Withdrawn On Washington: It Must Have Been The Amphitheater…October 14, 2009
After 264 days on the market (not including a previous listing), and the last 90 of which were at a list price of $12,000,000, the listing for 3444 Washington has been withdrawn.
While it may soon return, keep in mind the rather prime Pacific Presidio Heights mansion was purchased for $15,225,000 in 2006, or 21% more than its asking price over the past three months.
And once again, asking $17,500,000 in May of 2008.
Comments from Plugged-In Readers
ahem… Presidio Heights mansion…
[Editor’s Note: Good catch and cheers.]
i guess the editor means to imply that ‘prime’ d7 is getting to be a fire sale. but the fact remains that most of these properties have probably doubled in the last ten years and have far outpaced most other asset classes.
Maybe not a fire sale, but it is a good example of a point LMRiM used to make a lot. Because it was withdrawn or expired without ever selling, this won’t show up on any stats as indicating anything about market prices. But it’s reasonable to assume that with no takers at the $12M list price, the “mark to market” value of the place is something less than $12M — evidence of at least a 21% price drop since 2006. Yes, until it is actually sold, we can’t say anything definitive (and even then we can argue about whether they overpaid in ’06, etc.), but as a market indicator the non-sale is revealing — would have been great if, as in a true market, they just kept dropping until they found a buyer to see where the supply and demand curves really intersect. But we’re stuck with these less transparent indicators.
True patriots, as JPMorgan Chase is only on the hook for $5,000,000 (variable rate, of course).
I remember touring this house when it was first on the market. It was pretty cool. I liked the outdoor amphitheatre a lot. Surprised no one scooped up the property. Then again, anyone with $17.5M has options.
I still hate the amphitheater for this place. That’s just me. I recall commenting on the amphitheater in an earlier SocketSite comment on the amphitheater and this is what I said at the time (still true, if you ask me):
“Hate the amphitheater- I’d love to fill it in. I would want a garden. You can actually do something with a garden- what can you do with a hole in the ground with chairs? Have a funeral? But great place to fill in for a garden.”
But frankly it would be nice to have tucked away in a corner of an estate lot with a few acres in Marin.
UPDATE: New Offering for a Banker’s Eight-Figure Presidio Heights Pad
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