On the market but unlisted asking $15,500,000 seven months ago but then listed for $12,900,000 last month, it’s a plugged-in reader that notes the asking price for 2830 Pacific (a.k.a. the 2009 Decorator Showcase) has been cut to $9,995,000.
And speaking of designer digs, as noted by a number of readers the list price for the solar panel sporting 118-120 Cervantes has been cut from $3,000,000 to $2,850,000.
∙ Listing: 2830 Pacific Avenue (7/6) – $9,995,000 [MLS]
∙ 2009 Decorator Showcase (2830 Pacific) Opens Its Doors And Kimono [SocketSite]
∙ 118 Cervantes Boulevard: Listed, Numbers, And Your Peek Inside [SocketSite]
If the prices of $3M homes go to $2.8M, does that push a $1.5M home to $1.4M? And does that in turn push a $500K unit to $450k?
no it does not Chuckie
Chuckie, if we saw a 30% correction in Excelsior, does that mean we also saw a 30% correction in Pacific Heights?
Alas, no. Well, not yet anyway.
I’m not totally surprised by this… The house just needed too much work to go for 10+. One of the volunteers basically told me that the (unusable) penthouse room had terrible leaking issues and that the foundation hadn’t been checked to see if had been retrofitted. Plus, I still hate the floor plan and the lack of bathrooms.
Plus, I still hate the floor plan and the lack of bathrooms.
Granted, I didn’t visit — but does it not have SIX bathrooms? Are they just poorly located?
They are poorly located. There are 6 “bedrooms” on the second floor, and three baths, which sounds like enough, but there’s no en-suite master bath, so you really have to start tinkering with the floor plan to make it happen. They did add a bath in the penthouse room, but the weird layout of that space makes it borderline unusable.
Decorator vs. Decorator
Okay, you’ve got $10 million burning a hole in your pocket. Which do you choose: 2830 Pacific or 2500 Divisadero.
Divisadero is almost as bad as California Street. For $10 Mil you live on Pacific, not Divis.
Divisadero is almost as bad as California Street.
No way. Those few prime Pac Heights blocks of Divis do not even remotely compare to California in terms of business.
Some friends of mine are moving to town and plan to rent for a while until the market softens more. Then they’ll buy. Maybe you bears are right. But it seems a bull signal, all these people with fingers crossed eager to buy and hoping for a better price.
All these homes above 10m are long shots given the market. Until one of them sells and sets a new comp at the upper end it will be a waiting game here. All it’s going to take is one old lady who sells for $8m and this market could be in trouble. There are no urgent buyers in this range so demand just isn’t there. What happens to all the 5-8m places if this one sells for 8?
Divisadero between Pacific and Broadway, the top of PacHts, is a very good address, and always has been. 2500 Divis may have some issues, like a view, but its address is superb.
Eddy, my argument would be that it depends on the condition of the house. Malin was able to sell her two high-end Jackson St. houses for a fairly high price PSF because they were in great locations and in move-in condition. Even if this home sold for 8, I don’t think it would have that great of an impact on remodeled properties on prime blocks. 37 Presidio is in contract (probably at less than asking) because it’s in OK condition while 3424 Jackson is going to sit until the price comes down. The real fixer uppers aren’t selling and the prices need to be slashed significantly. There’s just too much uncertainty to jump into something that could take years (and millions) to finish.
Likewise, poor remodels aren’t moving either if the price is wrong. In the other thread you mentioned the house on Washington that sold for like 400 per foot or something… It’s not a great comp (other than for neighbors trying to get their property taxes lowered) because it’s one of the most nightmarish houses I’ve ever been in. The buyer (from an EXTREMELY well known family) must be delusional or visually impaired.
I’d also argue that Divisadero address near the Gold Coast are hard sells. Some of the houses are great, but have a poor track record for quick closes. Many just end up being pulled from the market while their neighbors on Broadway and Pacific typically move fast.
All that said, this is going to be a brutal summer for the high-end properties that remain unsold by early June.
sleepiguy, I don’t disagree at all. The broadway comp that sold earleir this year, which now appears to be purchased by someone as a long term play (since it was on craigslist for rent at a pretty low price), seems to be a harbinger for the high end market right now. No question that top end, proper finished homes are going to command a premium, but the buyers here are in no rush and certainly don’t want the hassle. At this point, I really wonder how many wealthy buyers are waiting in the wings for these primo homes. The number of actual homes listed on MLS in D7 above $3M is about 30. Most of the ones that qualify as primo do actually seem to be going into contract at a bit off premium prices.
The Jackson street comp is really a joke and I did see the inside. Yikes. I wouldn’t be surprised if the sale is confidential and significantly lower than asking. But I can’t check the final sale price.
Also, I see 2306 Broadway is also in contract. I’m sure that will be a confidential sale as well.
“The house just needed too much work to go for 10+. One of the volunteers basically told me that the (unusable) penthouse room had terrible leaking issues and that the foundation hadn’t been checked to see if had been retrofitted. Plus, I still hate the floor plan and the lack of bathrooms.”
So… By dressing this up and being a Decorator’s Showcase what you’re saying is that this is San Francisco’s way of putting lipstick on a pig. 🙂
I guess that means that the one next door at 2820 is probably also now worth $10mm; it is much smaller and also needs a makeover + leaks.
at first I was a little shocked at the volatile, almost arbitrary pricing on this one. I mean $15M to $10M in 7 months seems like a pretty severe haircut.
but this address has a lot of room on the downside I would think. it was bought for only $2,000,000 in 1994 and the deep and rapid price cuts makes me think there is some seller motivation here.
7360sf prices this at $1360/sf. what do we think about this property going for $1000/sf or less?
^^^1000/sf is possible but not likely. If this place we’re perfectly finished it could prob command $1500, which historically would be a grand slam sale price. The problem with all these $10M+ homes is that 2008 & 2007 produced some staggering prices and things got a little out of hand in this district IMO; sellers and agents are really struggling to keep prices high but the sheer volume of homes on the market above $10M (both on and off MLS) is also staggering. Buyers in this market would be wise to wait out the sellers and let prices settle. The reality is that most these homes are sitting on 4-5-6M+ gains that were inflated by the bubble. At this point these ultra-high-end homes are being propped up by the sale of several nicer properties in the 3-7M range.
In terms of this home, you’re probably looking at somewhere between 1.5 to 2M to get this place in primo condition unless there are undisclosed structural issues. My guess is that this get’s sold around this current price based solely on the malin-factor. At this rate it seems that if you really wanted this place the sellers would listen to any reasonable offer. Expect a confidential sale price.