Last
fall, two flippers purchased the triplex at 1227-1231 San Bruno Avenue in the
Mission off-market. At the time, the building had been vacant for two years and
was quite a mess, with pigeons as its only
inhabitants. The buyers set about
renovating the property for resale—which is par for the course for many
fixer-uppers in the Mission these days—but decided to market it a bit
differently from most flips. Instead of putting the units back up for sale
post-renovation, the developers of the triplex gave potential buyers several options.
Option one, "Buy Now & Build," allows buyers to come in with
their own contractors to finish the renovations, while option two, "Buy
Now, We Build," lets buyers work with the developers' team to design and
finish the space. There is also the option to wait until the triplex is
finished if no one else scoops it up before then.
The
owners felt that buyers willing to spend $1 million or more on a unit may want
the option to choose their own cabinets, flooring, and other finishes. The
preconstruction purchase options also opened up the ability for a buyer to
purchase more than one unit, or even the entire building. We hear from the
owners that there has been interest from potential purchasers so far, but as
the units head toward completion, the time for picking those finishes is
drawing near. The top floor is set to be completed in the first part of June,
whileconstruction on all three will be finished in approximately the
next two months.
The
triplex sits right on the edge of the Mission and Potrero Hill, near the
soon-to-be-renovated San Francisco General Hospital. Each floor is designed to
have three bedrooms, including a master suite, and two bathrooms. The triplex
units have been listed on the MLS for $1.1 million each at 1,500 square feet, but necessary seismic renovations brought
the square footage up to 1,700 per floor, meaning that the price will rise
somewhat. The team behind the flip estimates the current worth of the whole
building to be $3.6 million.
from :
www.socketsite.com"
