Feel like doing a rehab? Here’s a sampling of what’s needed to complete a full renovation – five months’ worth of Tom’s work in less than nine minutes (now pending after four days on market, was listed for $499,000):
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
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Five months! Wow. From sty to style.
Should put the remodeler’s contact info because these guys did wonder work and I bet others’ would want them to do the same to other properties.
It’d be interestin to know what a studs to finish remodel like this costs…?
Tom is very generous with his time and loves to talk to people about remodeling. But he does his own thing – he’s not for hire.
http://www.tomtarrant.com
Costs on this one? Has to be more than $100,000, and probably under $200,000. He might chime in after it closes.
-What’s the address?
-purchase price?
-rehab costs?
-was the property acquired off the MLS? Trustee sale? Other?
Love the background tunes in the video:)
405 27th, SD, 92102.
Google Maps photos shows it still in the process of being rehabbed…pretty cool. That is pretty good to get that type of price for a sale when you are south of the 94 in 92012. Is that a SFR or multi-units?
Link: 405 27th, SD, 92102 MLS# 110058648
Bought for $220,000 on April 18, 2011.
I think the home is worth more than the LP to be honest. Whomever is getting it is getting it at a steal at that price in my opinion.
Checked it out, even if that is a $100k+ rehab that is a nice spread. Beautiful job on the house Tom.
Stunning video, Jim. Excellent photos of true craftsmen doing their craft. And you picked the perfect music.
Thanks so much for taking the time to put this video together.
Yes but that neighborhood is kind of sketchy (92012 south of the 94). If you want to take a stroll around the neighborhood at night, you will do so with some apprehension. That’s why it is interesting to me that neighborhood can fetch an owner occupant buyer for that price. Even though that is a stunning gorgeous house, you still have to live in that neighborhood.
I think we priced-in the neighborhood correctly. I used this comp, which is virtually identical but just north of the 94:
http://www.sdlookup.com/MLS-110044409-1036_Edgemont_St_San_Diego_CA_92102
It was also done by a celebrity flipper, was only 1,800sf on the tax rolls, and offered the same type of appeal – but just north of the 94. I gave them a 10% bonus for location, though within a mile away, and felt that Tom’s premium product would clinch it.
For those just checking in, scroll back to last weekend for more posts.
Congratulations to you both JtR and Tom. Tom, you have amazing vision and discipline.
JtR, you hit this deal out of the park.
“But he does his own thing – he’s not for hire.”
Unless Tom is never doing rehabs again, then it is only a matter of time before someone throws enough money his way that he will become for hire. Tom has that rare combination of vision and execution.
Pending in 4 days in this market means they nailed the price. Could Tom have gotten more? Absolutely, but it’s a patience game that he’s most likely not willing to play. Money in money out. On to the next one..Even for the true craftsman, I guarantee he’s not second guessing his exit price.
I am in awe of what an exceptional job Tom did to this house. The attention to detail is outstanding. I think it’s great that Tom brought this house back to life. Congratulations on a job well done.
North of the 94 is a very different world than South of the 94 though. But sounds like it’s working out. This property is in Grant Hill which is a rougher working class neighborhood. When you get North of the 94 you get more into Golden Hill & bordering South Park, which will attract some yuppie/hipster types with more cash & better incomes. I give Tom credit & guts for taking a chance on a higher end priced property (for that area) in that neighborhood. If you drilled down to just Grant Hill part of 92102 that probably would be one of the most expensive SFR comps in years I would think. Sherman Heights to the south has some more expensive homes.
Absolutely stunning rehab, Tom! The attention to detail is mesmerizing. Please tell all of your crew how wonderful it is to see such beautiful craftsmanship from beginning to end.
And four days pending? Once again, JtR, you were right on with the list price. I hope the buyers have years and years of happiness in this gorgeous home…
Hey Thanks guys for the compliments! I have some interesting research on Grant Hill and the history of the house that I’ll share soon. What a fun project, cant wait to start the next one. Jim did a great job marketing this property and helping me set the price!
Tom, that was simply astounding!
When I saw the first picture, I thought “WTF?!?” I couldn’t believe it was the same house!
Don’t be surprised if someone shows up one day with a truckload of cash, asking you to fix something specific. You’ll be worth every penny!
And if you’re willing to share that info with us, for how much did you manage to sell the house? Or should that be Jim’s next price guessing contest? 🙂
Opening title says “painted lad”, end title says “painted lady” lol
I have been watching real estate in this area for quite some time. IMHO it will be in some ways, better than Bankers Hill which has homes from this era.
I am glad to see that historic homes like this are being restored to its potential and not like some cheapo flip. There are some 1920’s homes I have seen butchered by flippers over the past decade.
One good thing that this area has are the fab views and no airplane noise as the North side of 94 in Golden Hill does.
An interesting statistic is the crime data found online. An agent this week with her buyer had done some research and told me the crime rating is higher in La Jolla than our zip code.
It’s only natural that Sherman Heights and Grant Hill historic districts are next in line to be the cool new yuppie areas. The utility lines are all being under grounded as we speak and done by next summer as well.