Speaking of the corner of Broadway and Divisadero, if a plugged-in tipster is correct 2563 Divisadero (aka 2701 Broadway) is under wraps preparing for a return to the market.
Last measured at 16,580 square feet (14,910 finished and 1,670 unfinished at the time) the property currently carries a tax basis of $11,874,476.
The word on the street, “contemplating a $35MM list price” which would make it the fifth most expensive property being shopped in San Francisco, three others of which are just down the street.
And one which is not.
Did a little sleuthing. Expect McGuire to be the listing agents and it will probably be from the same folks who brought us 2841 Divisadero (San and Niel).
[Editor’s Note: Behind The Façade (And On The Market) At 2841 Divisadero (and in contract).]
i wonder how DOM for this property will compare to the cohort mentioned above…
We’ve got support at the $2000/psf level based on the recent Broadway sale. This home is going to be similarly finished and decked out. The 2845 Broadway probably needs $15M to complete the home, and 2901 Broadway probably needs $10M to fix some of the core issues with the home. 2849 Pacific closed @ around $12M according to SS (but has never been updated on PropertyShark?). $35M seems to be a fairly conservative starting price if this place is going to be done as well as I hope it to be done. It’s been a major project and should be turn key.
Another home 100% finished home just went into contract instantly down on Clay. Surprised it wasn’t covered here.
Eddy, are you sure this house has been totally upgraded or will be after the current construction? I still think a 35 million tag is just too high, no matter the size. I think 16-18 is “reasonable.” I always thought it a bit interesting the owner kept this house after buying another expensive home nearby…
I do not know definitively, but it sure looks like they did a real # on this place. It lacks a real yard and that could hurt price, and certainly, anything over $15 would be a major accomplishment. I’m just saying that we haven’t seen a mega lot / property that was finished off 100% and if this place is the one, it could get some serious attention. No harm in pricing it this high if it really is super done. Honestly at this level, the buyer isn’t just going to come out of an open house. We’re talking a very few select buyers that could swim in this pool.
Thanks to the Broadway sale, every seller and their agent now thinks their property is worth 2,000.00 per sqft… but the idea of valuing a huge, partial view property on a busy corner with no outdoor space by applying a single unadjusted metric from a compact, highly finished, panoramic view property is the definition of misguided… but you only have to fool one buyer…
@jack, well said. Especially the part about only having to fool 1 buyer.