It was a plugged-in reader that identified 2503 Clay as the former home (and studio) of sculptor Spero Anargyros. And although late last year it appeared unchanged from the early ‘80’s (and was listed at $2,375,000), that’s no longer the case.
A remodeling of the home has added two bedrooms and one bath (and $1,825,000 to the list price). And it’s looking like Anargyros’ old studio is now a new master suite, kitchen, and family room. And they say San Francisco is losing its bohemian edge…
∙ Listing: 2503 Clay Street (5/4.5) – $4,200,000 [MLS]
∙ Compare And Contrast: Two Victorians On Clay [SocketSite]
I’m very curious to see how this flip pans out in the marketplace. Certainly anything over $3M would probably spell profit for the investors in this place, but I would be surprised if this place sells for over $4M in this part of town. It’s desirable, but obviously lacks a view and the past year has seen Clay get encroached with the likes of Sacramento. It’s still a prime area and a nice flat street so it will get a lot of interest. I just don’t think they are going to get $4.2. Feels more $3.85 to me considering some of the comps out there.
I’d rather have newly listed 2400 Green:
http://sfarmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Sanfrancisco&PRGNAME=MLSPropertyDetail&ARGUMENTS=-N691164862,-N214076,-N,-A,-N10794994
or Francisco
http://sfarmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Sanfrancisco&PRGNAME=MLSPropertyDetail&ARGUMENTS=-N691164862,-N213525,-N,-A,-N10794994
or Baker, which could probablly be had with a $4.2 offer.
http://sfarmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Sanfrancisco&PRGNAME=MLSPropertyDetail&ARGUMENTS=-N691164862,-N211670,-N,-A,-N10794994
Still not sure what the $5M Marina Green sold for, but it probaly wasn’t $5M and that was an incredible house that probably sold in the mid 4s.
So in summary, I like this place I just question the pricing.
E.
I was surprised at the list price.. I mean, the contractors sped through that remodel. It should have come on at around 3.5. But who knows… There’s no way to know what buyers will and won’t pay for right now. I’m not surprised to see 2400 Green show up. I was just thinking yesterday that it would come on the market because of its new (and completely awful) paint job. It looks like it was painted with a yellow highlighter. I’m sure it’ll sell in a week.
Eddy –
I’m curious: when is the last time you bought a place in the neighborhood of $4 million?
I never have. I assume from your authoritative take on pricing that you must do it all the time.
Hi Amused,
Maybe I’m a realtor in the area with vested interest in the market, or maybe I speculate on multi-MM homes. Perhaps I represent a buyer who is looking at homes in this price range or maybe I’ve been looking to buy a place in this price range for the past 24 months. Maybe I own a home in the neighborhood and make it my interest to walk every $2.5M+ SFH in #7 so I know my own house value. Or maybe all of the above.
Anyway, you don’t have to buy or sell a home to understand pricing in this market, but I’m glad you find my take on pricing as authoritative. It’s really only my opinion. I’m sure with a little work and research you can form one too. Thanks.
E.
Eddy –
Some quick snippets from your post:
“I’d be surprised…”
“I just don’t think…”
“Still not sure…”
“But it probaly…” (sic)
“probably sold in the mid 4s”
… hardly convincing.
Only a few things certain in life: 1) death, 2) taxes, 3) everyone on SS believes every listing is overpriced. Boooooorrrrrring.
Well, I’ve owned multiple houses in that neighborhood, so I’m well aware of what homes(on the MLS)sell at what price. Look at 2511 Steiner and 2430 Scott. Both came on this spring at 3.8 and sold at 4.2. Both superior locations initially listed at lower prices. Likewise, another home on Jackson and Steiner likely sold under its 3.5 listing price at the end of last year. And didn’t the house across the street sell in the high twos earlier this year?
Hi Amused,
I’m just trying to provide some data points on the market that I think are pretty relevant, along with some opinion. Not sure why you seem so amused or dis-interested with my data points. I actually agree with Sleepiguy on his two data points. Those properties were very well priced and they moved accordingly. I also though the Pencil building lux penthouse was fairly priced for what you were getting there. So not everything is overpriced.
And yes, the black house did sell in the high 2’s and is currently in the final stages of a renovation. New garage and interior renovation. I hope it comes back on the market so I can take a look and give my opinion on price! This is a place that could go for around $4 if it was finished really high end.
Oh, here’s another data point on Clay, 3400 just hit the market at $7.1M. Overpriced IMO unless there is a view hidden somewhere that they felt compelled to hide in the MLS pictures:
http://sfarmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Sanfrancisco&PRGNAME=MLSPropertyDetail&ARGUMENTS=-N267182401,-N214170,-N,-A,-N10805839
Have a good weekend!
E.
I forgot about 2510 Steiner… I agree that it could sell in the 4s. I was actually referring to I think 2524 Clay directly across from 2503. It sold around 2.8… I think it’s being remodeled a bit as well.
Eddy – the Francisco hous 3.4 mil is in contract already.
900 psf (the pricing for this house) is priced right for this neighborhood and that location and the finishes it appears to have. All the bedrooms are on the same floor and there’s no real flaws with the layout.
Minor issues are that the 3 front bedrooms might be a little small and the house has a long and narrow shape that may not appeal to all buyers. And 4.2 is not a real popular price point. But it’s a good location.
Great location. The point is, if you’re willing to do the work, you will profit.
Build at $300-350/sqft (high quality), sell at $800+/sqft is always a good proposition.
Hence, when looking for properties, focus on the comps price/sqft and the expandability of the property.
I am jealous of the garage and driveway parking. You could have a dinner party and allow all of your guests to park in the driveway.
I thought this place actually traded at 2.2mm. I looked at it when it was on the market before. Thought about it. It had a renter who had been in the back loft unit for a long time.
It actually sold for $2,275m. I saw it today and it’s pretty nice. Obviously a great location, despite proximity to commercial Fillmore. Floor plan is broken, it doesn’t feel as big as it’s claimed and it’s a lot of builder grade finishes. Still, it seems priced about right. My only thought is that the builder stands to make $500-800k in less than a year. Buyers are smart, and in this market they might consider it too wide a profit margin. This place was a serious dump in Jan.
2430 Scott mentioned in this thread is back on the market at $3.695; below it’s last sale (and listing) price! Let’s see if it goes for above asking this time.
Wow $840 psft for a house with a bay view! 2430 Scott is about the best location!
Eddy, 2430 Scott came on at $4.695, $1067 psft. Superb location, great condition and a view, but $1067psft seems essentially unattainable these days. A year ago: $1200 psft would have been easy.
Correction, they listed it at 3.695 then had a change of heart and upped it a million dollars the next day!
Tipster, thanks for the update. Fat Finger on the MLS data entry???? I’d say north of 1k psf would be tough. High 9’s for sure though.
2430 Scott just reduced 200k to $4.495. Approaching my high 9’s. Meanwhile, 2680 Jackson directly on Alta Plaza Park sold for $3.5, and a little over 1k psf. Surprised that sold so quick with no view.
2430 Scott off / back on the market. Still not sold.
2430 Scott, back @$4.498? What’s the story here?
2430 Scott looks like they were going for a pure 2 year tax-free flip, no?
Apr 30, 2009 Listed
Jun 08, 2007 Sold (Public Records) $4,200,000
April 30, 2009 + token listed time + escrow = 24+ months holding.
Btw, no one mentioned that 2503 Clay, the subject of this thread, sold at asking in Jan 2008. Permits claimed $717K of work between then and the prior Jan 2007 sale of $2.2M. New owner has a permit for $100K of work.
I think it was a little under asking, re: 2502 clay. Adam should pay someone in offshore to go and dig up the sale price of all the old featured homes.
So sad about Scott Street, it’s such a pretty house with a view, but they have already cut the price to 4,498,000 and if they bought for 4.2, even if it was a developer who gets a cheap selling realtor fee, the buyer’s realtor is going to get $100K+ on a $4.5M sale. Add $200K in remodel costs (using the typical 200% fudge factor) and this guy is just trying not to lose more than a half a million dollars. Holding costs were $500K.
Losing half a million dollars can’t be fun.
If you give me 500k and a weekend in Vegas, I promise you, losing it would be fun.