September 5, 2012
Our Restored And Renovated Craftsman Crush At 1445 Cole Returns
The restored and renovated Craftsman home at 1445 Cole Street hit the market listed for $1,925,000 in early 2008. It sold for $1,819,000 that June.
Three months later, permits for a 198 square foot addition and rear deck extension were filed, the revised plans for which were finally approved earlier this year.
∙ Listing: 1445 Cole Street (3/2) 1,860 sqft - $1,775,000 [1445cole.com]
∙ Quite Simply, We’re Completely Crushing On This Craftsman On Cole [SocketSite]
First Published: September 5, 2012 12:00 PM
Comments from "Plugged In" Readers
Posted by: lyqwyd at September 5, 2012 12:11 PM
Lovely indeed. Very curious to see how this 2008 Apple fares. The permit says 60k but the notes indicate the value was reduced due to change of scope; but not clear if 60k reflects the change. Nevertheless, this seems to be a very good 08-12 Apple. Sold for $490k in 1994 but was obviously improved sometime before the 2008 sale.
Posted by: eddy at September 5, 2012 12:35 PM
Does it come with the Asawa?
Posted by: Q at September 5, 2012 12:40 PM
I question the Craftsman-ness of that kitchen reno.
Posted by: EH at September 5, 2012 1:56 PM
Wow - it took 4 years to get the plans approved and built? Did someone actually live in it this whole time, or was it an intended flip that took too long? Either way, if they get the asking price then the renovation was a bad investment - they will lose money and may have had to live through the renovation with little time to enjoy it. Or do folks think this will go way over asking? Anyone know the backstory?
[Editor's Note: As reported above, while approved earlier this year, the expansion plans remain in hand (i.e., have yet to be undertaken).]
Posted by: kddid at September 5, 2012 3:50 PM
About a grand a square foot? Seems high...
Posted by: Mortgage analyst at September 5, 2012 5:30 PM
Kitchen is totally out of place with the house. I have pretty much an identical Crafstman bungalow that has been restored and my untrained unskilled no architect self came up with a much better period specific renovation to my kitchen. Now, if only I could plant my house in another 'hood, it would probably be on this website (and worth 1 million more).
Posted by: bayview heights guy at September 5, 2012 10:10 PM
This house really shows the premium people place on living in prime San Francisco. You can buy more or less the same house in Rockridge for half the price. Just crazy!
Posted by: Willow at September 5, 2012 11:26 PM
^^^I love Rockridge! Question - Do you think it would take less time to ride BART from Rockridge to the SF Financial District than to ride MUNI from this location to a similar location in the FiDi?
Posted by: curious at September 5, 2012 11:34 PM
Now that all the little kiddies are back in school, and interest rates have remained at nearly the same level for months, and Facebook is trading below $20, and inventory is increasing post-Labor Dad, it will be interesting to see whether the (limited) frenzy we've seen over the spring and summer months will continue.
And one other thought: just because the expansion plans are approved doesn't mean that the expansion will be easy, or even possible. If extending the house is such an easy way to add value, why aren't the current owners doing it themselves? Maybe there are neighbor issues or other problems that aren't readily apparent to the eager buyer hoping to justify $1,000+ per sq ft purchase price by the fact it's easy to add X000 sq ft at, say, $300-400 per sq ft?
Posted by: DataDude at September 6, 2012 7:45 AM
The frenzy was not really muted or limited. It was a very healthy bounce. I tentatively expect the regular market cycle to play itself over the winter.
Also, for developing expansions 3 things are needed: effort, money and time. Maybe the sellers are short of one or more of these.
More likely: living in a work area for months brings its own level of pain. Some people have their own priorities and think it's not worth subjecting your family to months of strangers, noise and dust just for a profit. For some it's easier to regrow wealth than strained relationships.
Posted by: lol at September 6, 2012 8:12 AM
Good points. It seemed that whatever frenzy we saw the past few months was limited to certain 'hoods and levels of turnkey-ness of property, and probably fueled by season and interest rates. A lot of stuff in nice neighborhoods sat and sat because they required too much development, which to your point, requires effort, money and time. I suspect these properties will get re-listed and put back on the MLS this month.
A true frenzy (ala dot com boom) is where everything moves, even the dogs on busy streets and fringe areas.
Does anybody know how many extra sq ft will be added per the expansion plans? It appears there's no bathtub in the master, and I agree with the other comments that the kitchen doesn't go with the rest of the house and is somewhat not functional.
Beautiful house, but the remodel needs to be remodeled a bit.
Posted by: DataDude at September 6, 2012 8:26 AM
I see a continuation of the frenzy until winter. I have several clients who keep trying to buy and keep getting overbid. I am sure there are lots more since the houses they write on get lots of offers. We'll see if there is enough new inventory to fix that, but I doubt it.
Posted by: sparky*b at September 6, 2012 8:29 AM
@curious: Glad to hear you love Rockridge; I live there and I love it too! The answer to your question (IMHO) is yes: BART from Rockridge to Embarcadero is ~20 minutes and if you can't face the commuter squash, there's always the casual carpool. As far as I can tell MUNI would take at least 50% longer - not least because it would require a change on Market St.
@Willow - I think you could buy the same house in Rockridge for a lot less - maybe not 50% less, but a lot less... but I totally agree with your sentiment.
Posted by: StGeorge at September 6, 2012 8:39 AM
To "Curious" Re: Commute.
I lived in the east bay for 10+ years and commuted to FiDi via BART / rideshare / bus. There are locations like Rockridge or North Berkeley / Thousand Oaks that have easier commutes into SF than many neighborhoods actually in SF.
In this case I think the time would be about the same assuming that the you used the "N" Don't know about bus lines. BART would definitely be a better / more relaible experience.
Best answer for this and lot's of other locations in the City is to ride a bike. Definitely quicker than muni. I live in the Inner Sunset and have been doing this for 10 years or so. Most direct route will take me 20mins door to door.
Posted by: simpr at September 6, 2012 8:39 AM
From the post: "permits for a 198 square foot addition and rear deck extension were filed"
And why is the kichen "somewhat not functional"? Looks like a pretty good triangle to me.
Posted by: R at September 6, 2012 8:39 AM
R - I don't like the lack of fan/hood over the burners (no ventilation), plus the island chairs are off to the side, like an after-thought.
I also don't love the choices of cabinets and the zen feel in a craftsman, but you didn't ask about design
Posted by: DataDude at September 6, 2012 8:54 AM
It's got a Viking downdraft hood.
Yes, the chairs are clearly an after-thought, but I don't see how that makes the kitchen not functional.
Posted by: R at September 6, 2012 9:15 AM
"permits for a 198 square foot addition and rear deck extension were filed""
Wow, 200 squares is barely worth the effort to initiate a project if it affects either the foundation or roof. After a friend of mine completed a 160 sq.ft. extension he swore he'd never do so much work for so little extra space.
Posted by: The Milkshake of Despair at September 6, 2012 9:17 AM
200 squares is barely worth the effort to initiate a project
We're in the middle of a complete remodel of another house in Cole Valley, and the math for us was what someone else described above: $800-$1,000/sf to buy in the neighborhood, but we could build out for less than half that. Especially given the scope of everything else we're doing. And our house was originally about the same square footage as the house featured here, but the extra space will give just enough extra room for a family of four not to feel...cozy.
I think it would be silly to build based on the "I'm getting more room cheap" argument though - only if the new owner really just wants the space. Ready-to-build permits here don't save a ton of $ relative to purchase price and construction cost, but it does save a lot of time. Based on my experience, plans, 311 review, permits would take 4 months or longer. I'd likely just delay moving in until the addtion were built, assuming it could be done in a few months.
Posted by: gumby at September 6, 2012 3:36 PM
No one seems to have noticed that upstairs there are three bedrooms using one bath. While it may be a lovely house otherwise, that strikes me as the dealbreaker.
Posted by: rocco at September 7, 2012 9:33 AM
Sold. $1.9M +81k. +4.5% over 2008.
Posted by: eddy at September 21, 2012 12:56 PM