We’ve always had a thing for 1646 Lyon Street. It’s charming. It’s cozy. And it’s quaint. (Did we mention the three wood burning fireplaces?) In fact, our only major complaint concerns the lack of a master bath on the upper level.
And three months (yes, months) after closing escrow for $1,710,000, it’s back on the market for $1,849,000. Word on the street is that the sellers’ dream home unexpectedly came on the market shortly after they closed on this one (which is still pretty dreamy as far as we’re concerned). Only time will tell whether or not the 8.1% bump in price (having only changed some paint) will be a dream come true as well.
UPDATE (3/4): 1646 Lyon closed escrow on 3/4/08 with a reported contract price of $1,775,000. That’s $74,000 under asking, but $65,000 more than the sellers paid just five months prior. Perhaps not the dream, but hardly a nightmare either.
∙ Listing: 1646 Lyon Street (3/2) – $1,849,000 [MLS]
Don’t think the market has appreciated by 8% since Oct/November, but maybe. There are always a lot of deals to be had during 4Q as the weather worsens, and that was during a big credit crunch. Beautiful home in Western Additon.
Wow … that MUST be some very expensive paint. Was it custom made and flown in from some foreign country whose name I can’t even pronounce? 😛
There’s a project on Sutter and Baker one and a half blocks away. This neighborhood will remain somewhat less expensive than its north, northwest and eastern neighbors until something changes over there. At over 1000 a foot, I just don’t see this price point making any sense at all. But hey, cute house. And it is close a lot of stuff. Maybe someone will take a flyer. I wouldn’t advise my clients to do so.
This is Lower Pacific Heights not Western Addition. Haven’t a few homes around the corner on Pine recently sold for over $2M?
Link to Zillow:
http://www.zillow.com/Charts.htm?chartDuration=5years&zpid=15083057
Actually, now that i look at the Zillow listing, I think they previous owners made a mistake by selling it for only $1.71 mil 2 years later. I know a friend in the exact same price and time (bought in 1Q05 for under $1.55 mil), and just sold his SFH in District 7 for just over $2million. Perhaps they overpaid initially at $1.55 million, but if they didn’t, $1.85+ looks reasonable.
Is this really Lower Pac Heights? The map I’m looking at says Western Addition. Anyway, this ain’t Pac Heights (North of California) for sure.
Regardless, anybody selling a property within 2 or even 3 years is generally a loser. The only winner is the realtor!
This is the most relevant comp.
http://www.zillow.com/HomeDetails.htm?zprop=15083086
Also a block + from projects. I don’t get it, but I like it.
IMO they chose the price so that they can walk away with a small profit after Realtor’s fees.
I don’t think I believe that they found their dream house 3 months after buying this one.
I wish there was an agency where one could follow up on this sort of thing. As example, one that could look and see if the owners of this home truly did buy a different home. If not prosecute for fraud.
If they are flipping the home, then have an agency look and see if they checked “owner occupied” on their loan app. and so on.
“I know a friend in the exact same price and time (bought in 1Q05 for under $1.55 mil), and just sold his SFH in District 7 for just over $2million.”
What’s the address?
This is well into Lower Pacific Heights, not the Western Addition…
http://www.sfarmls.com/docs/centralnorth.htm
The real dividing line here is Bush Street with major improvements each block you go north. Something tells me that if you go three blocks farther north, this same house would sell for $1 million more, so it might be a good compromise to be within easy walking distance to Presidio Heights but at a much lower price tag for a single family house.
We are the current owners of this property. When we purchased this home last Fall, we were under the gun to buy as our lease was expiring in Dec 07. Shortly after we bought 1646 Lyon, we learned that an aquaintance was selling a SFH in our price range in our former neighborhood where we had lived for seven years. While we really loved the home on Lyon, we missed our old neighborhood. Faced with this unique opportunity to move back, we made the tough decision to leave an ideal home in exhange for our ideal neighborhood. It was very stressful to move our family again, but we knew it was the best decision long term. The fact that we feel we bought the Lyon St home below market value aided our decision. The property was “for sale by owner” and the former owner was very motivated to sell.
well there you go ex sf-er, straight from the horse’s mouth. You guys are so, so very silly.
1646 Lyon closed escrow today with a reported contract price of $1,775,000. That’s $74,000 under asking, but $65,000 more than the sellers paid just five months prior.