March 5, 2010
Teardowns: Prices Dropping?
Check out 469 Valley St: $649k for a total teardown. The MLS describes it as a probate sale and "absolutely uninhabitable under current conditions." But even given the condition we'd expect a bit more, especially because of the potential for views.
Compare it to a few recent sales that were also torn down or majorly fixed:
1409 Sanchez sold in September 2008 for $875k. It returned to the market as an empty lot with approved plans for $1.25M. It didn't sell, and was eventually withdrawn from the MLS.
168 Clipper St sold in 2007 for $800k and is currently slated for demolition and working through the approval process for new construction.
4033 26th St sold in 2007, was raised 2 levels and is now offered as a $2.595M single family home.
Has the market changed that much? Or is the risk to developers just too high, and construction loans that hard to come by? Maybe it's just not Noe Valley enough?