PAUL’S PICKS
Welcome to Paul’s Picks, a weekly segment where Paul showcases some the best deals on the market here in the Peninsula. From single-family homes and condos to 2-4 units and large apartments complexes even vacant lots. Paul closely and constantly monitors a wide arrange of product types seeking out the market opportunity that you might not have thought about. If you would like to discuss a property in more detail or find out about other properties that may fit your needs better please give me a call at (650) 348-2020.
Paul’s Pick #1 – 703-707 42nd Avenue – San Francisco (Call for more details)
My first pick this week is a duplex in San Francisco, and I’m really excited because it’s been a while since we talked about San Francisco real estate, and I’m taking us out of the Outer Richmond at 703-707 42nd Avenue. Now what I love about this property is that you get a bonus third unit — so it’s actually a 3-unit building — and more importantly, 2 out of those 3 units will be delivered vacant, so with some remodeling and by converting that top 2-bedroom unit into a 3-bedroom unit, you’ll be able to achieve just over $85,000 gross annual income, giving you just about a 5% cap rate, which in San Francisco is extremely rare.
Paul’s Pick #2 – 1432 Vancouver Avenue – Burlingame [click here for more]
For my second pick this week, I have 1432 Vancouver Avenue in Burlingame. This Easton Addition location actually speaks for itself; one of the best throughout the peninsula. And I really like the classic tutor-style charm, but why this is a pick is because this home has just entered its third week on the market, telling me this can be yours at or below its current list price. I think we just have a classic case here where the agent priced it at its current value. This market is very finicky; buyers and agents for that matter are used to prices to going up, that they tack on extra 5-10% to the list price so when the get the home at value, the sale tends to stall; I think that’s what we have here. I think it’s also stalling because this home lacks a master, but one can be added above the current family room, or you can push out an entire side of the home for an even larger family room addition and master-bath addition, but at any rate, if you get this home for 2-million-350, 2-million-3-flat or anything below that, it is an absolute steal, but you better act quickly; this home will not be around on July 5th.
Paul’s Pick #3 – 941 Vista Grande – Millbrae [click here for more]
For my 3rd pick this week, I have 941 Vista Grande in Millbrae. This 4-bedroom 3 1/2-bathroom remodeled 2000-square foot home has now entered its 5th week on the market and has just received its price reduction about 5 days ago to a million-988. In my opinion, if they had listed it for a million-888 originally, it would have jumped well over that 2-million mark, so take advantage of those marketing mis-queue. If you’re looking for a large remodeled home in Millbrae, this is the deal for you.
Words of Wisdom
Now just some words of wisdom for you guys: if you go out and enjoy some ice-cold brewskis, hotdogs, and nearly blowing off your thumb and index finger; if you’ve been frustrated looking for a home the past few months, this next week 10 days is a crucial window to find a deal, for a couple of reasons: one, we seasonally reach peak inventory mid-June to the first week or so of July, and two, a lot of buyers, a lot of buyers-agents are leaving town for the weekend. So catch some people in their sleep and find that deal.