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Sold in 4 Days: 252 Sanchez, Unit A, San Francisco | $1,500,000 | MLS 484815

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Vanguard Properties

Kevin K. Ho, Esq. + Jonathan B. McNarry

proudly present

252 Sanchez, Unit A

A Castro Cosmetic Fixer Townhome

sold (in just 6 days)

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Marketed By:

Kevin K. Ho, Esq.
Jonathan B. McNarry

MLS No. 484815

Top Producers, Top 21 Vanguard Properties, Top 1% of San Francisco Agents

SOLD: 252 Sanchez, Unit A: A Castro Beauty Waiting for Its Facelift

252A Sanchez is a Castro beauty ready for its mini-face-lift. This circa 1985, top-floor, 2-level, 2 bed/2 bath townhouse at 16th Street + Sanchez has garage parking, a storage room and a deeded top-floor private patio perched above vibrant Sanchez Street. On the market for first time in 30 years, this cosmetic fixer is part of a 3-unit HOA. There’s an efficient layout with a level for sleeping and laundry and a bright and open top-floor entertaining level with skylights, wood-clad ceiling and access to the private patio. There are also views to the east towards Mission Dolores, a fire place and a gas-equipped kitchen. With a 99 Walk score and 99 Transit score at 16th Street and Sanchez, this home really is in the middle of it all. 252A is a rare combination of an A+ location, potential to add value and an opportunity to personalize your home.

Offered at:

$1,295,000

SOLD: $1,500,000

Sold in just 5 days! 

CONTACT US.

Have a question? Want to setup a showing? 

Feel free to call or text us…

Kevin (415) 297-7462

Jonathan (415) 215-4393

BULLET POINTS.

Features

  • 2 bedrooms, 2 baths (1 en suite)
  • 1-car garage parking + storage room; shared backyard
  • Top-floor condominium with 2 levels
  • 1,542 sqft of living area (per tax records); 1,319 sqft (per appraiser)
  • 1-car garage + deeded storage area, shared backyard
  • Gas stove, externally vented hood, dishwasher
  • Window replacement estimate available; heater replacement likely
  • 3 units, 0 rented; 30-day minimum rental period
  • Building dates from 1985 (exempted from rent/eviction control)
  • HOA dues are $300/month (includes water/sewer, garbage and building insurance)
  • 2 4-legged animal limitation (no breed/size restrictions)

Urban Dwellers’ Delight:

Location. Location. Location.

Opportunity to Customize.

Bright Outlook.

Efficient Layout.

After 6 months of preparing the property it took just 6 days to sell over list and well above our seller's expectations.

Questions? Comments?

We're Here to Answer Your Questions and More

Want to set up a showing? Have a question? Feel free to contact us.

THE PHOTOS.

THE FLOOR PLAN.

THE LOCATION. LOCATION. LOCATION.

The information contained in this material is deemed to be reliable and accurate but it is unverified. Potential buyers should take all steps necessary to satisfy themselves regarding the information contained herein or any other matter related to the property they see fit. 

Developers with big plans descend on S.F.’s fanciful Corona Heights – SFGate

But while many San Franciscans have not ventured to Corona Heights to explore Ord Court or walked the beautifully landscaped Vulcan Stairs, there is one group that has the neighborhood in its crosshairs: speculative developers.

Over the last two years, builders have bought up parcels in the neighborhood, taking advantage of large hillside “through lots” that run between States Street and Ord Court. Others have purchased cottages along Ord Street and sought to double or triple the size of the home. From his home on the Vulcan Stairs, resident Rick Walsh can count 10 development projects that have either been proposed or are already under way.

via Developers with big plans descend on S.F.’s fanciful Corona Heights – SFGate.

As Quoted in Curbed SF: 1100 Sacramento in Nob Hill is San Francisco’s First $100M TIC – Game Changer – Curbed SF

San Francisco’s real estate boundaries are about to be shattered by the Park Lane building at 1100 Sacramento Street. The 33 units in the Nob Hill luxury tower are being converted from rentals into a tenancy-in-common project, and the projected sell out is a whopping $100M. The size of this building is nearly double that of the current largest TIC in The City: the Marina’s Francisco Palms, which has 17 units. What does a TIC of this size and prestige mean for San Francisco’s real estate market?

“Owners need to have incentive to offer a better product to tenants, but locked-in rents tamp that incentive down,” Ho explains. “Imagine if we had market-hindering policies like rent control laws while San Francisco was being built in the 1800 and 1900s, most places probably would still have split bathrooms that use 6 gallons a flush with gas lamps for lights.”

via 1100 Sacramento in Nob Hill is San Francisco’s First $100M TIC – Game Changer – Curbed SF.

Mid-Week Sneak Peek: Go On, Freak out! Advances for New Listings

Our weekly meeting just wrapped up today and here are some listings I thought you should know about, some of which you should take note of (noted in BOLD), given your search that we’ve discussed way back when. Take note of them and you are now in the know before anyone else, which, in this market, can mean scoring a deal as timing is everything!

  • 627 Castro at 19th St, Castro, top-floor TIC, 3 bedrooms, 2 baths, 2 parking spaces (!) recently renovated Edwardian flat, with 1600 sq ft. approx.  Seller will pre-sell, and there’s a viewing appointment TODAY at 1:00 p.m.  Expected list price is $1.250M
  • 352 Richland at Andover, Bernal Heights single family home fixer with APPROVED, shovel-ready plans for a 2300 sq ft expansion/addition to an otherwise large 1 Bedroom, 1 Bath, deep lot with yard, listed at $795k. Listed this week generally on MLS. Expected construction costs $250k – $300k So, you could buy now and have it started and before you know it, it’ll be done. And yes, there are such things as construction loans. 
  • 355 Buena Vista Ave, #301, 1 bed, 1 bath, extra storage, TWO parking space, condo, 774 sq ft, HOA dues around $400/month, expected list price $599k
  • 1610 Sacramento, Nob Hill condos, eight recently renovated condos, each with independent parking spaces, 2 beds, 2 baths each either at 1150 sq ft or 1500 sq ft, prices range from $900k – $1.3M on within a week.
  • AXIS SF building at Bush and Taylor.  6th floor, corner unit with 2 Bed, 2 Bath coming on soon.
  • 17th St at Douglass/Eureka/Market. Really posh condo coming, 3 Bed, 2 bath, 1 car garage (maybe 2), it’s a handsome building, top floor, details to come but prob on in 2 weeks at around $1M.

Let me know what you think!

 

The Low-down on 14 Beaver and 221 Noe

Take a look below for some extended notes about two interesting properties I have seen in the Duboce Triangle area.

Remember the text below represents my opinions and commentary and should not be construed beyond that.

14 Beaver Street – Offer date Monday, November 5, list price $650,000 upper unit of a two unit building. Current configuration is a TIC.

A few people have asked me about the listing and opportunity at 14 Beaver St. near market and Noe streets. It is a two-unit building where the upper unit – # 14, which is 2-3 bedrooms, 1 bath around 1400 ft.² with opportunity to expand in the attic. It’s listed at $650,000.

Currently, the building is occupied by the seller and his aunt and uncle and their adult sons live in the lower unit. The aunt and uncle owe nothing on their portion of the house. They also own an income building up the street. That said, while they are asset rich, their liquidity is low and the agent said the consider themselves as low income. They’re also elderly and they don’t own a car. There Their three adult sons live with them and some may have mental health issues.

This is all relevant when it comes to considering this purchase.

First, the opportunity for condo conversion is pretty apparent. There would be two owner occupied units which would allow everyone to bypass the condo lottery system. However, upfront legal costs and certain building upgrades needed by the city total anywhere from $30,000-$50,000. Costs are typically shared between the two converting owners. But in this case, the other owners would have to extend a line of credit from their income property. The other option here is for a buyer to fund the conversion but in so doing purchase certain concessions such as a right of first refusal, getting a better parking space (2-3 tandem now) or having a portion of the back yard deeded to the upper unit – it is currently deeded exclusively to the lower unit. Just a note – it is unlikely the lower unit owners will sell anytime soon.

Second, The building is the perfect candidate for renovation. The upstairs attic space is underutilized and could be developed into a fantastic living area. Estimates for a Sarah renovation can go from $100,000-$200,000 on up.

Downstairs, there is already a garage in place but its current configuration only allows for tandem parking. Someone can upgrade the structural elements of the building by inserting a steel beam, for example, where you end up with three or four independent angled parking spaces. Note you also end up adding certain seismic improvement. the entire lower level probably be expanded to having three or four independent parking spaces. But whoever did this work will probably bear most if not all the costs themselves because the downstairs owners, once again, don’t own a car. Again, this would be an interesting area of negotiation where one party bears the cost of upgrades exclusively. Typically, these type of renovations could cost hundred thousand dollars – but that usually is for houses that do not have an existing garage space. Here, we do. a buyer should save a good amount of money and spare the need of everyone having to vacate the premises while the work is being done. Estimated cost $60,000

I’d imagine there would be some means of distributing those costs against extracting concessions from the nonpaying owners downstairs. This would certainly be a “project” purchase but the upside potential is quite large.

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221 Noe Street, TIC unit, ground floor, 2 to 3 bedrooms, renovated in 2008

This is an interesting property too. It is actually part of a 12-unit building. There were Ellis Act evictions in some of the building when the entire building was remodeled in 2008. Because of this there may be certain rental restrictions in place. Also conversion to condominium is not a possibility under current law. The unit is on the ground floor, is quite large, has nice Edwardian features that have been updated, and has a prime location. Unit does not, however, have parking on site. The listing agent said that parking could be leased around the corner. Offers were or are due relatively soon. Because it’s in eligible TIC unit you can never have fixed a financing beyond seven years under current market conditions. Remember, TIC purchases require at least 20% down and interest rates are typically quarter point or more than a conventional loan. I like the property as its finishes are nice, the detailing makes it cozy, and the location can’t be beat. But, it is a TIC and there’s no parking.

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Planning Commission Approves Parking-Free 1050 Valencia Project | Streetsblog San Francisco

From Streetsblog San FranciscoPlanning Commission Approves Parking-Free 1050 Valencia Project

 

A car-free, 12-unit condo and retail development was approved unanimously yesterday by the SF Planning Commission, despite opposition from some residents. The project will include no car parking and 28 bike parking spaces.

The building at 1050 Valencia Street will be targeted toward residents seeking the kind of car-free lifestyle that’s increasingly popular in neighborhoods like the Mission District, which is short on housing but among the most walkable, bikeable, and transit-rich parts of San Francisco. The building will be located on the corner of Valencia and Hill Streets, along one of the city’s most heavily-traveled bicycling streets and business corridors. It’s also close to the 24th Street BART station and several major Muni lines. Currently, the site hosts a restaurant space.

Since 2009, opponents have attacked the project on a number of grounds, including the assertion that residents moving into the building will own cars and compete with existing neighbors for street parking, even though residents in units without dedicated parking are less likely to own cars, and about half of residential parking garages in the Mission aren’t used for car storage.

“The reality is that until there is an alternative, people will need cars and a place to park them,” said Liberty Hill Neighborhood Association representative Risa Teitelbaum, who wanted the project to include some car share spaces. ”The residents of this building will be no different.”

Tim Colen, executive director of the Housing Action Coalition, argued to the Planning Commission that the project follows the goals set in the Eastern Neighborhoods Plan — to build denser, less car-dependent neighborhoods. Two of the project’s 12 apartments will be priced below market rate. “This is a way to get housing more affordable and more accessible to the folks who we say we want to live here,” he said. ”We want to see less emphasis on cars — private auto use. This project does it.”

“There’s certainly demand for car-free apartments from plain folks,” said Livable City Director Tom Radulovich, who lives in the Mission. “We see this in the census — the number of car-free households has increased in the past decade.”

Kimberly Conley, who lives nearby on Valencia without a car, told the commission that there was a significant amount neighborhood support of the project.

“I think this is exactly the neighborhood where [living without a car is] possible,” said Conley. “As a young professional who originally moved to the Mission because it is transit-rich, I was discouraged at the time at the lack of small apartments and places to live.” (It’s worth noting that Conley recently held her wedding with ‘Deep Jawa on their residential parklet on Valencia during Sunday Streets.)

Planning commissioners Gwyneth Borden and Cindy Wu echoed Conley’s sentiment, noting that they both live nearby and mostly rely on transit. ”It is transit-rich,” said Borden. “It’s close to BART — I don’t even own a car.”

Opponents also complained that the density, height, and architecture of the building are not appropriate for the neighborhood, though the project sponsors pointed out that there are others like it close by. The architecture of the project has already been tweaked, and it was downsized from its original size of 16 units. Opposition has also been organized by the Marsh, a performance theater next door to the building, which submitted a petition primarily based on complaints about noise and shadows.

While few projects in San Francisco are currently built without parking, Colen noted that the real estate market in Portland, Oregon has caught on more quickly to the growing demand for car-free living. Two-thirds of new rental apartments being built in that city include no parking. ”What do they know that we don’t know?” said Colen.

The project’s approval seems likely to appealed by opponents. Read more from the hearing at Mission Local.

A Terrific Tuesday Line-Up: Broker Tour

Strong Additions to Districts 5 and 9

Take a look at Broker Tour for San Francisco on Tuesday, August 21, 2012. Lucky 21 anyone?

MLS Broker Tour for 8:21:12

Two houses, Unalike on Cesar Chavez

The 3900 block of Cesar Chavez sees a nearly $2M preemptive for a duplex and more

Over Cesar Chavez nearer to the top of the block at Sanchez there were 2 open houses on yesterday. One was a duplex with expansion potential to a 3rd unit (3978 & 3980) and the other a single family home needing a complete blowout (3993). For those of you who wanted a bargain, think again. The duplex was listed at $1.99M (even though that means nearly $1M per unit which were 3/2 granted w/2-3 pkg) but never made it on to the open market after an all-cash 21-day close offer came sailing in.

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Meanwhile you’ll need to bring your imagination across the street at 3993 Cesar Chavez as its a single family house for $899k with at least 6 disclosure packages out (offers due today), but the house is typical of a hodge podge that needs to be sorted out thoroughly so someone can take full advantage of the location.

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Music to Someone’s Ears: 552-554 Capp – HUGE Victorian at $1.359M

Detached, Massive and Stately Fixer Next to Music School on the Market

Over by the Community Music Center on Capp Street where yours truly attempted to relearn violin is this giant Victorian screaming to be the next it house where tons of money is poured in and an amazing home worth 2-3x the purchase price comes out the other end (see 111 Liberty for example). The 3250+ sq ft detached home dates from “1900” (code for: building records burned in the 1907 earthquake) and has soaring ceilings, choppy layout and phased period ‘remodels’ and a $40,000+ pest bill. According to the listing agent, parking can be installed for a modest $120,000, modest when compared to the nearly $200,000 estimate to replace the brick foundation. Good thing is that the parking permit would be over the counter according to the listing agent. Those amounts are just the start, of course, and don’t factor in the major renovation you’d have to do inside, which would probably set you back another $200,000 give or take $50,000. But there’s a back cottage and a tree house to boot.

This would be all yours but only if the music school next door doesn’t buy it first, which would be a natural expansion of the school’s current facilities. According to the listing agent the Community Center is interested but is moving as fast as an entity with a board and foundation can. The seller has owned 552 Capp since the 1970s, raised a family there and then rented it out. Only recently did she use the Ellis Act to evict the tenants, but is in no hurry to sell even though the listing agent disclosed her desire to sell the property as part of a capital gains tax-deferred 1031 arrangement. At the current ask of more than $1.3 million it’s steep barrier to entry combined with the $500,000+ needed to bring it into this century. A high-priced fixer yes, but my thought is that once completed, it’d be that house on the block worth at least $2.1 million on up. Roll over Beethoven indeed.

Pictures and Open House Times Follow

Open House times are below. (Listed with Eva Stoyanov, Paragon)

07/27/12 4:00 pm – 6:00 pm Friday Open House
07/29/12 2:00 pm – 4:00 pm Sunday Open House
07/31/12 2:30 pm – 4:00 pm Tuesday Open House

Single-family home circa 1884 in NoPa– prime for a renovation

Tour Notes:

1912 Golden Gate – single-family home, Victorian house from 1884.

Definite fixer.

Same family had the house for seventy years. There is no garage but the floor plan screams out for one Typically those go for about $100,000. However, because the floor plan is the way it is, you might be able to get it for less – say 60,000. The rest of the house could withstand a very strong renovation. But the potential is amazing. The floors are original and have excellent craftsmanship. They can be restored. The listing agent said that the foreign contractor estimated that they’d be at least $20 a square foot if installed now.

Offers are due on Thursday at 10 AM. Offered at $899,000.

Note: contractor inspection on file, Markoff pest report $17,000, regular sale, no death on property, sellers will comply with energy and water requirements. Similar to house at 1960 Golden Gate which is on the market last year.

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Tuesday’s Tour for May 15, 2012 – Lots of New?

Congratulations to my clients Carrie and Aaron for getting into contract in the exclusive, almost sold-out Millwheel!

Carrie and Aaron got in on the ground floor in this about-to-pop building before most anyone in SF did because they worked with me and were willing to go for it! It’s exciting, it’s the right timing and about being in the right place at, of course, the right time! This opportunity was not even on the MLS yet (and may never end up there) and I found out about it by being curious, courteous and tenacious. It paid off!

So, will you find your new home like Carrie and Aaron did? Take a look below at our Tuesday Broker Tour sheet to get a start by learning what we’re seeing this upcoming week…. MLS Broker Tour for 5:15:12

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