Saturday, December 8, 2007

Potrero Hill Fixer in contract - don't believe the pretty sketch

Wow. This piece of work was priced at $760k and is in contract within 2 weeks of listing. The 1044 sq ft 2 bed/1 bath SFR has dual garages holding up to 3 cars, or room for additional living space in lieu of car storage. The floor plan is strange and mostly dysfunctional in that old traditional way and needs full systems upgrades and likely should have walls relocated with a more modern layout.

If the purchase price is anywhere near the asking price, I see this as a terrible play. The comps aren't much more than the asking price here, and trust me when I say this is a major fixer that needs a minimum of $200k (more like $300k) in work to bring up to the $1M home the buyer is hoping for. If anyone knows more about this property, or sees something I am missing here, please enlighten me.

I know "the Hill" is desirable and all, but this particular locale is just around the corner from everyone's favorite public housing complex - the Potrero Hill Projects - where O.J. grew up. Oh how appropriate.

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