April 28, 2009

OMG! WOOD FLOORING FOUND!

240 Andover St, San Francisco, CA 94110 | MLS# 353642
240 Andover St San Francisco, CA 94110
Price: $799,000

1104672327-240
Beds: 2
Baths: 1
Sq. Ft.: –
Lot Size: –
Property Type: Detached, Single-Family Home
Style: Victorian
Year Built: 1904
County: San Francisco
MLS#: 353642
Source: San Francisco MLS
Status: Active
On Redfin: 45 days
WOOD FLOORING FOUND! See it again. A true Victorian. 2 beds, 1 bath plus eat-in kitchen, living room, FDR and piano room. Laundry also on main level. Shower over claw-foot tub. Full garage below. Attic above undev. MUST SEE!

Amelia = Lost. The survivors of Oceanic 815 = Lost.

Wood flooring? Found!

At first, I thought it read that “Attic above undead” and that I would need to work on my skills at playing Resident Evil or something. But no, it simply says undev.

Here’s let’s take a look at this attic:

1972867789-attic

Definitely looks undev to me. What do you think? 2 more bedrooms?

(Thanks to Burbed reader Jeff for this find!)

Comments (22) -- Posted by: burbed @ 5:49 am

22 Responses to “OMG! WOOD FLOORING FOUND!”

  1. Joe Says:

    Another lovely SF home that needs a 50% haircut to be reasonable.

  2. UnrealAlex Says:

    It’s that they have FDR that bothers me the most – I guess they have one of those old haunted radios and can listen to FDR’s Fireside Chat each week.

  3. palo alto resident Says:

    Grandma has been playing ATM with this place, and it looks like they can’t lower the price more, so they are resorting to digging up whatever they can…

  4. unearthly Says:

    Tax value is $26k or $417/year in property taxes – long live prop-13.

  5. nomadic Says:

    Adding to #3 – grandma took about $500k out 7/05. Let’s say that was 80% of the value at the time, putting the appraisal at $625k. Is the agent high or bowing to granny’s wishing price?

    Or maybe Bernal Heights is a really great part of town? I don’t know the SF neighborhoods very well at all.

  6. nomadic Says:

    A quick glance at comps on the Redfin page indicate one of the first two choices is probably correct.

  7. rick Says:

    I have to say SF have the most shameless nutcases in America, this house resemble drive-by shooting for me, that kind of neighborhood. And granny thinks it is worth WHAT????

  8. San Matean Says:

    Bernal Heights is a sought-after SF family neighborhood. It’s one of the warmer areas (not much fog), has a nice restaurant/shop corridor on Cortland Ave., and has great access to 280 for those working on the Peninsula. I considered moving to this area back in 2005. It doesn’t have great public transportation access, so getting to work in the City is a bear. It’s also pretty close to Bayview, and there has been an upsurge in property crime in the area recently- even an armed stick-up of a restaurant during business hours.

    It’s not clear how big the structure is, so it’s hard to pass judgment on the price, but suffice to say that properties have been selling at this price in this area in the last 3 months (371 Prentiss, 216 Ellsworth).

  9. A. Lewis Says:

    So in a cash-out refi, you aren’t forced to have the place appraised and your property taxes reset? Only in a transfer of ownership?

    Estate planning seminar question – all answers welcome: Let’s say my elderly parent wants to think about transferring her paid-off house to me before she dies 10+ years in the future. She wants to avoid ending with a large estate.

    How can she legally transfer the house to me with minimal tax consequence? Can she ‘gift’ me percentages of ownership each year or something? Do we have to get a trust involved?

  10. nomadic Says:

    Yes, you need an appraisal to refi as noted in #5. Hence the issue underwater owners have in getting a more affordable loan. An appraisal or refi does not trigger a change in property tax. If you do a major remodel, however, they will re-assess.

    I’d consult with an estate expert on your other questions. I think if you’re under the government limit on $$$ value of the total estate, you can will assets without a big tax penalty. Over that value requires a trust, as far as I know. We already know from this site that you can keep the Prop 13 tax basis.

  11. unearthly Says:

    Tax re-assessment only occurs after a remodel involving additional square footage or in transfer of ownership to another party. Re-assessment does not occur when transfer of ownership is to an heir of the current owner.

  12. sonarrat Says:

    Bernal Heights is a sought-after SF family neighborhood.

    More like a ghetto with unfavorable geography which got gentrified over the course of about 10 years.

  13. A. Lewis Says:

    When someone wills you a property, does that count as some kind of taxable income for that year? Even if you don’t sell it?

  14. nomadic Says:

    Just what are you planning, A? Should we alert your parents?

    ;-)

  15. nomadic Says:

    Oh, look up inheritance tax.

  16. Mr. Cash Cash Bail Bail Says:

    For this price, you can buy 1700 square feet in decent shape in Diamond Hill… And that’s way more central than Bernal IMO…

    Grandma needs that 50% haircut…

  17. A. Lewis Says:

    Why should I spend 5 minutes on Google or Wikipedia when I can just find out from YOU!

  18. nomadic Says:

    I dunno the answer. Besides, you’re plotting to get your inheritance early!

    Maybe someone else can chime in for you.

  19. A. Lewis Says:

    Actually, I had my last two grandparents pass away this year, and I’ve watched separately my mom and dad deal with inheriting from their parents. Fairly smooth on one side, long drawn out lawyer-filled process on the other. In spite of all heirs getting along nicely.

    I’m trying to think ahead and see what advice to start giving them over the next 20 years so they (and I) don’t have to worry about things when they actually do start to get quite old.

    Certainly the biggest items in their estates are their houses, and if all goes well they won’t have to sell them to live out comfortably. But what happens to it at the end?

    Seems like, if you love and trust your children, the thing to do in estate planning is give it all away to your children BEFORE you die, then there’s nothing to deal with at the end.

    You just have to trust your children to not steal or waste your own money or property while you still need it!

  20. nomadic Says:

    Sorry for your loss, A.

    You can accomplish the same goal with a trust. That’s how my parents set it up. I think it would be worth a few hundred dollars for an attorney to set it up.

    I’d highly recommend a medical power of attorney for each of them too. Be sure you understand their wishes regarding measures to be taken in the event of a major accident or illness. Trust me, it will save a lot of heartache later.

  21. DreamT Says:

    same as nomadic – living trust and power of attorney are the way to go IMO. not early transfer of assets.

  22. palo alto resident Says:

    We don’t know how much grandma has taken out of on her loan, but it looks like Momma G has a 965k reverse mortgage.


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