OFFER ACCEPTED
Noe Street - $4,800,000.00
4,560 SQ/FT - Multiple Units
This building was in a trust and the siblings shared 50/50. The sellers were both born on this property and there was some considerable sentimental value attached to this transaction. Nevertheless, they were ready to sell.
This 1924 corner lot was an icon with 4,560 square foot of living space, divided into multiple units, and in addition there was roughly 3,000 square feet of backyard space, which was highly attractive to potential investors.
It was situated in a highly sought-after residential neighborhood, between Lower Haight and The Castro, only steps away from Sutter Health CPMC, shopping, restaurants and popular nightlife. The transportation options were ample and some of the best that you can find anywhere in San Francisco.
We priced, positioned and marketed the property with high end photography , drone footage and a dedicated website and social media presence. We secured an all cash offer that the sellers were excited by. The sale proceeded smoothly until the buyer’s lawyer identified that the property could not be renovated in the manner that the buyer had intended. This led the buyer to exercise their contingency and drop out of the deal.
At this point one of the sibling sellers changed their mind about selling their childhood home. The other sibling seller was still committed to selling the property. Fortunately, as we pointed out, this process had already arrived at a mutually agreeable market price, easily allowing one sibling to buy the other out without any hassles.
Remember, due to the complex rent control and tenant rights in San Francisco, it is recommended to make sure that you do your research before purchasing an investment property and ask yourself, will the returns make the risks worthwhile?
Ask us for more details.
