, workshop, yoga space or rented out for additional income. The property is zoned RH2. Opportunity, opportunity, opportunity!
We like the way this article from Marketwatch ends:
“But some of what made this home a gem in 2008 remains intact, including its picture windows, its decked garden, the fireplaces with wood mantels, the built-in cabinets common to Craftsman homes, the wainscoting and a gas O’Keefe & Merritt stove that dates back to the late 1940s or early 1950s (collector’s items that are prized by many homeowners in the Bay Area).
And given the fact that San Francisco’s median home price recently hit $1 million, and that it rose 10% between February 2014 and February 2015 and is expected to gain another 4.3% through February 2016, the price for this house, on this lot, might just prove to be a bargain.”
We agree! Our clients are happy, and we can’t wait to see this old gem transformed!
CNBC video:
http://video.cnbc.com/gallery/?video=3000366932
