It’s a chance to note that 2740 Green Street has closed escrow with a reported contract price of $11,000,000 (which works out to $1,250 per square foot). And perhaps more importantly, it’s another chance to feature the central staircase and six million dollar renovation (which works out to almost $700 per square) of which we’ve long been fans.
∙ More Green (For Less) [SocketSite]
∙ Virtual Tour: 2740 Green Street [Sotheby’s]
this is one of my favorite homes in the city. i’ve been really surprised that it’s taken about a year to sell. sure, i’m aware that there are not an abundance of people in the $10mm+ market, but still, some of the comps for this home just don’t have the same quality or sexiness of green street.
This home is extremely sexy, and I agree with an earlier comment on this property, that it is basically real estate porn, lol! I, however, cannot get over what a poor investment in real-estate is currently. If you have $11 million, you can get such better returns in the market, be more diversified, and have your finances more liquid. I also think that Americans are obsessed with extremely large sq. footage. You do not need this much space for a single family residence. Now, if you have a portfolio of $200 million and can afford to buy this property outright without putting yourself in mortgage debt, then I think that this could be a good purchase, because you will still be diversified. You will be paying one hell of a tax bill every year on this property.
Pics look very nice, though I don’t buy this $6M renovation cost. That can only happen if the contractor pocketed at least $2M.
Interestingly enough it seems that this house was once owned by George_P._Shultz. Than bought by this VC dude in 2000, and the renovation was completed 5 years ago. While recent sale price is missing, tax assessment implies it was around the $4.5M, so ZERO profit?? I don’t think so
I buy the renovation cost. I’ve seen quotes as high as $1k/sqft for high-end renovations in San Francisco and I bet this one included a lot of structural work.
I also buy the zero profit. It was originally listed for $13.5M but didn’t sell.
Kevin, people buying an 11M property dont care abot taxes. This place was a little too dark on the inside but at least you could have both bay and ellison views. The small back yard also had a drainage issue. I’m still surprised that this place sold for $11M. Quite a comp for the market right now. Hard to beat the block and it is a nice house but if that place is worth $11M than it really sets a defining price. What was the sq ft of this place?
You could have rented this place (http://sfbay.craigslist.org/sfc/apa/526126885.html) just up the street for about the same as your tax bill on the green street!
I’m also surprised this took so long to sell. It went into contract around the same time as 2266 Vallejo – another down to the studs remodel. However, I really didn’t like the floor plan of either house. Here, the kitchen and living room are on the fourth floor, which seems odd to me. I mean, if you have a party, do your guests have to hike up all four floors or do you have everyone cram into the elevator?
Also, as for the $1000 a foot remodel. Absolutely. Ryan Associates did this house. All ultra high-end contractors charge about the same or more. In the end though, you (should) have an expertly built house.
Finally, another home on Green and Fillmore recently sold for 9 million and it’s a total fixer.
Ohh.. they pulled the Lyon St. listing! Now it’s a rental.. interesting.
Just FYI, several other homes in Pac Heights and Cow Hollow have sold off market over the last two months for quite a bit more than this property. One sold for almost $2000k per foot.
Sleepiguy, what was the 2k psf sale you speak of?
I can’t post it on here because the buyers and sellers want to keep all information private. You can e-mail me though to my name @gmail.com.
Sleepyguy, I didn’t realize Ryan charge that much. I did a Noe high end remodel at $300/ft which required a lot of personal involvement and cost management. At the end of the day construction is labor intensive and the high quality guys take their time, just didn’t think it’s that expensive.
I have seen quite a few developers on PacHts, how do they make it profitable when it’s still hard to sell north of 1300/ft and “land” is very expensive
I tend to agree that a $1k psf renovation is hard to come by unless you have to do major structural engineering and preservation. But then the underlying house should be sold at closer to 600-700 psf and have some amazing views.
I have a feeling that 2k psf will become ‘normal’ in the upped end of the RE market. You just can’t ignore what is happening (and continues to happen) in NYC (despite what you read in the press).
Yes, 1000 per foot remodels typically involve structural work. I know several homes in the area that have spent far in excess of that figure, but for some of the uber-wealthy denizens of SF, it’s irrelevant that they’ve spent more than the property may ever be worth.
One thousand a foot is absurd. Get another quote if you hear that.
It’s absurd, sure, but that’s not the point. I’m simply saying that a lot of wealthy people in SF hire luxury contractors like Van Acker for the prestige value and the amount they spend is totally irrelevant. I know of one property where the remodel alone is well above $2000 a foot. It’s their prerogative how they want to spend their money because it’s their home (ok, vacation home), not an investment.
I can totally see how budgets get out of control, especially when there are plenty of people in the middle spending other people money.
When I interviewed contractors didn’t even bother contacting those guys doing jobs regularly in PacHts (Ryan, Plath, etc..). I just didn’t think it would be that expensive.
As for being absurd, that’s really a function of having very few really skilled people in the construction industry and they would tend to concentrate where the money is and will work ‘slower’.
Ryan, Van Acker, Plath etc. I think their work speaks for itself. These firms are not in business to see how low they can get cost per square foot, but rather, they are providing some of the best quality residential construction work in America. You have to actually experience a space like this for yourself to see the difference in quality and care. I have been in the Atherton Van Acker built residence designed by Olson Sundberg and it is perfect. Ryan and Associates Hawaii project that was designed by Hill Glazier and the Wiseman Group was picked by Architectural Digest as one of the top ten houses of the year, and it deserves it. This kind of construction mgt. is not for clients who go to Home Depot to pick out sinks, but for the type of people who fly on Gulfstreams to one of their other residences while their San Francisco project is in progress.
I realize that I’m a real estate nobody. I just like to read this site because I find SF real estate trends fascinating.
I have to say that other than the views, the pictures of this home do nothing for me. It looks very cold, very, stark, and boring. I think it’s possible that it’s taken so long to sell is that it’s not “family friendly” in my opinion.
Sure, there’s plenty of room. However from looking at the pics it lacks warmth.
Just my 2 cents. I’m sure the professionals will disagree with me.