January 5, 2010

On Russia With (Our) Love And A Nine Year Hold

504 Russia Avenue (Image Source: MapJack.com)

At the other end of the San Francisco spectrum, the sale of 504 Russia Avenue closed escrow on 12/28/09 with a reported contract price of $250,000 (asking $349,000). Purchaed for $265,000 in June 2001.

Once again, one-bedroom and one-bath over a garage on a 25’x100’ lot zoned RH-2.

Perhaps Just For Posterity’s Sake (504 Russia Avenue) [SocketSite]
2845 Broadway Is Withdrawn In 2010 After 1400 DOM At $65,000,000 [SocketSite]

First Published: January 5, 2010 12:30 PM

Comments from "Plugged In" Readers

Original listing price was dreaming at $349K, but I'm still surprised this place sold for less than the 2001 sale.

Was just reading the prior thread, and it's funny how perspective on these things works. A $250K place in many other cities (where lockboxes are much more common) would be a serious commission for a realtor, but here, not so much I guess. Still, seems like the listing agent tried to highlight the high points, which were few in number:

"Court date was 11/17/09. 1st overbid amt was $263,000. Was not overbid. Vacant Edwardian 1BR, 1BA over 2-car garage. RH2 zoning, 25x100 lot. New carpet, new paint in interior. Great Excelsior location, just a few blocks to Mission St shops, restaurants & Muni. This is a probate sale subj to court, to be sold in its current as-is condition, no warranties expressed or implied. Previous owner passed away on the premises."

Posted by: Anon E. Mouse at January 5, 2010 1:04 PM

Since this is zoned RH-2 and the house is basically a tear-down, the selling price, to me at least, indicates the market price of the raw, undeveloped land plus a negative premium representing some portion of the cost of demolition and overhead of the initial phases of new construction. Something like that, anyway.

Thanks for posting the follow-up, editor. I'll be watching the Planning Commission Calendar for this one.

Posted by: Brahma (incensed renter) at January 5, 2010 2:34 PM

considering our lot is just about the same size and our land alone has a tax assessed value of about 4 times the price they paid for land+structure here, not a bad deal. I'm sure land is a bit cheaper in that part of town, but I don't live on the gold coast or telegraph hill either, so I wouldn't expect a 400% difference.

Posted by: rr at January 5, 2010 2:42 PM

New carpet & paint + previous owner died on premises is not usually a recipe for maximum sales price

Posted by: OneEyedMan at January 5, 2010 3:01 PM

previous owner died on premises, new carpet & paint. sounds violent.

Posted by: t at January 5, 2010 8:46 PM

New carpet & paint. Helluva way to go.

Posted by: justme at January 5, 2010 9:20 PM

This place can't be torn down, correct? At least not easily.

Posted by: John at January 6, 2010 1:04 AM

Of course it can´t be torn down. It´s....an Edwardian.

Posted by: jon at January 6, 2010 11:32 AM

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