Who Says the Market is Dead?

88 The Rush

 

Here is a picture of the crowd heading in to see the house at 285 Richland Ave in San Francisco this morning for a brief (and probably only) showing of this house.  Why?  This 1000 square foot home, which is now bank owned already has two offers (even before the first showing).  The first offer is from the tenant, who is currently paying $2,400 per month to live there.  The second, from another party, who had not seen the house when they submitted the offer.

I suspect this house will go significantly over asking, in fact well into the $500,000s. (If this home were vacant and the kitchen and bath were remodeled, it would likely sell into the $600,000s.  It's a sweet home with nice Edwardian details.  Of course, it is subject to tenants rights, so the buyer is likely to be someone who wishes to owner occupy, or an investor who with the market rate the tenant is paying do very well.

My vote is for the tenant.  I hope he has an aggressive bid and gets to stay.

[Some background on this building.  It was purchased in April 2001 for $392,000.  When the house was purchased, the buyers put a little more than 10% down and borrowed the rest.  And then, in 2005, they refinanced and pulled an additional $235,000 out of the house. And currently bank owned.]

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