A San Francisco home that has seen better days was scooped up for $265,000 after previously being listed at $449,000. The New York Post reports that the Bret Harte property, having a tenured tenant for close to thirty years, experienced a significant price drop before closing the sale. The transaction reflects a softening in a fervent real estate market.
Despite the home's visible decay and cluttered interiors, the listing, managed by Michelle Pender from Engel & Voelkers, highlighted the property's untapped potential. Potential buyers were encouraged to "re-imagine" the space, which includes a sunlit attic, a two-car garage, and a basement bursting with, as the listing put it, "major expansion potential." Still, the property's sold price suggests buyers have had to balance their investment appetites with the reality of tackling extensive renovations and managing tenant relationships. The initial auction by MTC Financial Inc. dba Trustee Corps transferred ownership for just $187,500 in April last year, showing a quick turnover for the seller with a decent profit margin.
According to Engel & Voelkers' listing, the brittle bones of 3229 Jennings Street house have three bedrooms and three bathrooms across 2,166 square feet. The lot size extends to 3,200 square feet, offering a sizeable canvas for investors or patient homeowners willing to delve into a deep renovation project.
While the home's state of disrepair likely contributed to the sale challenges, the competitive price point eventually aided in attracting a buyer. San Francisco, known for its high housing costs, may perceive such sales as an anomaly. Nevertheless, it can indeed offer an "incredible investment opportunity" for those willing to sufficiently invest time, money, and resources into revitalizing worn structures in promising locations. A long-term tenant also adds a layer of complexity, often requiring buyers to have realistic expectations about the turnaround time for such projects, as per the New York Post.
