3600 sf is a tiny lot (SD City Avg. is 5000 sf) and although the house is “med. sized” in sq. footage for that era, a one-car garage renders it “economically obsolecent.” Most buyers need a two-car garage today, esp. in North Park where st. parking is at a premium. There is probably no room on that lot to enlarge the existing garage and still be able to drive into it, unless the already small backyard was given up and the new garage door was turned facing an alley, if avail. This could cost $25 – $40K (+ permits??) and may not be worth it.
Just because the property is a “Craftman” doesn’t mean all it’s orig. redwood or cedar “built-ins” or the moulding isn’t now painted over several coats (with lead or oil-based paint) or it has a modern kitchen.
If the decedent paid $447K for the property in 2002 and put $35K down, her orig. loan was for $412K. That is a very small downpayment and she would have very likely had PMI payments as well. Either she was able to make the payments sporadically enough over the years to stave off foreclosure or refinanced and/or heloc’d the property to enable her to keep making the payments. Her troubles hanging on probably began PRIOR to her marketing the property at the peak. Greed or being overmortgaged and/or otherwise liened, along with possibly being ill, kept her from reducing the price at the “peak” so she could get out from under her encumbrances.
