4326 24th Street
On-market Target Date:
List Price: $2,700,000
Neighbors to the West and East are both completing major renovation projects which should give the best buyer of your place a sense of comfort around their investment and enjoyment of the property for the coming years.
Tax records clearly state the square footage as 2205 but they only list the property as 1 story. This doesn’t add up. 4338 24th has the same discrepancy.
Although, you don’t have a great connection from the main level to the garden (something that buyers value) I think that your deck off the master with stairs are more than the neighboring properties
Your neighbors property (both to the west and east) are easily the best comps. The exterior condition of 4332 is pristine and the interior was very polished. Although the main level layout was really nice the house sort of fell apart at the lower level becoming nothing more than a bonus/family room. Thus, without significance reconfiguration, the home lives more like a 2 bedroom. 4320 20th Street sold at a particularly great time in the SF market and caught a great price. The buyers also planned to add another story and probably priced that into their thinking. But, even so, its a great comp that we could conservatively apply 10% appreciation to taking the $/sq.ft. to $1173/sq.ft.
Selling the 4326 as-is, I think that we’d be in the $1125-$1200/sq.ft. ($2,450,000 - $2,650,000). Performing a modest level of updates I would expect the sales price to be $1200-$1250/sq.ft. ($2,550,000 - $2,750,000) and if we attacked the home more aggressively I think that we would push into the $2,900,000 range ($1315/sq.ft.) And if you were to totally renovate the home and then sell we would be looking at $1425/sq.ft. (~$3,100,000) which doesn’t make sense given the time and ROI.