Classic Deco curb appeal, a modern interior with easy access to the outdoors from the marble countered kitchen, and a 2009 era apple, they’re a few of our favorite things.
Purchased for $3,100,000 in August 2009, the single-family Pacific Heights home at 2655 Scott Street is back on the market and listed for $3,300,000 touting “approved” plans for a vertical addition and new master suite to boot.
∙ Listing: 2655 Scott Street (3/2.5) – $3,300,000 [MLS]
Love it. Should sell quick. No cherry picking here. Cheers!
Quickly? Like all of the other D7 houses (13) of $3,000,000 – $4,500,000 sitting on the market?
There are several nice houses, but they don’t seem to be moving. Wait for the price reductions as summer approaches.
2-year holds always puzzle me. What’s also annoying about some PH properties is that they seem to be into an endless loop of renovation, sale, expansion, sale, renovation. They go through through Realtors, Contractors and back. No wonder PH is very quiet. Without the contractors, cleaning people and gardeners, PH would be a ghost town during daytime weekdays.
Sellers have the expectation that someone will pay for the house + selling costs. Especially between 2009 and 2011 where we all know these areas have lost single digits% and sometimes 10-15%. A selling point for the premium is the approved plans. I haven’t seen the place, but I suppose the vertical addition would provide much better views?
Approved plans are a double-edged sword. When they’re approved, it’s risky to go back asking a second time the neighbors for additions, which means you’re inclined to keep them. But kudos for selling the vision.
At least they apparently are approved, and not just plans for an expensive addition. But why a buyer would really feel compelled to pay anymore for this house above the 8/09 purchase price (and cover the seller’s $165,000 in real estate commissions) is another story.
I’m sure there are people out there with the time and money, but I just can’t imagine dropping this amount of money (or even just the down payment) and then having to shell out more to do renovations and and expansions!!
But then again, I’m poor like that, so who am I to say? =)
lol:
“Approved plans are a double-edged sword. When they’re approved, it’s risky to go back asking a second time the neighbors for additions, which means you’re inclined to keep them.”
I can’t make heads or tails of this comment.
anon:
“At least they apparently are approved, and not just plans for an expensive addition. But why a buyer would really feel compelled to pay anymore for this house above the 8/09 purchase price (and cover the seller’s $165,000 in real estate commissions) is another story.”
Why? Maybe other posters can chime in here about the legal and architectural fees that are required- especially in PH
lol – nevermind – I think when you say “additions” you mean changes to the plan that could require re-notification and not a “structural addition”
“2-year holds always puzzle me. What’s also annoying about some PH properties is that they seem to be into an endless loop of renovation, sale, expansion, sale, renovation.”
Same as The White House with every successive administration, except with relocated hedgefunders/execs/etc…possibly even a portion of dotcommers.
Looks great. Strangely enough,all I can think about when I look a this house is vanilla soft serve ice cream from Foster’s Freeze.
What a pity the new interior has nothing in common with the exquisite exterior… is that a farmer’s sink in the kitchen photo? meh!
The exterior is flawless…I would change out the greenery though.
I like this house, but I would really, really like this house if it was in any of a half dozen neighborhoods I can think of for 1/2 to 1/3 the price.
$1,460/ft² and a boring renovation. such a shame on many levels. it is a wonderful facade.
Here is a 2009 “apple” in this segment:
http://www.redfin.com/CA/San-Francisco/25-20th-Ave-94121/home/1602807
Just sold for $3.35mm. Sold for the same price in May 2009 per public records, or sold for $3.5mm in 2009 if you believe the MLS sale price. So it’s either flat since the 2009 “bottom” or down 3.3%.
With transaction costs, it’s a couple hundred thousand dollar loss regardless in two years (plus even more in “owner premium” over renting). S&P is up about 50% in that timeframe.
I’d believe public records in 2009 per MLS. So I’d go with flat from 2009. I’ve got a great apple-to-be circa 2006 that is going to show prob -2 to 5% when it closes. The strength in the market is surprising.
“the strength in the market is surprising”
Surprisingly weak you mean…?
Nothing is selling in this segment.
This will sell in the 2’s, it’s the size of a condo besides.
Buyers are getting more and more discerning and everyone wants a deal these days if they are going to make this size of an investment.
@anon, In Escrow
Of note, this home also sold in 2005 for $2.9 and 1998 for $1.75 so I’d guess the remodel was done post 1998 and before the 05 sale. Could be the “double apple”; sort of like the “double rainbow” 🙂
Why would anyone put a Pottery Barn kitchen in that yummy Deco house?