2601 Lyon Street

Purchased for $5,750,000 in March of 2000 and renovated “with quality and luxury” in 2002, the “Villa” at 2601 Lyon Street is once again on the market and asking $8,250,000.

A few other numbers to play with: $4,025,000 (the variable rate loan balance in 2000); 6.7% (the average 1-year mortgage rate in March of 2000); and 4,146 (the square footage of the renovated property).

As an aside and across the street, after a little over a year on the market (but “officially” only 88 days), 2500 Lyon is advertising a “New Price” (reduced to $7,950,000 two weeks ago, asking $9,800,000 in June of 2007) and a “New Look.” Still seeking a “New Buyer.”

22 thoughts on “A Shorter Set Of Lyon Street Steps (And A Few Numbers): 2601 Lyon”
  1. This is the ultimate trophy property. If your offer doesn’t start with a ‘1’, don’t bother.
    Bizarre, that if it goes for 25 percent over, assuming a $1Mil renovation, the seller made six percent per year on his downpayment, and covered the interest on the loan.

  2. “This is the ultimate trophy property”.
    How many “trophy” properties can this small town have? I may be wrong, but it seems there is a great number of listings currently claiming to be “ultimate trophy” properties with ultimate torphy price tags.

  3. @anoncensorious: Maybe it’s sorta like the trophies we used to get in junior high soccer for “Participant.”

  4. As someone who grew up a few doors away, I know this neighborhood is fantastic. It’s prime Cow Hollow a few blocks from the Presidio gates.
    The renovation, not so much.
    With a $1.85 mil reduction across the street (nice property) I say this hangs around waiting for a cash buyer to take at no more than $6.5 mil. Let me get my checkbook.

  5. 2600 Lyon sold last year for 6.2 and was totally gutted. Is that the property Michiko?
    I like the exterior, but the remodel looks pretty budget. I think it should’ve been priced at 6.9. 2k per foot is too high for a small house with a mediocre/dated interior.
    However, who knows – maybe there’s a rich guy or two out there with an Anne Hathaway fetish.

  6. There are a lot of trophy, and almost-trophy properties in Pac/PresHts/Cow Hollow. The question is whether there are enough local and long-distance buyers at the prices now being asked. The people who have $5m to $30m to spend are generally not going to accept modesty. This property is modest, even small, excepting the location and roof view. The Luries used to live here, when he owned the Giants.
    Of course, if they can wait a couple of years, the market will go up.

  7. Oops, I was thinking of 2897 Green @Lyon. That was on the market in 2006 renovated by Nina Hatveny, list approx. $8 million, but I don’t know what happened to it.
    The renovation at 2601 is not to my taste, but might be attractive to those who actually have the cash to buy it. A lot of embassies in the vicinity.

  8. Huh! I’m not familiar with that one! I know Nina did a house on Vallejo around that time. Anyway, wherever it is, I’m sure it looked great. Her renovations normally seem tasteful and well-priced.

  9. I could be wrong, but I believe the exteriors of this mansion was used as the high school that Princess Mia Thermopolis attended. You know. Princess Mia? From the Princess Diaries?

  10. @Conifer. When did Bob Lurie live here? I thought his family have lived in Presidio Heights for decades (along with Indian Wells in the desert)?

  11. sleepiguy, you should be ashamed to admit that you’ve seen such movies!!!!
    Separately- There are some houses in 7 that can escape traditional psf metrics. This is not one of them IMO.
    This is more in the $1550 to $1600 psf range at best, again IMO. Maybe they are getting residuals off the film rights that are factored into the purchase price.
    Also, seems an odd agent for this property.
    Lastly, where is the parking for this place again? I don’t see the 2 car garage.

  12. It’s back at 6.39…. Obviously, I take back my previous comment about 6.9 since things have changed somewhat since last summer.

  13. Yes,.this was the exterior used for Princess Diaries. My wife was one of the makeup artists working on the Disney film.

  14. Closed Escrow at what appears to be a confidential sale. 🙁 I think we can reasonably assume that it was below the ask price.

  15. Sold in 2009 for $6.4M, now back on for $6.5M. Conifer was right, if you waited 14.3 years, it would be worth $100K more, assuming it sells at this price. They probably paid cash, but assuming $2.1M down, they would have walked away with $8+M if they had invested in the S&P500. That makes the “rent” on this place:

    $5900K/(14.3)*12 months = opportunity cost $8M – 2.1M invested
    200K realtor fee over the increase in selling price/(14.3)*12 months
    6.5K/month = property tax
    a little over 1K/month insurance
    a little under 1K/month per month for transfer tax $146,250 over 172 months.

    44K per month in “rent” plus whatever maintenance costs they had. If they paid cash, this ran them about $110K per month to own.

    1. Every third-party automated valuation cited on the listing hosted by Realtor dot com indicates a present estimated value > $7.4 million. That would lead me to believe the seller and their agent deliberately priced it lower than market to induce a bidding war, but it looks like it’s been on the market and undergone one million dollar price cut since March of this year.

      1. Sold for 6.65 in January (name link). Didn’t exactly go for >$7.4M but it was priced $150K below it’s ultimate selling price.

        They didn’t even make the transaction costs on a 15 year hold, even though they bought at “the bottom” in 2009. Geez. As an investor, their timing was perfect on the buy side, and they still lost money.

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