January 30, 2012

Before, After And Back On The Market In The Mission

1376 Florida Before

Purchased for $700,000 in 2007 and then approved to be rebuilt as two "low energy condominiums" totaling 3,000 square feet, as plugged-in people know 1376 Florida was listed as a short-sale for $300,000 a year ago, sold for $320,000, and has since been rebuilt and expanded (although without all the low energy features originally proposed).

1376 Florida Rebuilt

Back on the market and now listed as two condos, they're asking $799,000 for the lower 1376 Florida and $849,000 for the upper number 1378.

∙ Listing: 1376 Florida (3/2.5) 1,500 sqft - $799,000 [1376florida-sf.com]
∙ Listing: 1378 Florida (3/2) 1,500 sqft - $849,000 [1376florida-sf.com]
Plans For The Inner Mission Fixer At 1376 Florida Come Up Short [SocketSite]
No, This Wasn't In Florida But Rather On... [SocketSite]

First Published: January 30, 2012 10:00 AM

Comments from "Plugged In" Readers

If I was selling this place I would have spent the ~$20 to have Home Depot or another paint store color match a gallon of the paint on the place next door and painted over the bare spot (15 minutes work with a brush and 4" roller)...

Posted by: FormerAptBroker at January 30, 2012 12:07 PM

Yeah, right. Like you know whether they asked the neighbors that question or not.

Posted by: [anon.ed] at January 30, 2012 12:20 PM

Again the black-and-white picture feel. Soooo 2008.
Now I have "Shades of Grey" stuck in my head.

Otherwise a great transformation.

Posted by: lol at January 30, 2012 12:24 PM

Looks good! Bet the neighborhood is pleased.

Posted by: wc1 at January 30, 2012 12:48 PM

I'm surprised they got approval to add the garage. Was approval based on it being a "green development"?

Posted by: Michael at January 30, 2012 1:04 PM

I imagine adding a unit to the market carries some weight in the garage-approval process.

Posted by: EH at January 30, 2012 1:09 PM

Given this was purchased for 320K there is lots of money to be made here. If it sells anywhere close to asking this will be a really smart well executed flip. (I actually like the gray and white color palette.)

Anyone venture to guess how much profit will be made by the sellers?

Posted by: Willow at January 30, 2012 1:14 PM

I think at asking they will make about $275K or so.

Posted by: sparky-b at January 30, 2012 1:53 PM

Quite nice improvement to the neighborhood. Also appears to be a new building next door, in the after shot.

Posted by: Snark17 at January 30, 2012 2:14 PM

No, they just expanded the building.. Hence sparky's $275k estimate of profit.. They put some serious work into this place.

Posted by: R at January 30, 2012 2:26 PM


If each of those units is around1700sf, and the build cost (for a builder) was around 250/sf, then at ask the profit will be about 500K. Build cost could have been lower (for a resourceful builder), higher for an amateur or an unlucky pro.

Its nice to see profit expectations returned to earth.

Posted by: around1905 at January 30, 2012 2:41 PM

around1905,

Your number comes out to $850K for construction.
Purchase was $320K
Cost of purchase $10K
Construction loan cost $50K

Sale price: $1,650,000
agents: $82.5K
Transfer tax, staging, ongoing taxes, closing costs: $35K

Total Profit: $302K

I think they spent a little more either on the build or the carry.

Posted by: sparky-b at January 30, 2012 3:28 PM

Sparky,

I think that this place is going to make its money on a little squeeze here, and a little squeeze there.

Looks like the selling agent is in the same office (if not the same person) as the person who bought it. The 82.5K number is retail; these folks won't pay that. Ditto with the 35K (especially since the taxes on a 320K purchase would have been more like 4K).

Haven't seen the inside but my impression is that this wasn't a high-end or a complicated build -- could have been less than 250/sf, especially since two units were getting done at once and the envelope wasn't substantially modified.

So I'll still argue that 500K profit may very well be on the table, but take your point that it could be as low as 300K. It certainly won't lose money, and might have provided some amusement for folks idled during the past few slow years.

Posted by: around1905 at January 30, 2012 4:32 PM

The last line is spot on. "buying a good job, with a great client".

I hope they are looking at $500K.

Posted by: sparky-b at January 30, 2012 4:53 PM

So are they condos or still only fast-track TICs?

If so how did they go from a single family straight to a condo?

Posted by: mikey woodz at January 30, 2012 7:05 PM

They are condos. They went from SFR to condo by adding a unit, adding parking, and following the code.

Posted by: [anon.ed] at January 31, 2012 10:46 AM

More off street parking. Yeah! Exactly what every neighborhood in this city desparately needs.

Posted by: kathleen at January 31, 2012 12:40 PM

I'm assuming everything we see was done legally, but isn't there a requirement for garden/green area at the front of a building?

I had thought I heard 20% of the front setback, or something like that -- anyone know? And, if so, it doesn't look like that planter to the left of the driveway is big enough to qualify...

If anyone knows how this works please educate me.

Also, from what I know, garages are still OK as long as the garage door is in the same plane as the primary face of the building, which this one is. If they tried to put the garage door in front of the house, then my understanding is "no way".

Posted by: sf builder at January 31, 2012 2:32 PM

around1905 - I don't know anything about construction costs, but I see some pretty major envelope changes. There is the 3 story addition to the right of the stairs, the driveway and garage, the new story added to the top for the master suite, and possibly a 2 story addition or more on the back (I can't see the back in the "before", so don't know how extensive that had to be). I assume many of those changes require significant foundation work, plus tying all those new parts into the existing building.

Posted by: katdip at February 1, 2012 11:46 AM

1378 is pending

Posted by: rm87 at February 3, 2012 3:16 PM

The sale of 1378 Florida closed escrow yesterday with a reported contract price of $950,000 ($633 per square foot).

Posted by: SocketSite at February 24, 2012 1:40 PM

$100k difference from the list price. Grossly underpriced, must have been on purpose. What a horrible agent.

Posted by: sparky-b at February 24, 2012 3:14 PM

how many offers?

Posted by: R at February 24, 2012 3:48 PM

Nearly $1M for this neighborhood is an eye catcher for sure. Curious to see what the lower sells for. It doesn't have the view but I thought a better overall layout. The finishes in this place seemed much better than many of the Vanguard flips we've seen so much of in the last 5 years.

Posted by: mktwatcher at February 27, 2012 10:52 AM

The sale of 1376 Florida Street has closed escrow with a reported contract price of $865,000 ($577 per square foot).

Posted by: SocketSite at March 16, 2012 9:58 AM

Post a comment


(required - will be published)


(required - will not be published, sold, or shared)


(optional - your "Posted by" name will link to this URL)

Remember Me?

(you may use HTML tags for style)


Continue Perusing SocketSite:

« A Penultimate Drop From The Penultimate Floor Atop The Ritz-Carlton | HOME | Two-Year Payout For Evicted Tenants Accelerated And Approved »