Sunday, January 27, 2008

Storybook flip

This charming "Storybook" house at 369 22nd St. was one of my first posts back on March 5th. Then it was a 1,934 SF 3 bed / 2 bath house in good condition but not updated. That's the before photo above. It sold quickly above its $2,150K asking price on 4/06/07 for $2,250K.

The good news for the neighborhood is it wasn't demolished. The resulting remodel was just listed 1/18/07, asking $3,795K. It grew to 5 bed / 4.5 baths, 3,800 SF, about twice its old size. It now boasts:

"Amazingly light & bright w/ high beamed ceilings. sunlit windows, wood floors, gorgeous moldings, Italian glass tiles, marble.State of the art gourmet kitchen w/ custom cabinetry & stainless appliances open to a spacious family rm w/ French doors, large grassy yard & entertaining patio. Four bedrms up, including a luxurious master suite w/ dual walk-in closets, spa like bathroom & romantic balcony. No expense spared to give this home the Royal treatment...."

Hmmm ... for some cost SWAGs, 1,900SF x $300 = $570K. Another $200K for new kitchen, landscaping, other rework? Broker commission 5% x $3.8M = $190K. Financing $2M for half a year at 5% = $50K. So the builder clears $500K if the price holds? Wonder if it will? The upper 3's is in the ballpark for this size house north of Montana, and it is cute.


pvc said...

I've been by...this house has been redone with taste. That said, 3.7 is no bargain.

WarChestSM said...

This house is certainly unique and if it was well done then it deserves some credit. However, based on what other houses have been listed for recently in "the 90402", I think high 3s is too much for this place.


Remember, it wasn't long ago that one of the 14th street BRAND NEW spec houses had to cut down to $3.99 to get a nibble. So even though this is expanded and upgrades, it still isn't "new".

WarChestSM said...

Actually, I just looked into it.

239 14th was a brand new spec home. All the bells and whistles.

It sold 12/7/07 for $3,742,537 according to the assessor's website.

How does it make sense that this thing could also get $3.7 (hint, it doesn't).

Anonymous said...

ok so let's do the numbers

the vacant lot for 239 14th would cost 2.0 million today.

if someone bought it for 2.0 and then slapped up a house that he sold for 3.7, would he make a profit

i mean would 1.7 cover all the cost but land ?

pls help me out here

Mr.Mortgage said...

Conforming loan limit increase, two steps away. And why it matters.

Anonymous said...

Westside Bubble,
FYI, 1621 Ashland has a sign in front of it again.

Westside Bubble said...

Thanks, Anon (1/30)! Zillow says 1610 Ashland is for sale at $1,610K, but I don't find it yet on the MLS. No sale was recorded from its listing last year, last asking $1,545K. Zillow says it sold 10/31/05 for $1,450K.

Anon (1/28), pick a square footage, take out your calculator, and tell us what you find.

Anonymous said...

I just got an "update" on this house from MLS. Says "Back on Market" --not sure it ever went off (?) -- for $3.495