Summary: For those who are looking at 1923 30th Avenue, San Francisco CA 94116, I say don't bother. At an asking price of $1,380,000, the place is roughly $200,000 OVERPRICED.
Stats: Three bedroom, three bathroom house, with office, west facing deck
Size: 1,550 square feet
Qualify of finish: Although remodeled in 2H2017, sellers used the lowest quality materials they could get away with
Remodel cost: $76,000 per permit + $5,500 permit fee
Previous purchase price: $900,000 in January 2017
$900,000 purchase price + $81,500 remodel cost = $981,500
Add on 8% appreciation for 2017 = $981,500 X 8% = $1,060,000.
Add on $50,000 – $100,000 for labor costs = $1,110,000 = $1,160,000
Price per square foot = $716 – $748, which is in the ballpark for this neighborhood all the way out on 30th avenue. Property has a partial ocean view.
Property inside color:
Sellers got greedy and listed the property too high at $1,480,000 in August, 2017. They rejected a $1,300,000 cash offer in September to go with a higher offer. But the loan fell through. They lowered the price to $1,380,000 on 10/04/2017 and the property has been sitting there as of 11/24/2017 with no offers.
The quality of the finishes are truly terrible, and a turnoff to the majority of buyers who want to make the place their primary residence, as opposed to a rental. Therefore, buyers are considering spending $50,000 to redo the windows and some of the bathrooms. There is NO master suite.
In mid-November, there was a rain storm and the garage ceiling was leaking HEAVILY from the vent. Buyers need to beware the seller simply patched the roof, and the leak will continue if there is no $15,000 full replacement of the roof. Test to see if they disclose this massive leak, because I bet they will not.
The seller is also the listing agent, Joe Kong from Asia Pacific Group realty. He will try to push one of his agents to represent you to save him money. The agent will be working for Joe, even though the agent says s/he is working for you. Beware!
Final Analysis for 1923 30th Ave, San Francisco, CA
The property is overpriced with a low quality remodel. Fair value is roughly $1,150,000. The San Francisco property market is slowing, and homes are sitting for longer. A recent comp at 2114 32nd Ave, San Francisco, CA 94116 closed for $773/sqft on 11/17/2017. But it had 4 bedrooms, 4 bathrooms, and high quality finishes.
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