Million Dollar Fixer-Uppers
In San Francisco, homes labeled “fixer-uppers” sold at an average of 15 percent above the list price in 2016, with a median sale price of $920,000, according to a new year-end report from Paragon Real Estate. Though the price is high, it is a substantial discount from the 2016 median sales price of all S.F. single-families: $1,325,000.
Paragon looked at several other “special circumstances” in 2016 home sales, including the median home price for a home wth an elevator ($4,869,000), a view of the Golden Gate Bridge ($2,569,000) and a wine cellar ($3,050,000). It also looked at factors that could lower home prices, including a lack of parking ($1,150,000) and probate sales ($952,500). The only factor that lowered prices more than the “fixer-upper” designation was marketing a home as “tenant-occupied,” which sold at “a big discount” of $838,000, due to tenant protection measures, among other things, according to Paragon.
The real estate market in San Francisco, where I live, has been insane for quite some time now.