Two weeks ago, the asking price for the attempted million dollar flip of 2470 Broadway was reduced a half million to $6,999,000.
Last week, the completely redeveloped home at 2476 Broadway hit the market priced at $22,000,000.
And today, the previously remodeled home at 2480 Broadway was listed for $15,500,000 or $2,447 per square foot.
That’s three in a row now on the market on one “coveted flat block of Broadway.”
In related news, the inventory of homes listed for sale in San Francisco is now approaching 60 percent higher versus the same time last year.
What’s with the can light arrangement in the kitchen? I get that the smaller diameter ones are directly over the islands, but still.. could have been done better, no?
Must say thought that this is a tasteful remodel.
The street parking and the awful power lines completely destroy any curb appeal of these homes in my eyes. Would be a total deal breaker for me.
I’m sure you could rally the neighbors to underground the utilities.
In a recent post here several people were wondering about the phrase “running for the exits.” These three houses on the market now at these prices is what running for the exits means
Precisely.
Not sure I’d call this running for the exits. The home on left probably had no choice but to wait till the middle home was completed with its construction. The middle home is just a classic flip. And the home on the right sold for $6.5 and whoever bought it obviously decided to bail. It’s probably the best of the 3 homes in terms of value. Buy it, excavate and move it forward towards the street with a massive renovation to the back end and you would have a spectacular home. The middle home is really the trigger point for all of these. I think the last time we saw three consecutive homes in a row sell was up a block on Broadway and Fillmore.
Can you move that small house forward? I would think that would be quite the struggle with the city and the next door neighbors. I think if it were easy it would be listed for more and a developer would have snapped it up.
Developers aren’t too creative. Just look left. I’m not sure why anyone would object to pulling the house forward. It looks dark and depressing back there. So long as the facade is kept in tact I actually think it would enhance the block.
I highly doubt the house could be moved forward without creating a problem for the existing garage. And the heights of the neighboring buildings doesn’t help you if the lot slopes greater than 20% from front to back, which I suspect this one does based on the rear load garage of the $22M house. That would limit you to 30 feet in height measured at the curb, which the house in question probably already exceeds.
2470 is owned by MIGSF per Socketsite commenters. This is a guy who seems to know what he is doing. His company did 2975 Lake Street, where they did the front yard re-take shenanigan. Odds are, they guy even got on SS to talk a little smack after the house sold for tidy profit. The hive mind remembers.
That he (MIGSF) would turn around on this house suggests some financial duress. Our most fawned over reader should be looking at this house of the three.
2476 is overpriced and will not sell near ask.
2480 is beautiful. Maybe it would sell for $2.5K per foot? Tax basis is around $5mm, so owners have been sitting on it for some time. I don’t know this part of the market well, but “my feelings” suggest this is closer to a $12.5mm house… Someone will need to spend some money on updated design choices, etc..
$12.5 is not unreasonable. It’s about 2k per foot and that’s not insane pricing for a partial view home on a nice flat block of Broadway. I don’t really understand the current pricing unless they are using 2590 Pacific (a block south, and mentioned in the Wurster sale thread) as their comp, which sold for $3100 per foot a couple of years ago. I think this is an owner generated price.
I think if a developer saw potential in 2470, they probably would’ve brokered a deal already. It could be a battle with neighbors and planning and with completion timing being 2 years off, there’s just too much uncertainty. I suppose you could get a demo permit since it exceeds the affordability threshold for residential demos. I don’t know the historical nature of the building and neighborhood, but it’s not unthinkable to start over here. That said, I’ve almost never seen that accomplished in this area. Maybe 2712 Broadway. Technically, you can build into the front setback since the massing of the neighbor buildings have a shallower set back. But again, there are no guarantees here and I expect developers will be risk averse for a while.
Hmm, browsing the MIGSF website provides some interesting reading on “reliable” returns, reducing taxes, asset protection, and their most recent social event.
I had not heard of MIGSF but this guy is hilarious in the videos! The fact that he’s trying to unload 2470 without doing work doesn’t inspire confidence. Some possibilities: he doesn’t have the money to build; he found out that he can’t move the house forward; he thinks a significant correction is coming. The latter is less likely since it’ll be 2-3 years to get permits and finish building and by then who knows where the market will be.
“Unique opportunity” to create a multi-building family compound…
The Owner/Developer of 2470 Broadway is the same Owner/Developer of 101 Maple. To me it looks like he’s stuck with 101 Maple at $10,995, which I think is too much for that home and was hoping to cash in and use that profit to do the Broadway home, Hence why he’s listing it so quickly after picking it up.
[Editor’s Note: Listed for $12 million last October and reduced to $10.995 million in March, the listing for 101 Maple was withdrawn from the MLS yesterday without a reported sale.]
^what he said. 101 Maple is another project that struck me as overdone but I’ve long lost my ability to be shocked at the possible in SF real estate. Can’t blame them for trying. The 2470 buy at $6.5m was a good deal. It gets exponentially less interesting above $7m.
2476 is such a blown opportunity to create something masterful and instead they did the old maximize every possible inch of square footage to max out the $/psf ratio here in an ill conceived attempt at modernizing this home. I still can’t get up the energy to list out my list of frustrations with this project but I’ll start with my disdain for moving the entry to the side of the house and throwing off the balance of the home. The problem with this home even selling for over $17m is that is creates a wide dispersion of actual value for the myriad of homes that have classic charm, views, and location compared to this home. I suspect it sells for closer to $15 and I’d be a little surprised if someone with that kind of disposable income determined this was the house for them. There are a lot of people in a lot of much nicer homes that would walk away from their homes for a $15m price. It would not shock me to see this home languish on the market for a very very long time with a few additions to the million dollar cut club. I’ve said my peace on this place for the time being.
The sale of 101 Maple Street has now quietly closed escrow with a reported contract price of $9.998 million.
UPDATE: A $2 Million Cut for One of the Three on That Coveted Block
UPDATE: A $2.5 Million Price Cut for that Stately Pacific Heights Compound
UPDATE: The listing for 2470 Broadway has been withdrawn from the MLS without a reported sale, as has the listing for 2480 Broadway.