$1,250,000: 1118 De Haro St., San Francisco
Potrero Hill duplex, San Francisco: $1.25M
1118 De Haro Ave., San Francisco
Days on market: 4 hours!
Sale price: $251,000 over asking
Days to close: 23
Return on investment: nearly 500%
This Edwardian duplex had been on the market for 77 days with another brokerage. It did not generate a sale and was taken off the market. The seller and his wife wanted to move on to a home in Sonoma.
An outdated kitchen and a bedroom converted to a music room meant the home didn’t show well. Also, the tenant living in the lower level made it difficult for buyers to envision the full potential.
Craig researched trends and found that single-family homes were selling for an average of 13% more per square foot than duplexes in this area of Potrero Hill. Explaining the opportunity to the seller, Craig laid out a plan to completely transform the home – showing it as a single-family residence – at minimal cost.
Craig’s marginal benefits analysis projected a 400% return on the seller’s investment for the remodel.
Highlights of project:
- encouraged and was successful in getting the tenant to move out
- resurfaced the rental unit with finishes similar to the main house, so there was a common design theme, and removed the door that separated the spaces
- updated the main kitchen for less than $6,000 — added granite countertops, reused the existing sink (Craig’s policy is to hold down the remodeling budget), painted throughout the house
- restored the music room to a bedroom to generate more buyer demand
At the first open house, 100 potential buyers and their agents toured the home, 85 brochures were distributed. The home sold within the first 4 hours on the market.
Craig quickly helped the seller and his wife purchase their dream home on five acres in Sonoma, with incredible Southern views.
See the video: How we sold a San Francisco home in one day.