With some rather big views from the sitting area aside the top floor master suite, 1219 Lombard changed hands in 2006 for $3,150,000 and then again in 2008 for $3,189,500.
Since then the interior has been remodeled, a loft space added, the wine room has been repurposed as a laundry room (damn that utilitarian decision making), and permits have been filed to extend the square footage of the single-family home.
All that being said, the Russian Hill home has returned to the market asking $3,059,000.
∙ Listing: 1219 Lombard (3/2) – $3,095,000 [MLS]
4 years of marketing and selling the same place every 2 years. All around the same price. A Realtor’s dream come true.
Has anyone ever lived in the place during that time?
Gotta love the property. The price – no so much.
The price on this one seems pretty high, even if it fits with the prior sale. I assume it’s because of the views. I was trying to figure out the “view premium” by comparison to something like 1112 Lombard, which has been on the market forever.
1112 Lombard was purchased for $3.06M in Dec. 2008, which is the same price as the current listing for 1219, but less than 1219 sold for in 2008. They tried to flip 1112 for $5M last year and it’s currently listed for $3.675 after numerous price cuts. 1112 is a 3676 sqft 5/5 and has a 5500 sqft lot vs. 1219’s 3/2 of unknown square footage with a tiny 3500 sqft lot.
1219 Lombard’s location is a slightly better because it’s not right at the crooked part of Lombard. The lot for 1112 based on size should be worth at least 50% more than the lot for 1219, the house for 1112 is certainly worth more because of square footage, the detailing for 1112 is probably more expensive, and 1112 has a memorable facade vs. the anonymous character of 1219 (at least per the Street View).
All that tells me the view component is pretty huge. The agent is probably doing the right thing by mostly emphasizing the views on the listing and doing little else.
I might add, however, that even view properties on Lombard haven’t gotten what people expected.
Check out 1188 Lombard which is right between 1112 and 1219 and sold last week. Originally listed for $6.95M, sold for $4.1M. Wow. It’s a view property that’s a 3/2.5 with an almost 5800 sqft lot, memorable facade, and nice detailing, although only 1 garage spot. Unknown square footage.
http://www.redfin.com/CA/San-Francisco/1188-Lombard-St-94109/home/1126028
Based on this comp, maybe the price on this one isn’t so bad.
Price was cut to $2.995M on 1219 Lombard on June 2, pending and delisted on June 11. What’s shocking here is that the permits claim almost $600K in work and they still had to cut the price?
And in other news, 1112 Lombard which I mentioned above went pending and delisted on May 31. (they have an expired permit on light remodel to kitchen and one bath — not sure why that would get them $500K+)
The sale of 1219 Lombard closed escrow on 6/25/10 with a reported contract price of $2,875,000: A Prime Panoramic View (Of More Than Just The Bay).