July 13, 2010

The Bay Area’s Best Address is Back! 13 Lucky St!

First, a trip to the way back machine:

September 19, 2008

How much does a garage cost in San Francisco these days?

CleanOffer
13 Lucky St
San Francisco, CA 94110
Price: $499,000

Followed by:

December 13, 2008

A letter from the owner of 13 Lucky St

It’s rare that Burbed gets email from the owner of a property that is publishable. Here’s one about a recent posting.

Glad you’ve all enjoyed commenting on our property. I’m sure things are slow and you’ll want to look busy, that is if you still have a desk at which to look busy.

However, 13 Lucky Street is far from a loser. And it’s large size qualifies it to be listed as a small warehouse.

13 Lucky is currently listed at $399K. It is variance-approved for one, SFH occupying the entire footprint of the existing building. It is not currently a SFH.

I have recently spoke with a builder who estimated a cost of $130-$170/sq foot to build, so at approx 2000 sq ft, you’d be closer to, say, $700K total for a BRAND NEW, custom built residence. the city has approved the building mass and we are moving ahead with plans for construction.

Owner financing is available as well.

Please contact me for any further enlightenment at davee (at) got (dot) net

Thanks!

Well, thanks to Burbed reader Brian, it appears the Bay Area’s best address is back! And available for a small discount!

$289,000

13 Lucky San Francisco, CA 94110

image

Beds: 0
Baths: -
Sq. Ft.: 2,000
$/Sq. Ft.: $144
Lot Size: -
Property Type: Single-Family Home
Community: Inner Mission
County: San Francisco
MLS#: 368369
Source: San Francisco MLS
Status: Active This listing is for sale and the sellers are accepting offers.
On Redfin: 97 days
Opportunity to build your custom home in the trendy Mission District. Currently, there is a garage on location and is rented to a contractor for storage. Seller will carry financing for qualified buyer.

Now this is smart marketing! It appears they’ve decided to move away from selling the “Own a gritty part of San Francisco, like a garage with no bedrooms or bathrooms” (ugh, how dated) to a “Sell the dream!” strategy.

Genius!

So… is this your dream? That sketch looks pretty cool! And, just think of the hot address you’ll have!

Comments (10) -- Posted by: burbed @ 5:21 am

10 Responses to “The Bay Area’s Best Address is Back! 13 Lucky St!”

  1. SEA Says:

    Early 2008: “SFH can be built … pending final permit process.”

    Later 2008: “I have recently spoke with a builder who estimated a cost of $130-$170/sq foot to build, so at approx 2000 sq ft, you’d be closer to, say, $700K total for a BRAND NEW, custom built residence. the city has approved the building mass and we are moving ahead with plans for construction.”

    2010: Place remains the same, but listing suggests, “Seller will carry financing for qualified buyer.”

    That seller financing, I doubt that include construction.

    Next note the price decrease. ~500k to ~300k in ~18 months, or over $10k per month. Even if someone purchased this using the Real Estater long-term investment strategy, after 200k = $10k per year for 20 years. Now I fully realize that at under $500k we are not talking a lot of money, but yet I note that the income tax credit that so many grabbing hands sought was less than $10k, and it was only once.

    It also appears that, given a reasonable discount rate, a buyer was better off by delaying the purchase of this particular unlucky Lucky Street address.

    I know, I know, he’s expecting the over-bidding to cross the $500k mark. Lowing the asking price isn’t a selling price decrease; this is a selling price increase! What else could it be?

  2. nomadic Says:

    This is the worst kind of realtard lie and Redfin should ban the listing agent for it: they list as though the house has been built (2000sf) and as if the price includes the dwelling.

    And jeezus! Lucky Street is nothing more than an alley.

  3. Gallileo Says:

    Real Estate agents are selling the American Dream. It’s what they do.

    Everything on MLS and redfin is either an agents or owner’s dream or an attempt to get the buyer to dream–this listing is just more obvious about it than others….

  4. Living in SF Says:

    I’d like to know which builder quote the $130-$170 sq ft range. In SF, the conventional wisdom is around $400 a sq ft.

  5. anon Says:

    Who knows? If you are interested, you can contact davee@got.net for more enlightenment…

  6. A. Lewis Says:

    A fabulous example of the danger of buying. First of all, I still think it’s a bad buy, but it’s $220,000 less bad than Sept. ’08! Waiting was obviously the right move here…

    And the pain of the seller…

  7. madhaus Says:

    I’d like to know which builder quote the $130-$170 sq ft range. In SF, the conventional wisdom is around $400 a sq ft.

    I saw that and guffawed. It’s running around $250/sf here (Silicon Valley), and that’s for one story. Maybe he talked to a builder in Las Vegas.

  8. nomadic Says:

    I saw that and guffawed. It’s running around $250/sf here (Silicon Valley), and that’s for one story.

    You guys are thinking of a nice house. Look at the neighborhood. Do you think a flop house costs $250/sf to build? ;-)

  9. SanMatean Says:

    Down to 399K with a sprightly 740 DOM!

  10. madhaus Says:

    Dang, delisted on September 17th. September 17th, 2010. Missed opportunity!


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