It’s Three Weeks Later And They’re Still Asking Three Point TwoApril 7, 2009
As a tipster notes, Matier & Ross have caught up to the Newsom news that a plugged-in reader reported last month, namely that the Mayor’s Bellaire Tower penthouse condo is on the market and asking $3,200,000. Purchased from Peter Getty for $2,350,000 in 2006.
One discrepancy from our report when the Mayor closed in 2006, it might just be a large one-bedroom rather than a two.
UPDATE: According to the PropertyShark report via a plugged-in reader: Peter Getty paid $900,000 for the pad in 1990; it’s 1,693 square feet; and it has (or at least had) two bedrooms as we reported back in 2006.
∙ Will Garamendi run for Tauscher’s seat? [SFGate]
∙ San Francisco Recorded Sales Activity In February: Down 36.9% YOY [SocketSite]
∙ The Mayor Is Moving On Up! [SocketSite]
Comments from Plugged-In Readers
Given how utterly corrupt SF politics is, I’d hazard a guess that the $2.35M 2006 price was not *arm’s length*.
I’d be curious to hear from people who are familiar with this class of property/neighborhood as to what a reasonable FMV for the property was back in 2006, and now.
Finally, SF is returning to 2014 prices!
No doubt a friendly price between friendly families but hard to claim “corruption” had anything to do with the sale in 2006. How big is the place?
PropertyShark shows a unit#1 which is reported at 1,693sf.
There’s been other activity since on the unit for those interested:
Just the kind of details he needed to highlight is gubernatorial run. The guy’s a genius…
Whose the listing agency/agent? There has to be pictures someplace…
Probably after you sign a confidentiality agreement.
Jake, lemme guess. Barbara Callan? gotta keep it in the family.
“Barbara’s clients include many high level CEO’s, celebrities, musicians, physicians, scientists, entrepreneurs, professional athletes, politicians, civic leaders, professors, accountants, attorneys, judges and business owners. Clients include Warren Buffett, Gordon and Ann Getty, Giants Rich Aurilia, San Francisco’s Mayor Gavin Newsom and CNN anchor Kimberly Guilfoyle. Whatever the price range, Barbara’s clients always receive her premiere quality service and attention.”
Newsome’s condo apparently does not come with parking because his (formerly) black towncar/currently black hybrid SUV is always idling on the corner with driver inside patiently awaiting his Royal Inevitable Gubernatorial Candidate to descend the elevator in all his hairblown glory and have the passenger door opened for him so that he might be dispatched to his very important day.
Frankly, he and all politicians below the rank of “President of the United States of America” – should have to drive their own worthless selves to the office, just as do the hoi polloi whose pockets they pick to line their own.
Thank you for allowing me to get that off my chest….
My realtor wants me to look at this. Supposedly it’s so great that it’ll go in a private showing.
I’ve heard it’s a landmark art deco building with some unbelievable views.
I dunno, 3.2M sounds like a lot for what (at least I heard from my realtor) was a 1 BD. Socketsite, feel free to correct me.
Buy it today and do a 500K refi in 3 months if you catch my drift…
If Gav gets close to this ridiculous price, you can pretty much be assured it’s a backdoor political payout. Hopefully the Gettys are liquid enough to pull this off…
Never mind the black hybrid SUV, I spotted a Tesla parked outside the Bellaire the other day, and figured it was the Gav’s. Not to be confused with the gov’s.
This is a nice building, but the rooms are not very large and it is not a grand purpose-built co-op: no 2000 or 2006 Washington or 2500 Steiner or 945 Green. In fact, this is probably a rather modest apartment, a conversion from rentals. The valet parking is a nuisance not a luxury.
1900 psf for a 1 BD? Those had better be nice views to be priced like that with no deeded parking.
Has the HUGE special assesment for new windows in the building been completed?
[Editor’s Note: For context see: But Did He Have Special Assessment Insurance? (1101 Green Street).]
The price is absolutely outrageous for a mediocre unit, with admittedly great views, as far as I can tell. If stuff in MUCH NICER co-ops in Pac Heights is going for LESS with multiple bedrooms and hundreds (thousands?) more square feet with cheaper (to at worse comparable) HOA dues, this place is a freakin joke in terms of price.
I like the term “friendly transaction”.
I believe this will be a “backdoor political payment”.
This whole deal could be fodder for a soap opera.
Gov Gav. Has a certain ring to it. But then, I have a tin ear.
“Gov Gav has a certain ring to it.” For whom the bell tolls – it tolls for thee California.
This domicile is interesting, but I don’t know that I’d make too much of it.
I dislike using political people’s homes as comps, either on the buy or sell side. it’s too hard to ensure it’s an armslength’s transaction.
connected politicos can get deals on the buy side, and better prices on the sell side.
this isn’t to accuse GN of anything improper… just that I personally find it occurs more often than with “regular” people or even celebrities.
as example: GWB’s sweetheart deal with the Texas Rangers, Clinton’s Manhattan RE deal, various Congresscritter’s special Countrywide mortgages, etc. sometimes they may not even know they’re getting special treatment, but it’s still there.
or Obama’s slick Chicago real estate deal to get
his Chicago mansion. Payoff TIME!
sometimes they may not even know they’re getting special treatment, but it’s still there.
(Oh man, wiping tears from my cheeks. Rereading it now….)
(Struggling to catch my breath.)
Oh, stop!! Stop!!
You’re killing me!!
I don’t dare reread that again……
I wonder if the sale will be ‘arms length’ 🙂 this time around. Perhaps the seller and buyer will just swap places from 2006
Rather than Gov Gav, it should just be the Gavinator.
Moral dilemma, ethical problem….
All little Gav has to do is ask himself, “what would Willie do?”
The problem will go away, like water off a ducks back.
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