As a reader notes, 3016 Pine Street is back on the market and is now listed for $2,350,000. On the market six months ago asking $2,595,000 before being withdrawn, purchased in July 2006 for $2,725,000.
As another plugged-in reader added in April:
If you want to go a little further back, a contractor (who RIP) paid $600k in 2002 and flipped it to a couple of brothers in 2003 who IIRC went on the Planning Commission to defend their project as it was going to be “their home”. Soon after the project was done *surprise* it went on the market. :rolleyes:
There may have been issues with the remodel/expansion as scaffolding went up at least twice after the 2006 closing (but then, maybe they just wanted different paint colors). BTW, I think (at least one of) those decks went in after the project was “finaled” (i’m just saying).
A sale at its reduced asking would represent a 14% decline in value since July 2006 for this Lower Pacific Heights single-family home.
UPDATE: In the words of a tipster, a before photo “for those who are calling the current incanation fugly”:
∙ Listing: 3016 Pine Street (5/3.5) – $2,350,000 [MLS]
∙ An Apple Rather Than Cone On The Pine Street Tree (3016 Pine) [SocketSite]
“Stunning remodel” is stunningly fugly.
14%!?!? … Inconceivable!!! I have it on good authority that SFH’s in SF are down a max 10%
fugly?
It looks beautiful to me.
How’s this neighborhood these days?
Back in the early 90s (and pre-JCC renovation) my friends lived on Presidio at Pine. Their car got broken into too many times to count. Eventually they just stopped locking it – and the windows still got smashed. The adjacent bus yard seemed to attract the theives and other mischief makers. Anyone have any more recent experience with this neighborhood?
kthnxybe – I agree. I am not loving the old worldy feel of the modern finishes in the kitchen/bath. Something about it doesn’t quite seem to work. And the brown grout between the kitchen floor tiles…ick. Seems very 70s.
badlydrawnbear wrote:
> 14%!?!? … Inconceivable!!! I have it on good authority
> that SFH’s in SF are down a max 10%
Since 10% is the max possible drop it is obvious (according to a Realtor ® ) that:
1. The buyer overpaid.
2. They are listing it “below market” to start a “bidding war”.
This slipped back on the market under the radar at least a month ago and I didn’t post it out of mercy on the current owners. It’s actually a very nice house with very nice downtown views. The location is below average and on a very busy one-way street. It also has a few very weird design elements going on that would be hard to undo, such as the tile in the kitchen. The cabinetry sits on top of the tile so replacing it would cause some issues. I actually like the house and think it’s not a bad value overall but clearly the market is speaking here and the current asking price is not attracting anyone. Hate to say it but…. they overpaid. This would sell in a second at $1.9M, and might draw some interest at $2M but I stopped by there on an open house and it was sad. Totally empty, zero buzz.
I actually felt bad for the sellers who are clearly still living there with all their pictures and furniture. It’s much easier to rag on a place that’s all staged up and pillow chopped and talk about how they are going to take a bath on their speculative ‘investment’; but these folks are going to loose several hundred thousand dollars and you get the sense that it’s not going to be pleasant for them. Good luck.
Stunning? Fugly? Neither. Those finishes are 100% non-descript hotel…I felt like I was checking into a Westin as went through the photos. How many Starwood Preferred Guest® Starpoints do I get if I buy it?
UPDATE: In the words of a tipster, a before photo (added above) for comparison for those who “are calling the current incanation fugly.”
If they had re-facaded w/a little more care (the correct trim, proportions and such)it wouldn’t look like a Disneyland ersatz Vic – and could have truly worked. Oh that’s so cute they made it look like a Vic — like in San Francisco. As is, it’s all off, and naturally prefer the former authentic bldg (OK sans shingles).
@ lurker:
I live close to there (Pine/Broderick) and lived at Divis/Sutter in the early 90s. The neighborhood is great. It’s a little cleaner than it was… still has the projects, but the adjacent houses have mostly been gentrified (and redone). My only complaint is that Pine street is so loud! It’s basically a freeway.
Funny thing about this place… If it was two blocks over on Sacramento, it would probably be $2 million more, just being in ‘official’ Pac Heights territory.
I think Eddy is right. Even if you are stupid and make a poor investment (which most people have done in real estate or not), it still hurts and you don’t need help remembering you are a dumba**. I know this place was super pricey and I have no idea how much money you have to make to afford such a place, but I don’t wish bad luck on anyone to lose their money just to be able to say I told you so (even though I couldn’t have said that because I didn’t know real estate would implode). I hope they can sell it and not be too badly hurt by it. I understand it will get what the market will give. All that said, I would NEVER want to live on Pine St. Too much traffic, hard to get in and out of your garage and you would have to police your kids like crazy and the noise! I live near a bus stop for three lines and they barrel down the street all day and night and drive me crazy. Location is really everything.
“How’s this neighborhood these days?
Back in the early 90s (and pre-JCC renovation) my friends lived on Presidio at Pine. Their car got broken into too many times to count. Eventually they just stopped locking it – and the windows still got smashed. The adjacent bus yard seemed to attract the theives and other mischief makers. Anyone have any more recent experience with this neighborhood?”
I lived around there for a few weeks/months earlier this year. The neighborhood is okay. I did see a few remnants of smashed windows near Divis and Post twice.
I don’t know if the bus yard (former Muni rail depot when the B Geary still ran) is what causes the trouble. I would think the project housing at Post & Baker is the bigger problem. I don’t think I ever felt “unsafe” because of it, but it’s there.
For every speculative seller who loses money there is a good faith buyer finally able to own a home.
“fugly?
It looks beautiful to me.”
+1
I’ll be happy to sell my house and buy this for $1.5M…
Or I’ll just patiently wait for something equivalent to drop down there…
Editor,
Did you just cut and paste the tipster’s comment in the update including the typo for “incarnation”? LOL
[Editor’s Note Yep (hence the quotation marks).]
Where is that Anonn guy, who seems to be sure that SF prices cannot possibly get any lower, and that all bubble callers were deficient in some way?
Including inflation, and after a few more years, we will have seen price declines easily top 20% in even the City’s best neighborhoods and perhaps more than that (except for maybe the 4m and up properties.) Bubbles are bubbles.
Where is that Anonn guy, who seems to be sure that SF prices cannot possibly get any lower, and that all bubble callers were deficient in some way?
“Buy high. Don’t do much. Don’t hold long. Do great.” — words Anonn never uttered.
and after a few more years …
Come back in a few years and tell us how that call went.
It’s got the look of a lovely home in suburban east bay. On the uphill part of Pine too, where cars like to step on the gas to get through the light. I’d put my bet on $1.8m.
I lived on Pine across from this place while it was being remodeled. It is extremely irritating living near a large remodel.
The neighborhood is fine, especially right there on Pine. I was out and about at night all the time and never felt unsafe. It might be a little dicey over by the housing projects nearer to Post but that is many blocks away from where this house is and there is no spillover (even nearer the projects, the crime seems to stay mostly within). Pine is so busy that it isn’t the ideal place for criminal activity.
It like living on a noisy freeway, and because the lights are timed there is a surge of traffic every minute or so when the pack of cars hits the block. A lot of the apts and houses are oriented towards living in back, away from the street, and the fronts are all shut with noise reducing curtains.
Noise aside, it is a pretty good location you are a skip and a jump from the JCC and you use Laurel Village and Sacramento street as your shopping/dining main streets. You can jump quickly over to Geary for good buses. The houses on Lyon between Pine and Bush are beautiful and classic, and the popular Little School preschool is right near there.
My first question or test would be to see how well they noise insulated the inside. Can you sit in a front room and not have the TV drowned out for 15 seconds every minute when the surge of cars go by? In my apt, the answer was no, so our front room was used as an office and storage area.
Good insight and thanks for the information. I’m not sure the owners can sell at the market price of this home.
“Buy high. Don’t do much. Don’t hold long. Do great.” — words Anonn never uttered.
“And sorry to say, but this property [3016 Pine] is what 4 or 5 % off July 2006?”
Posted by: anonn at April 22, 2009 4:07 PM
“As for this Pine Street property if it really is that large and nice I see no reason why it won’t go for ~2.6M.”
Posted by: anonn at April 22, 2009 6:40 PM
Yup. If it sells for way less, I’m wrong. On this one. Big whup. You’re more than welcome to go back and show the hundreds of times I was correct on similar guesses. I somehow have a feeling you won’t bother to do that.
For whatever reasons, SFRs have so far taken bigger hits in the nicer areas 5-K (except Dolores Heights and Liberty Hill), 6-B (especially along thoroughfares), and various parts of 4.
100s of times?
Maybe more like 73. No, wait. 44. I don’t know man. A bunch.
Eddy…I am totally with you. It is painful to watch the bashing here. I looked at the pictures and, quite honestly, the kitchen might not be my taste but, it looks much nicer than many kitchens I have been seeing at recent open homes. Overall, I think this home is nice.
I am starting to think that this type of bashing on socketsite actually hurts the sales of these homes. I toured a home that was bashed badly here not too long ago and, I actually thought it was quite beautiful!
No way the ‘bashing’ on here impacts the market or a particular home unless a true issue is uncovered in which case this is just a more complete disclosure. This is a nice home, and at $1.9M I’d probably buy it myself. I think at $2M or $2.1 this would sell quickly.
…unless the house on the right was also demolished, the “before” photo is of a different property…take a close look…
philly, check again. It’s the same property.
http://www.mapjack.com/?Ay9mWoYvbFFG
I lived on Pine across from this place while it was being remodeled. It is extremely irritating living near a large remodel.
Tell me about it. I live in a part of Noe Valley that has experienced near-constant construction within a half-block of me for at least 5 years. Nailguns, circular saws, all-day double-parking pickups with magnet signs on the doors. Makes it a bit aggravating while working at home.
This property went pending today.
It actually went directly to In Escrow Firm. Meaning no contingencies. I do hope the sale price is public.
Redfin reported sale price of $2,260,000