May 23, 2013

Miraloma Park Remodeled, Reviewed, And Record In The Works?

535%20Teresita%20Boulevard.jpg

Purchased for $890,000 six months ago having been listed as a fixer for $895,000 with four bedrooms and 2,332 square feet, the Miraloma Park home at 535 Teresita Boulevard has returned to the market as a renovated five-bedroom home with 3,184 square feet.

535%20Teresita%20Boulevard%20Side.jpg

A few pros, cons, and "eye catchers" for the property by way of a plugged-in Miraloma Park homeowner who has taken a tour and is keeping a close eye on the listing:

535%20Teresita%20Boulevard%20Kitchen.jpg

Pros: Newly renovated; 5 bedrooms, some en-suite; large family room; good for entertaining with easy access to level back yard; attractive landscaping; close to transportation – freeways and public transit; decent Bay and downtown views.
Cons: Relatively small kitchen, bedrooms, living room and dining room for a five-bedroom home; limited storage in the kitchen and one-car garage; questionable remodeling choices (vinyl windows, front steps, cable deck railing on a Tudor House); busy street.
Eye Catchers (flashy, but only an asset if they are what you are looking for): Pot filler over the stove; wet bar and "wine cellar."

535%20Teresita%20Boulevard%20Wet%20Bar.jpg

The most expensive Miraloma Park home sale to date is 321 Marietta Drive which sold for $1,488,000 in early 2009 with five bedrooms and 4,170 square feet. The asking price for the remodeled 535 Teresita Boulevard is $1,699,000.

And of course, as 535 Teresita looked before the remodel:

535%20Teresita%20Boulevard%20Befor.jpg

∙ Listing: 535 Teresita Boulevard (5/4.5) - $1,699,000 [535teresita.com]

First Published: May 23, 2013 1:00 PM

Comments from "Plugged In" Readers

The lack of any street trees and the hideous, underscaled landscape planning makes it look cheesy.

Posted by: futurist at May 23, 2013 1:03 PM

Whats with all the palm trees in the back yard?

Posted by: sunset guy at May 23, 2013 2:45 PM

Has the “Noe” effect made it to Miraloma yet? Probably not…I imagine it’s still working its way through Glen Park and Bernal. I'm not an expert on MP but I’ll be really surprised if this sells for asking. I don’t think it needs to though for the sellers to make a healthy profit.

Posted by: Willow at May 23, 2013 3:32 PM

I agree with futurist, the developer here really missed an inexpensive opportunity to increase curb appeal and improve the look of that block. The "before" photo shows better albeit unkempt shrubs.

Speaking of which the look of the house before just screams "Here lives a disabled veteran ham radio operator". Not that there's anything wrong with that. Probably the first turnover for this house in decades. CQ CQ

Posted by: The Milkshake of Despair at May 23, 2013 3:50 PM

I think the Noe effect will move to West Portal before Miraloma.

Posted by: MoneyMan at May 23, 2013 7:38 PM

We were in the market when this was first listed and got to tour the place pre-renovation. What a wreck it was!

Of course, the next buyer will never know what lurks behind those walls. We're talking warped floors and windows, dry rot, mold, and I mean extensive. Cosmetically the place looks great now, but all the same I really wish the next buyer good luck.

As an aside, we researched Miraloma Park pretty heavily at the time. We were thinking of buying a fixer but just couldn't see enough of an upside to justify taking the plunge.

There are currently 8 listings either active or in contract. That includes 535 Teresita. If you remove it from the data set, the asking prices range from $749K to $925K, with an average and median both about $849K. That means the asking price of this place is twice the neighborhood average!

There have been 24 sales in Miraloma Park since 11/24/2012. Prices ranged from $562,500 to $1,210,000, with an average of $875,908 and a median of $882,500. The largest house sold measured just 2,459 SF. There were just three sales over $1 million, and two of them were on Juanita Way, on the west side of Mt. Davidson, where prices are generally higher. These larger houses went for about $500/SF, so I would expect #535 to go for a bit lower on a price per square foot basis, given the inverse relationship between size and price, all other factors being equal.

Anyhow, value-wise it's better to own a cottage in Pacific Hts than a mansion in the Mission. This sure does illustrate the principle.

Disclosure - I'm a commercial appraiser. We ended up buying in Diamond Hts.

Posted by: Schaetzer at May 23, 2013 10:06 PM

Miraloma Park is interesting with a slant toward Glen Park on one side and Forest Hill Extension and West Portal on the other side, plus a commercial strip and fancy food store on Portola. Nice to see renovations in the neighborhood moving forward at any price point.

Posted by: Star at May 24, 2013 12:32 AM

This has been marked as "Pending" for a week or two.

If it sells, I'm guessing 1.395. Seems too high of a price for the (underrated) neighborhood.

Posted by: 4h clubber at August 13, 2013 2:20 PM

Looks like it sold for $1.6 million. New Miraloma record?

Posted by: ParkDude at August 20, 2013 11:44 PM

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