The Mission Still Holds Diamonds in the Rough

The house at 29 Dorland. Photo from SocketSite.

And when you find them for cheap, you can re-sell them for $2.4 million. But you have to spin them off.

Purchased as a “diamond in the rough” for $1,350,000 in November of 2012, plans to add 1,400 square feet of living space to the Mission Dolores home at 29 Dorland have since been approved, the permits have been issued and “the project is ready to go!”

Check out the before and after photos. 

Filed under: Mobile, Today's Mission

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  1. John

    Dorland is a desirable street or, rather, couple of blocks. It’s far enough west to have a non-scuzz premium for the Mission. And 1.35 million is a decent amount of scratch to pick this up for.

    What’s surprising and, for an investor, encouraging is the premium just for the planning permits and nothing else.

    I got a nice earner once doing a similar thing – bought a building and applied for permits up the wazoo. Oddly, they were all granted whereupon I figured all the easy money had been made, so why hold on? I sold it for a cool half mill more than I paid, leaving the hard work for the next guy.

    As it happened, the next guy made serious bank too but, hey, no need to be too greedy. Sometimes you hold, sometimes you move onto the next deal. I love this town.

  2. poor.ass.millionaire

    Per my comment on socketsite on this, I just wonder if they will get their premium of $1.2 mil for the entitlements. Seems rather high. But this will be a good benchmark to see if there is stupid money willing to pay that much for a DIY project…something hipster/techies are rather fond of btw.

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