My clients easily got the deal of the year in San Francisco in 2022. They jumped on an all-cash opportunity in Potrero Hill and paid $915,000 for a large 3 bedroom, 2 bathroom condo with parking. After $100,000 in renovations, the property is now worth $1,500,000!
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In this video, I’ll share one of my client’s success stories-a deal most San Francisco buyers dream of! It all started when I met my client at my listing in September 2022. During our Buyer’s Consultation, she told me she wanted to start building equity and was looking for a property to lease with the possibility of living in herself. She and her family were open to renovations but most importantly wanted a great deal (who doesn’t?).
Just one month later, a cash-only property with an expedited closing timeline came on the market in Potrero Hill at a price of $639/sqft, where normally the median $/sqft is $982. When the listing agent explained to me that this property was going into foreclosure in under a week and had to be sold fast, I immediately called my client.
A lot of potential buyers were scrambling to get a loan that would close in under a week, but luckily my client had just enough cash to seal the deal before the property fell into the bank’s hands. Foreclosures are often unheard of in San Francisco.
My client ended up paying $915,000 for a run-down 3 bedroom, 2 bathroom condo that was in need of major renovations. Once the property closed, she did a cash-out refinance and took out a loan on the property. Now that she had most of her cash back, she changed the floors, repainted every wall, added recessed lights, removed the dated fireplace, renovated the kitchen and bathrooms, replaced the wooden deck, and changed the windows, spending nearly $100,000. Given the condo is also top floor, has amazing East Bay views, and has parking, it is now worth $1,500,000!!!
Instead of putting the newly renovated condo on the market, my client decided to lease the unit at $5,995 with our help. Luckily, we found the perfect renters after only 4 days on the rental market-who wouldn’t want to have these amazing views?
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Andres Restrepo | 122° West Real Estate
andresrestrepobusiness@gmail.com
www.122westrealestate.com
Compass | San Francisco
DRE 02059106
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17 окт 2024
