As we noted the most recent listing for 2100 Vallejo expired at the end of the year with an asking price of $13,500,000 (down from $25,000,000 in 2007). A plugged-in tipster adds:
A pretty serious [Notice of Default (NOD)] was filed against 2100 Vallejo (both House and Lot) on 12-17-2009. There appears [to be] 3 Open Deeds Of Trust [with a third mortgage in November 2008 for $750,000]. Looks like the 3rd is foreclosing and that all loans are in default.
It will be very difficult for the owners to receive further financing regardless of equity. Will they sell cheaply or try to continue?
Many are experiencing the same problem.
Purchased for $2,475,000 in 1995 but then restored “from the studs up.”
As we noted in 2007, designed by Houghton Sawyer (who was also the architect behind the Verdier/Scholes Mansion at 1001 Vallejo), the woodwork within is quite captivating, the views are indeed stunning, and the garden is huge (as in another separate lot).
UPDATE: With respect to a reader’s comment regarding whether it’s actually the “second” versus the “third” loan that’s filed the NOD, our tipster’s three loans appears to include a line of credit that was opened in 2001.
UPDATE: As of this afternoon the listing for 2100 Vallejo is once again active at $13,500,000 and offering a few peeks inside.
∙ Listing: 2100 Vallejo (5/5.5) – $13,500,000 [MLS]
∙ Two Years And A 46 Percent Drop In Expectations For 2100 Vallejo [SocketSite]
∙ 2845 Broadway Is Withdrawn In 2010 After 1400 DOM At $65,000,000 [SocketSite]
∙ It Might Not Have A Name, But It’s A Vallejo Mansion Nonetheless [SocketSite]
∙ Add Your Name To This Mansion [SocketSite]
Oy vey…
Lower the damn price, sell the thing and move on. I’m sure they have SOME equity left. Any guesses as to what this would realistically sell for now? I haven’t seen the interior, so I have no idea what the “studs up” remodel entailed. I’m thinking 9ish. It’s arguably a finer home than the Broadway home that sold a few months ago.
It’s actually the second 750K loan that is foreclosing – at least according to foreclosureradar.
[Editor’s Note: With respect to our tipster’s three loans, the “second” appears to be a line of credit opened in 2001 versus the “third” (your second) in 2008.]
As of a few minutes ago the listing for 2100 Vallejo is once again active and asking $13,500,000.
Evidently they hired my grandmother as the interior decorator. The exterior of the building, and where it sits is grand though; the extra lot is great, but doubt you could ever build on it. Lot’s of potential, but the price isn’t realistic, it would take another “studs up” remodel to make the place work.
I’m going to disagree with the plugged-in tipster. A notice of default is a notice of default, there are no degrees of seriousness (or levity). It looks to me like there are only 2 loans, the 2nd being 750k from a local hard money lender.
I don’t see where “all loans are in default”. I see only 1 NOD. And whether “it will be very difficult for the owners to receive further financing” is all relative. I bet that the current lender would be willing to loan more money.
I’m kind of a fan girl for this house. I disagree that it looks like it needs a “studs up” remodel. Some different furnishings and window coverings would be fine – plus, of course, doing something with that kitchen. But even the kitchen isn’t so awful as kind of plain – if you just got rid of the odd cabinet over the stove, refaced the cabinets and put in a nicer countertop, that would be enough for me.
Of course at that price range buyers would want something more “gourmet” looking but less usable as a kitchen. And who knows what the baths look like… but gut the place and all that lovely wood? Meh.
Sleepy:
You mentoned 9ish, what if the sellers only receive offers around 6-7M? What should they do?
Formerly:
The reason why it is serious is precisely because the Loan is from a Hard Money Lender. These guys don’t mess around and in this rare circumstance of tremendous significant equity; it is most advantages for the Lender to Foreclose with hopes of retaining the property. Most coventional lenders are now required to work with borrowers and usually do not record NODs until 90 days after default. The current lenders have filed NOD in 45 days which has given the owners notice that a Trustee Sale may take place in 3 months.
This notice of default specifically states, “failure to pay installment of interest which became due 11-01-09; failure to keep payments current with Senior Lenders; and failure to pay property taxes when due.”
The 3rd DT is a line of credit that appears open and actually in 1st position since there are no subordinations or reconveyances filed.
Regarding further financing, many people are having difficulty refinancing higher end homes even with great equity and are faced with similar dilemma.
It is unfortunate that the owners had to resort to the Loan Sharks and if the sharks attack; in this case, I hope the owners will protect their rights.
It’s too bad that the furnishings and window coverings are so dreadful. For all of the money that was put into the remodel, the substandard decorating really does this beautiful home an injustice.
At $9M this home would be sold. It’s a block too far east on Vallejo but it’s on a special 2x lot. Sort of rare and worth a premium even though it’s probably not buildable. If the Bourne Mansion can get $2.5 this place is surely worth north of $8 or 9M.
my, how the prices have fallen. from 25M down to 13.5 and I bet they will take 12.5 which will mean easily 50% off 2007 price.
The interior furnishing does no justice to this house. It’s all cosmetics though. Unless the bathroom is super dated, it should be a fairly easy update. But usually if the bathroom is not in the line up pics, I bet it’s really dated like rest of the furnishing….
my, how the prices have fallen. from 25M down to 13.5 and I bet they will take 12.5 which will mean easily 50% off 2007 price
No. The only r.e. market price paid is 2.5M back in ’95.
^ not entirely true. We also know that the current market price is some number less than $13.5 million since it failed to sell there.
That’s not disputed. What’s disputed is attributing precise meaning to speculative projects that either just about, or absolutely take the cake.
I am the owner of 2100 Vallejo SF. I wish to assure all that the house is NOT in default and I am able to carry the property for years to come. Whoever posted comments to the contrary, they should be ashamed. We are using the house as our second home as we are now living outside the United States and have a new primary residence.
2100 Vallejo was completely reconstructed from the studs up, seismically upgraded, elevator installed and was recently contracter inspected and a satisfactory report is available. The property is large with an extraordinary large lot, spectacular views, close to schools,close to cafes, restaurants, shopping and transportation.
We hope to find a buyer who loves the house as much as we do. We raised our 2 boys here, who walked to their school for years and we had a lot of pleasure entertaining in our beautiful home.
“We hope to find a buyer who loves the house as much as we do.”
Lower the price to what you paid in 95 and you’ll have buyers ‘who love the house as much as you do’ coming out of the woodwork.
keep dreamin’ prices down, diemos. of course, if stuff like this fell as much as you dream then you would not be a buyer…kinda like the present..
Ah my friend, I never said it would sell for that. Just that they would have plenty of buyers and most certainly a bidding war.
i drove by this house the other day and noticed the ‘for sale’ sign was gone and there was a uhaul truck in the driveway. i wonder what that means.
13.5? really? if i didn’t know that, i would have guessed it was going for half that at first glance.
Withdrawn.
The listing for 2100 Vallejo is once again active and its list price has been reduced to $13,000,000.
Another 360! Days on Market, and withdrawn.
[Editor’s Note: The listing Expired (i.e., don’t be surprised to see it soon return) versus being Withdrawn.]
It has come to our attention that some disparaging comments have been made regarding our home that has been listed for sale.
One can only surmise that an effort is being made by a person or persons for whatever reason (perhaps for his/her becoming a potential buyer?).
The face of the matter is that anyone who has purchased real estate in California knows that upon entering escrow, the title company who is paid through the sales contract, is obligated to provide for an accurate title search which would totally invalidate any negative comments made in the past, present, or future regarding our home.
Thank you for your time and attention.
Owners
2100 Vallejo St
San Francisco, CA
“Pay no attention to the man behind the curtain…or the public records!”
Hopefully the pit viper serum thing works out soon or else he’ll have no choice but to lower the price.
I’m impressed that a title search can invalidate negative comments that will be made in the future.
Speaking of expensive homes… 2698 Pacific is for sale… 14 million… I thought this home was going to hit the market a while back, actually. Almost 13k square feet! Needs updating though..
If you mean expensive, as in, overpriced, yes. Lot’s of work, which looked mostly cosmetic was being done on that front entry way. Any buyer should seriously invest in a pest report for 2698 Pacific. If it sells for $1 above 9M I would be shocked. If it was pristine and redone I’d put it at 12m and you’re about 3M invested to get this home to it’s prime.
As for the owner of 2100 coming on to defend his property, I think others should respect the transparency and the intent and not jump all over him. I honestly don’t know why these high end properties post up on the open market with elaborate websites. way too much publicity, mostly negative or not positive. i actually think something like the pocktlistings dot net idea is a better route to market these properties off market; or create a private website to avoid everyone having a free look. The reality is that only a handful of people can afford these properties and they have smart agents working the system.
Well, we didn’t have our usual Friday RE Porn post, so I thought this should’ve been it.
Yes, the house is way overpriced. Like 2420 Pacific, this is a giant fixer. I think they’re using the neighboring house to the north on Scott as their comp. It sold for 14 in 08, but that home was renovated (and then renovated yet again). This house, however, reminds me more of 2505 Divisadero… and we all saw what happened there. To really make this place a Pacific Heights showplace would require a 6+ million renovation (starting at $500 a foot).
One random bit of info… I’m not sure if they still have them, but the owners here used to keep white doves in a coop on the top floor balcony. They would periodically release them and let them fly all over Pacific Heights.
Crazy fact about the birds. They would also do some insanely scary/wacky things at Halloween. One year the occupant just sat motionless in a bloodied t-shirt in the rotunda with a bowl of candy freaking out everyone. I think we tend to disagree on rehab costs as $6M is an absolute insane amount of cash. Most of the larger rooms are fairly intact and don’t require much of anything. I guess if you are using Plath or some of the high end shops you could blow $6m pretty quick. Regardless, I agree on the 2505 Divis comparison. Except this has a view. I actually always liked 2505 and think the buyer will be just fine with the deal. This place (2698) could easily sell for 7M as could 2420. These places wouldn’t have fared much better in the peak times as well; pricing them at this range, in this market is absurd.
The list price for 2100 Vallejo has been reduced to $11,500,000. And speaking of 2698 Pacific: 2698 Pacific: The
Parrots Of Telegraph HillDoves Of Pacific Heights. Cheers.Wow, down from $25 million. Good things come to those who wait.
^Unless you’re a seller, in which case, you’re just chasing a declining market down.
The listing for 2100 Vallejo has once again been withdrawn from the MLS without a reported sale after 486 days on the market (and reductions totaling 54 percent).
To set the record straight regarding 2100 Vallejo, there are no liens on this house, there are no second or third financings.
A third comment purportedly from Mr. Freiman. If Mr. Freiman would give some affirmative information to explain what public records say, rather than simply denials of a solid interpretation of public records, his comments here would be taken more seriously.
What I’m seeing on the SF Recorders site:
NOD on Dec. 17, 2010.
CANCELED NOD on Feb. 17, 2010. 90 Days — nice!
Then on March 5, 2010 a Request for Notice of Default. And then an Assignment of the Deed of Trust on July 7, 2010. IANAL, but the owner seems to have a point. Kudos to SS and tipsters, though, for catching this one during the 3 month window while it was in default.
Eddy posted in another thread that this finally sold for 11 million. Cool!
Yeah, saw they were doing a bunch of work on this place and wondered what happened. Thanks for posting the note in the right place. I think $11M for this house is actually a pretty good buy in this market and for the double lot.
Still no word on 2090 Vallejo.
They are finally building the vacant lot (2157) on green. No idea what they are building there. I’m sure some drama will unfold down the line.