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Remodel & Renovate in Noe Valley : Real Estate Advice

  • All39
  • Local Info18
  • Home Buying7
  • Home Selling2
  • Market Conditions3

Activity 2
Sun Jan 10, 2010
Lance King answered:
Multi,

Most likely you won't have a choice - taking units off the market is very difficult. Assuming you could and that you are asking under the context of selling, it seems hard to imagine a scenario where selling multiple units in a price range that more people can afford would net you less than selling to one buyer in a much higher price range, not to mention potential costs of coverting to a single family. However it depends a great deal on how many units you are talking about. If it's two units these are in high demand providing there are no eviction history issues, but 3 or more will require fractional loans and currently (as of last month before I left the country for a bit) Sterling Bank was the only retail lender of those kind of loans and that is making many buyers skittish, particularly with rates on conventional loans so low right now.

I would first determine the possibility of converting - as others have pointed out a good first step is looking at the 3R report, and if you don't have one they can be ordered on the 3rd floor of the building dept for $160 - but don't rely solely on that as they are often inaccurate. If you actually get to the point where you can do it then I would recommend you consult with at least two reputable agents/brokers and get an idea what sales prices would be in the multi-unit vs sf home scenario before making a decision.

Best Regards,

Lance King/Managing Broker
lance@fixedrateproperties.com
415.722.5549
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Sat Mar 14, 2009
Jed Lane answered:
I think Sally's price is too high. I've heard 100K to 150K and the Keegan Bros. do really good work and are local Noe folks. Add a garage does more in North Beach and Telelgraph Hill and the Keegans do more in Noe. Full disclosure my daughter is best friends with Eugene's daughter.
The whole process has been made harder in the past few years by our illustrious Board Of Supervisors. So be prepared to spend time and mony going through the permit granting process.
You know where I'd start if you don't want to go to a contractor or architect right away is to the Department of Building Inspection on Otis Street. They will have information for you and will answer your questions with the current scoop.
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