719 Ashbury remains “exceptional,” “exquisite,” and “impeccable.” And as of this afternoon, it’s now “REDUCED!” – by $200,000 or 7.7% – as well.
∙ Listing: 719 Ashbury (5/3.5) – $2,395,000 [MLS]
∙ From Anarchists & Hell’s Angels To Exquisite And No Arguments Here [SocketSite]
may soon have a large boost of Genentechers filling the google gap of buying $2M+ properties in SF. I think the Roche offer will go up to $120/share and all employees stock options automatically vest.
Related: This product is $2M+ and now i think the likelihood of a Genentech employee buying it is as high as that of a google employee buying it.
this makes 235 broderick look decidedly overpriced IMO.
[Editor’s Note: Which is interesting considering 235 Broderick was purchased three months ago for what they’re currently asking ($2,000,000).]
At the risk of being OT, there’s no way Roche’s buyout offer for DNA includes accelerated vesting for all employees and Roche’s current stake in DNA – almost 55% – will prevent a bidding war from erupting.
“filling the google gap”
For every local stock going up, two are down. DNA goes up, but Apple and Goog are way down. Goog at 468? And the IPO window is shut tight.
Are there really enough genentechers with sufficient options to buy every 2+MM house in the bay area? Or are the bulk of the options limited to a handful of executives?
Are there really enough genentechers with sufficient options to buy every 2+MM house in the bay area? Or are the bulk of the options limited to a handful of executives.
When i was there, they handed out options like candy. unfortunatately when i left i had to cash in. i still ahve a lot of stock as we were allowed to buy at 85% of market price every quarter.
anyone from an Assoc. director up or even those of lesser positions who have been there for 5+ yrs will make enough from this for a $2m+ home.
I would venture to say 3000+ employees will make enough from this buyout to by a $2M plus home.
and while i agree for every stock up, there are 2 down, this is different. this is a buyout and all employess options automatically vest = instant cash
No way will Roche allow auto or even accelerated vesting – unvested and unexercised shares will become Roche price adjusted options. They’re not going to let everyone cash in an bail. The stock has gone from $40-$90 in 5 years with the last three years relatively flat so I doubt the figures you state. ESPP makes you some money but not a lot given that they cap that kind of purchase at 10% of annual salary – it’s not unlimited gravy train.
“this is a buyout and all employess options automatically vest = instant cash”
that’s not how it works spencer.
[Editor’s Note: And now back to 719 Ashbury…]
ESPP makes you some money but not a lot given that they cap that kind of purchase at 10% of annual salary
you are allowed to buy up to 15% salary or $25000/yr
[Editor’s Note: That being the case, assuming an average stock price of $80 over the past two and one-half years, and an average stock price of $45 for the two and one-half years before that, our back of the envelope calculation maxes out the trailing five year ESPP gain at ~$130,000 (pre-tax and assuming a 15% discount at purchase, $25,000/year participation, and even a $100 share price today). Now seriously, back to 719 Ashbury…]
I’m not super fond of the neighborhood, but the house is amazing. wow.
i love the house and the neighborhood.
I don’t like the house or the neighborhood!
well Wachovia officially announced the shut down of it’s whole sale lending unit, bloomberg is reporting that Freddie Mac is cutting back on the purchase of mortgages and bonds from banks, and American Express announced that even it’s “long term super prime” card holders are cutting back due to the slowing economy and falling home prices.
Given all that the reduction of this homes price shouldn’t be surprising.
SF may be special and full of stock option gazillionaires but even they are seeing portfolios shrink, lines of credit dry up, and the job market slow down.
Maybe, just maybe, they are waking up to the fact that putting 20% down on a 2.4M home means tyeing up a lot of cash for a long time and taking on 1.92M in debt, that they may actually have to pay back themselves, does come with some risks.
anyone know what the average price/sq.ft is in this
neighborhood(5b)?
the reduced price brings this to $838/sq.ft-which may be pushing the envelope a bit.
fluj?
This is 5-E, and now they’re probably about right because the house is a good one. But the average of the last year and a half or so is 808 a foot. Before any of you doubting Thomases get up in arms about this, I said it in the previous thread. This house is @ Waller. Typically you gotta be higher up the hill south and have views to get into the 950 – 900 foot range. They were definitely pushing the envelope when it was at ~900 a foot.
Waller and Ashbury is good, but fluj is right, you have to get up to Frederick to shed all riff-raff. I’m at Frederick and Downey and it’s amazing what three blocks up a hill will do. We have no front gate and our plants don’t get stolen. Most houses in the immediate area don’t have front gates. We never see any of the “Haight punks” up here, either.
This house is on the “view” side of the street, if there’s a view at Waller.
This is a very nice house and still ha a little room to clean it up and add some value. I think it is much closer to a strike price now than before but it still seems a bit high. Owners are carrying another property on this one so I’m sure they want to sell.
As for Gentechers buying this place…. DNA is going to get cleaned out for cost saving headcount will all the overhead, inefficiency and redundancy with Roche…so I wouldn’t bank on those people as w/o jobs in 12 months as qualified buyers.
Simply put – nice home, nice value.
This place does have a view from the top floor, out one of the windows. I’d buy it personally at $1.9, but I don’t think it will go that low. I expect 2.25 would get it done.
why does the kitchen have to look like the inside of a French whores dressing room? all that trim and moulding and crap. ugly.
nothing worse than fake period cabinets. much better choice, IMHO, would be to design a simple, elegant, minimal modern kitchen as a counterpoint to the classic, authentic, Victorian interior.
I’m just saying.
just curious no arc,
when you say this kitchen “looks like the inside of a French whores dressing room” i am wondering which part you are talking about: the carrara counters? inlaid oak floors? high end appliances? abundant natural light?
how many whore’s dressing rooms have you seen (french or otherwise)?
I think you know what I mean, Tacoboy.
The overall look and details of the cabinetry, and the fussy edge detail of the marble countertops..it’s a particular look that I personally would not design..but I realize that some people may like it. that’s cool. The appliances are great, the coved ceilings are great. I wouldnt do oak floors in a kitchen. they will stain and show water spots in a short time.
now, stop being so snarky.
Living on the Ashbury slope for many years I am very familiar with how value changes as you accend. It taught me long ago that much like mountains will have a tree line, and a varying snow line in winter, San Francisco possesses a “wino line” above which a shopping cart is never to be seen.
It’s a pretty house in many ways, but I kind of hate the kitchen. I can’t figure out where the usable counter space is supposed to be. It reminds me of the faux-country kitchens I see in magazines at the dentist’s office where the stove is about 20 feet away from everything else with nowhere to rest a spoon or a potholder on either side. Then again, when I meet people with kitchens like this they usually survive on takeout and cereal, so maybe it’s not an issue.
@palm:
thank you very much. my sentiments exactly. I call it faux-french whore. pure shallow design, designed to impress and nothing else.
I actually like the look of the kitchen, but I dislike the layout (as someone stated: no place near the stove to… uh, you know… set food).
noearch: do you just dislike oak floors, or wood floors in general? we have wood floors in the kitchen (I’m not sure what kind- I think they’re a light maple or maybe light oak?) and they hold up great. I love them. they’re original to the house built in 1909. and they’re much softer on the feet than the tile we had in our old house.
Well..I would agree the kitchen plan is not very well thought out..kitchen design can be very complex, and worth taking time to make it work.
as for wood floors, no, they can be very nice in the right room. I’ve seen too many wood kitchen floors with water stains that eventually just make the space look shabby. I think that Ipe woods and other exotics, like bamboo (always sustainable) hold up very well. Yes, wood mostly feels “softer” than ceramic tile, but I personally prefer porcelain or ceramic pavers in the kitchen.
I love this kitchen.
god you people drive me nuts.
if you like it why not say why? be descriptive, be articulate. I need to understand.
not that I’ll necessarily agree.
“god you people drive me nuts.
if you like it why not say why? be descriptive, be articulate. I need to understand”
Noearch, you now are the most obnoxious person on Socketsite, even worse than One recent Rincon buyer.
And I don’t have to spell out why.
oh, please..lighten up 94114..
can’t you see the humor and irony in my posts? this is mostly fun, mostly entertainment..
I love coming across dead serious, when in fact I’m (usually) really poking fun at all of this..but if you want me to be obnoxious, I can play that role for you too. 🙂
have fun. LOLOLOL
Whatever, Noearch.
LOL
I thought it was funny, but as a fellow architect, maybe we have a rather “dry” flavor of humor.
Noearch, I don’t know about you, but at the firm I am working at (hotels and resort developements)we have almost no new projects in the pipeline. I think having a sense of humor is valuable in this time of economic trouble.
thanks anon43..much appreciated. yea, I think architects, in general, have a rather dry sense of humor, often very weird, and often dark..and like mine, tending toward the “false” sarcastic..and playful..
when I say..”god, you people drive me nuts..”, I’m really just being overly dramatic..and trying to elicit commentary.
as a self-employed arch. I have learned to weather the ups and downs of the profession. I have work..and a lot of my time is spent (now) managing the real time remodel of my own house.
best of luck to you.
I”m surprised you like bamboo.
Although I love the look of bamboo, I have found bamboo to be one of the worst products ever used for flooring. sure, it’s sustainable which is a good thing. but it scratches and fades and gets torn up faster than anything I’ve ever seen before.
the first iterations of bamboo were just terrible. the newest additions (I think called “straw-weave”?) seem to be better, but still very bad compared to regular wood floors (I don’t know much about all these exotic woods, I’m only speaking of “normal” wood floors).
bamboo is definitely not for a family that has pets (cats/dogs) or who wear their high heels in the house, or who eat or drink near it. (do NOT let any liquid get on bamboo floors)
do you have a specific brand of bamboo that you like??? because thus far everyone I know who has bamboo floors has either had them replaced, or has radically changed their life to not damage the floors.
the last set of bamboo floors that I saw lasted less than 1 year. all gouged up and scratched from a dog walking on it. in fact, it was scratched the day after my friend moved in. (the floor was put in around 2004 and replaced with maple floors the next year.)
I guess I’ll watch what happens with ORH, as it has bamboo floors unless you upgrade. my friends kept the bamboo and they have cats with claws, and they are meticulous, and they move in next week I think.
I’m surprised that this hasn’t moved at this price. It really is a nice house and clearly the sellers are motivated. 200k signals weakness.
This got into contract roughly two weeks after the price reduction down to ~838 a foot. In other words it’s very much par for the course as far as what we’ve seen over the past year and a half or so. Trying to get 900 a foot for Ashbury and Waller was a stretch.