Purchased for $3,425,000 in May 2006 with what would appear to have been “Google money,” in 2008 the rear foundation at 2207 Scott Street was replaced, a three-quarter bath added, and a bit of garage space reclaimed for living.
At a permit estimated cost of $200,000, let’s call it $3,625,000+ invested in the property.
Back on the market today and listed for $3,600,000, a sale at asking would appear as “appreciation” of 5% over the past four years in MLS based reports, newsletters and statistics but wouldn’t exactly be so.
Closing the day at $543.30, shares of Google are up 47% over the same timeframe.
∙ Listing: 2207 Scott Street (4/4.5) 3,035 sqft – $3,600,000 [MLS]
Nice-looking house, seemingly appropriate for the period, neighborhood, etc.
It’s great to finally see “Google money” avoid the compulsion to Dwell an otherwise fine house.
Speaking of Google houses, does anyone know the purpose of the little wired black box in front of LP’s SF place?
god I’m sick of beige
I really like the house but not sure how they derived the listing price. Good luck.
Love the way everyone refers to anything remotely contemporary as “dwell”-ing…
“Love the way everyone refers to anything remotely contemporary as “dwell”-ing…”
Not at all. This house looks contemporary enough without being Dwell’d, and other houses can be “modern” without being Dwell’d too. Btw, my favorite comment on Dwell was 45yo hipster’s comment in the linked SS post.
As for this house, I don’t understand why there aren’t more pictures.
On a side note, if we’re talking about design choices and popularity, I don’t understand why people go gaga over clawfoot tubs.
I think it’s great… The location is fab; the house appears in excellent condition; and the pricing seems fine to me…
Oh, and where does LP live? I’ve always wondered, yet never bothered to ask!
I’ve been out of town, and haven’t really been paying attention, but wasn’t there a victorian on Washington that went into contract, then fell out.. What happened to that place? Withdrawn?
An “Incredible” house by an obviously incredible agent with a limited vocabulary.
“I really like the house but not sure how they derived the listing price. Good luck.”
Probably from comps:
2574 Clay 4/3.5 2748sf Sold 05/25/2010 $4,050,000
2725 Jackson 5/5.5 5266sf Sold 08/25/2010 $3,900,000
2430 Scott ?/4 3105sf Sold 09/09/2010 $3,910,000
2207 Scott 4/4.5 3035sf Asking $3,600,000
lol at superlative guy. their marketing remarks are like my ss comments…. written quick and on the run. no need or desire to capitlize anything or spell check.
pic 6 – is that a window above the fireplace or tv with some sort of frame or shade?
pic 9 – i dream of jeannie. is this the remodeled interior of her bottle now with windows?
and pardon moi – who is LP
LP = Larry Page
Just a nitpick, but If you’re like me and was wondering what the agent who entered the listing was talking about when they wrote:
I think that was a simple typo and they intended to write Crestron panels in every room.
hangemhi, here, let me google that for you. 🙂
@Denis, that house on Washington fell out of Escrow, and then a few days later wend directly to SOLD at right around $1k psf. They never even bothered to put it back on Open House so I’m not sure what was going on there. And that house was very nice.
I like that this place is on the park, but I think getting much north of $1k psf for it will be tough. Sorry R. Hope I’m wrong.
There was another place on this same block by Teed & Co. that sold for some eye-popping price so I could easily be wrong here. I’ll go with $3.18 for now.
“set up appointment. No public open houses”
Why do realtors do this?
“Why do realtors do this?”
Because open houses are often a way for neighbors and other non-interested persons to traipse through. It limits the crowd to more serious buyers. Of all the things that are questionable about realtor behavior, this doesn’t seem like one of them.
@eddy: No need to be sorry to me, I don’t care what the place sells for. I’m just pointing out that they’re asking isn’t far off from neighborhood comps. All they need is $1150 a sq ft, which two of my three comps would seemingly support.
I don’t think it is “questionable behavior” … it just makes it difficult for those of us that are serious buyers that do like to go through open houses.
It isn’t really difficult to contact the agent and have them open the house for you.
2574 Clay 4/3.5 2748sf Sold 05/25/2010 $4,050,000
Did you miss the expansion? It was 2748 when it had one bath, I’m thinking it might be a “little” larger now. Whoopsie, sorry other buyers, this realtor seems to have “forgotten” to include the additional square footage when identifying “comps”. I’m sure it was an oversight! No red flags to give that away: $1470 is a very normal per square foot price. (sarcasm!)
2725 Jackson 5/5.5 5266sf Sold 08/25/2010 $3,900,000
Whoopsie, this seems to be 740 psft. Hardly supports a comp price of 1100+ psft.
2430 Scott ?/4 3105sf Sold 09/09/2010 $3,910,000
Whoopsie, this one appears to have been expanded as well and had a bay view. I think we’re missing the bay view in the photos for this house that makes this a “comp”. Do you figure the agent forgot to post them?
So it appears the “comps” don’t support anything close to this price. But maybe you’ll find someone dumb enough to take a realtor at face value who would actually believe a comparable market analysis like this one? Ha ha, now you see how they do them.
Now you see how they do them. This is what the agencies teach them to do. You should throw them right in the trash.
“Closing the day at $543.30, shares of Google are up 47% over the same timeframe.”
goog could’ve fallen to $200 for all you know. A little diversification never hurt,especially if all your eggs are in one million shares of goog.
So creative Tipster. The old “realtor’s are liars” line. Too bad I ain’t a realtor, never been a realtor, don’t have any friends that are realtors.
Just pointed out that similar sized houses within a couple blocks are going for similar prices.
(and as for 2574 Scott, do you really think it only had 1 bath when it was almost 3000 sq ft? )
Let’s say someone in 2006 spent options granted in 2002. The weighted average exercise price of GOOG options granted in 2002 was $2.65. The lowest close in the first half of 2006 looks like it was $337.
That’s, what, a 12,500% gain?
Kinda puts that 47% since in perspective.
You may parse the comps that R provided:
2574 Clay 4/3.5 2748sf Sold 05/25/2010 $4,050,000
2725 Jackson 5/5.5 5266sf Sold 08/25/2010 $3,900,000
2430 Scott ?/4 3105sf Sold 09/09/2010 $3,910,000
2207 Scott 4/4.5 3035sf Asking $3,600,000
But they still seem like mighty powerful numbers. Sorry bears, doesn’t look like the market’s getting ready to give away nice SFR’s just yet.
Let’s say someone in 2006 spent options granted in 2002. The weighted average exercise price of GOOG options granted in 2002 was $2.65. The lowest close in the first half of 2006 looks like it was $337.
That’s, what, a 12,500% gain?
Kinda puts that 47% since in perspective.
How so? It’s not 47% up from $2.65. It’s 47% up from $370. They’d have gotten a 20,400% gain by holding. So they missed about 8,000% based on a $2.65 strike. That’s a big difference and obviously better than breaking even as they will on the house if it sells at asking. And I’d bet they put more than $200k in to do the work described.
@hangemhi
It looks like a TV over the fireplace and possibly the center speaker
built in above that. (There seems to be a painted speaker cover on the left side.) Actually, I think it’s rather gracious way to handle this problem. It makes the whole unit seem related to the adjacent bookcases and is more integrated into the total style of the house.
Eddy & Denis –
The house on Washington basically had an air tight, quick close backup on it. It was nice, but had some structural issues – partial brick foundation. Nothing insurmountable, but would have required maybe $80-$120K to bring it fully up to today’s standards.
anybody know whether this is presenting the original facade?
This is what the agencies teach them to do.
More ignornance. Agencies pretty much don’t teach you anything other than regular and manadatroy risk management seminars designed to save their own butts.
Being a Realtor is akin to running your own business with some extra support (like stationary and copy machines) that we pay through the nose for in commission splits. Most training is what we pay for out of our own pocket to 3rd party companies who do NOT teach anyone to lie, cherry pick or deceive. I’ve also never had “comp” training or seen it offered anywhere.
If you do come across a Realtor who does those things then do us all a favor and report them to the DRE. In the meantime, just another tipster lie. Gotta love the pot calling the kettle black on a daily basis.
I’m not going to go on the major offensive here, and I don’t see why Tipster needs to be so offensive in his trolling; but I will reiterate my point that there are a lot of comps out there for no view SFHs in PH and I don’t think $3.6 (or close) is likely.
The best non-comp (since it hasn’t sold) is 2781 Clay Street @ 3400 sqft listed at $3.2M and is on the park just around the corner. It’s not as nice as 2207 but it is updated and pretty nice overall. It’s been on the market for 44 days so I assume this place isn’t flying off the market at $941 psf. Then you have 2446 Washington that was totally redone and done well that was 4051 sqft and sold for $4.15M @ 1024psf, which was an outstanding outcome for the developer / seller. About as good a price as I’ve seen for a no view SFH in PH.
So 2207 is on the park, it’s very nice, lots of upgrades but I’m not sure it’s going to command the same premium of a brand new developer flip and it is in strong competition with a very similar home around the corner at a lower psf that isn’t moving. So even if it gets 1024 psf you’re at $3.1. But $3.6, I just don’t see it. Again, I’d LOVE to see this home fly off the shelf at this price.
And lastly, the featuring of this home on SS should tell you something. 2781 Clay has an assessed value of $1.9M with its most recent sale in 2004 (although it may not be an arms length transfer). But it was transacted $1.4M in 1997. I suspect that this home will close around $2.9 – $3.0M. Either way, this will be a nice appreciation for the home.
Eddy – I have to reiterate, 2446 Washington had legit structural issues. These issues caused two separate deals to fall out of escrow. Also, 2332 Washington sold for $4.4M, in April 2009… Yes, dated comp, but I would say a worse market than this.
http://nealwardproperties.com/#/overview/2332-Washington
“2781 Clay has an assessed value of $1.9M with its most recent sale in 2004 (although it may not be an arms length transfer).”
I don’t see a 2004 sale on this one, and the 1997 price adjusts well under Prop 13 to the current assessment.
@Sambo, thanks for the update on foundation issue at 2446 Washington; 120k is peanuts to fix it so not sure why that caused other buyers to balk. Maybe they will buy 2207!
2332 Washington was an awesome home, great space and @918psf isn’t helping the psf argument.
2781 Clay Street just reduced to $2,995,000 / $879/psf
After 28 days on the market, the listing for 2207 Scott Street has just been withdrawn from the MLS without a reported sale. No word on whether or not those recently announced raises played any part.
Back on, at 3.425. $175K on its way to money heaven.
2781 Clay was also reduced to $2.895. I’m very interested to see where these two homes wind up. One of them has a lot of room. The other doesn’t.
2781 Clay is in escrow. Assuming it closes this is a good sign that buyers will respond to price adjustments. Good buy. Not good news for 2207
2207 Scott at the same PPSF as 2781 Clay would be under $2.6M. 2781 Clay is a 3/2.5 + 1/1 whereas 2207 Scott is a 4/4.5 with a slightly smaller lot. Even with the extra bathroom and the better furnishings, is it $850K better at $3.45M?
2781 Clay sold for $2.865. Great outcome actually. I was pretty close in my $2.9 guesstimate. Congrats to buyers and sellers.