Standalone Castro Cottage At A Condo Price

Dec 14, 2021

We first introduced our readers to this cute circa 1909 Victorian cottage — which is technically in Corona Heights — this past September as an off-market opportunity. In the time since, the 1-bed/1-bath/685sqft single-family house officially became available to the public and has now surpassed the 30-day point. This has been anything but a normal year for San Francisco real estate, however why this property hasn’t moved is a real headscratcher considering above-average demand for single-family homes.

This is the third time that 4353 17th Street has been on the MLS in 2021. Last January, the house reached 74 days on market and price reductions totaling $99,000 (originally listed at $998,000) before that listing was canceled. It then reappeared in the spring, asking $899,000 — where it left off — and again failed to nab a buyer. And that brings us to the current listing with a new lower price at $849,000. For the record, that equates to an approximate 12% loss for the seller who purchased the home for $915,000 in 2016, assuming they would accept an at-list purchase price and pay 5% broker compensation.

As of November 2021, a rolling 3-month average of data reported by SFAR MLS for Condominium units with 1 Bedroom or Less in Corona Heights puts the Median Sales Price at $1,092,500 and Median Price Per Square Foot at a record high $1,452.

The Median Sales Price and Median Price Per Square Foot metrics for Single Family units of any size in Corona Heights are near pre-pandemic highs at $2,650,000 and $1,425, respectively. Note: These latest figures are absent any 1-bed samples; the last time a 1-bed SFH sold in Corona Heights was in 2018 (501 Roosevelt Way went for $1,550,000).

There are challenges with 4353 17th Street that narrow the buyer pool: 1) This stretch of 17th Street is rather busy as a primary connector to Market Street from eastern neighborhoods (Cole Valley, Clarendon Heights, Forest Knolls and Inner Sunset to name a few); 2) No off-street parking; 3) The lot is small at 1,123sqft (per tax record); 4) Approximately $60,000 worth of foundation improvements is needed according to previous listing’s private remarks.

But that’s not to say the property is without attractive qualities. First and foremost: location, location, location. WalkScore ranks it as a Walker’s Paradise and with Excellent Transit. The vibrant Castro village is six gently-downhill blocks away, and both Corona Heights Park and Kite Hill open spaces are within about one quarter mile. Situated halfway to the crest of 17th Street, the lot also affords an expansive view over Eureka Valley.

4353 17th Street is marketed and exclusively listed by Vanguard Properties. Listing photos and floor plan rendering above from previous listing, courtesy of SFAR MLS.

For a buyer who’s open to a project, making the recommended foundation improvements may unlock expansion potential. Pending environmental and architectural review — and all else that goes into obtaining building permits for structural additions — it could be possible to lift the house and/or excavate to create habitable space (and bigger views). We imagine the city would be especially keen on this if it included constructing a second dwelling unit per RH2 zoning standards; the units could be eligible for condo-conversion under this scenario.

There’s always the option, too, to pursue demolition of the home and rebuilding from scratch. Maybe that’s a better play at some future time when building opportunities are more scarce, profit margins are higher, and bureaucratic inefficiencies are under control.

Exclusive buyer representation and private tours available > 415.715.9205 / homes@vulcca.com