CFAH

135 Locust

Built in 1906, the “Cape Cod” styled Presidio Heights home at 135 “Rue” Locust has been rather nicely remodeled and updated since.

135 Locust Living

And speaking of remodeling, three months ago a permit was filed to convert the attic into a habitable third floor, remodel the baths on the second, and seismically update throughout the house at an estimated total cost of one million dollars.

135 Locust Floor Plans

But we’re getting of ourselves. Purchased for $3,000,000 in February 2009, the currently 2,800 square foot home is back on the market in March 2011 listed for the same.

∙ Listing: 135 Locust (4/3.5) 2,800 sqft – $3,000,000 [nealwardproperties.com]

Comments from Plugged-In Readers

  1. Posted by eddy

    Is the basement included in the sqft? 2800 seems small. Feels a bit high but I love the house and location. I think it’s got a chance here. Someone could easily fall in love here. It’s a very very charming house. Who did the interior design? I know Neal looks so maybe he’d let us know.

  2. Posted by Joe Moore

    This property will be THE barometer on this segment of the market. It was a great house in the Spring of 2009 and is a great house in Spring of 2011. Talk about an Apple… & a great strategy.

  3. Posted by Gigi

    Adorable! Love the house, love the design. Most of it is done impeccably (there are a few things I’d redo – like the wallpaper in the kitchen) but otherwise fabulous.
    2,800 does seem a bit small for the price but then again it’s Presidio Heights and the place is lovely and in one of the best locations in the city.

  4. Posted by tipster

    What? No “cherry picked” comments? I’m shocked!
    I think you guys have to admit a sense of balance here.
    Nice house, BTW. It’s the type of house someone could fall in love with, and those can generate surprising bids. I’m not sure about it being any barometer, for that reason.
    [Editor’s Note: It’s funny how that happens. Even funnier is the example of 2416 Gough which hadn’t been deemed to have been “cherry picked” when we first featured it eight months ago when listed for $2,995,000. But when it finally sold for $2,075,000? Obviously it had been so…]

  5. Posted by Lori

    Love the spiral staircase and the family room. Very nicely done. I could live without the kitchen wallpaper and the striped walls in one of the bathrooms, but obviously those are minor details.

  6. Posted by eddy

    Considering 130 Locust sold in December for $3.3 in 21 days over its asking ($2.85) @ 735/psf and needed a lot of work; I’d say this place has a fair chance of fetching its ask or very close.
    I was surprised 130 didn’t get a feature on SS based on this bait alone:
    http://media.cdn-redfin.com/photo/9/bigphoto/935/376935_2_0.jpg

  7. Posted by kthnxybe

    I’ve always noticed and liked that house.

  8. Posted by eddy

    Anyone that knows anything about SFRE knew that 2416 was going to get killed the second it hit the MLS, but that one certainly got smashed even worse that tipster’s $2.5M prediction.
    This home here could go for asking. I think asking north of $1k/psf for no view is going to be hard for this one. But I do not think this house will sell for less than $2.8.

  9. Posted by curmudgeon

    great house, but point of clarification, no one in New England would recognize it as a “Cape Cod”. Traditional Cape Cod houses are very simple: symmetrically designed with a central front door surrounded by two multi-paned windows on each side, a steeply pitched roof with end gables. The second story is completely under that roof.
    A Cape Cod does have shutters, but that’s about the only thing I can see in this facade that reminds me of the style.

  10. Posted by BobN

    It’s obviously an Edwardian with a case of the shingles.

  11. Posted by EH

    Let’s call it a Cape Cwardian.

  12. Posted by Denis

    My thoughts: If this had come on the market earlier this year, I would have said it would sell a bit over asking. I think it’s a neat looking home in a great location… There’s still not a lot on the market in this area in this price range. However, the stock market instability is going to keep buyers from making a big purchase for the next few weeks (or months). It has a great shot at selling quickly, but not quite as quickly as it would’ve sold just a few weeks ago.

  13. Posted by El Bombero

    Feb 09 was “the bottom” I’m told by the realtors and other shills. I’ll have to do a little searching, but I swear there have been numerous posts on ss from various bulls about how the market is ip 10-20% from then. It’s surprising that no one is predicting over the Feb 09 price so far in this thread.

  14. Posted by Sam Podolsky

    Hi Everyone –
    Logged on for my daily reading and saw we’re on here!
    In regards to a few of the questions: The owners hired Kendall Wilkinson to do interior design shortly after their purchase. This included new countertops, paint colors for various rooms and numerous fixtures. As the house is vacant, Neal brought in Ken Fulk for staging.
    The 2800 square feet does include the lower level, but does not include the garage, storage, laundry area and wine room. We actually received a slightly higher number from the architect, but in the event of a small discrepancy like that we go with the lower number as general caution.
    We’ve received a lot of interest thus far, to the point we have set an offer date of Wednesday next week. Any other questions or requests feel free to contact me. Thank you for posting –
    Sam
    spodolsky@mcguire.com

  15. Posted by eddy

    3009 Webster is a 2005 apple that is going to be fun to watch. Just listed @ $2,225,000 previously sold in 2005 for $2,195,000. This would be a good cherry pick.
    Sam, thanks for the updates. Good luck with the sale. I spoke to a few folks today and there does seem to be a bit of buzz on this home.

  16. Posted by Agent415

    This site is too much sometimes. Finally get a property that you simply can’t bag on (well priced, done, prime area, etc) and we get this, “it might get near asking….”. (Eddy and Denis, from the rest of them maybe, but you guys too?) It has like 10 disclosure packets out, lol! It’s the only SFH on in Presidio Hts. It’s priced at its Feb ’09 sale price, and we have people saying “well the recent stock market turbulence may keep it from getting $3M.” Ummm, how was the stock market in Feb ’09? Like 6000…
    Duhhh. This one is flying off the market, over asking. I’ll come back for my poster credit. Thx

  17. Posted by Sam Podolsky

    Thank you, Eddy.
    And just FYI – and I apologize for using the comments section as a secondary site for our MLS agent remarks – but due to having an overseas client, offer date has been moved up to Tuesday of next week @ 6PM.
    [Editor’s Note: Continue to answer questions and add value as you always have and there’s no need to apologize as far as we’re concerned. Cheers.]

  18. Posted by conifer

    If you do not buy now you may never get another chance. This is so rare, the last house of this kind and price in the history of San Francisco, if not the whole world.
    Because of the extraordinary “uniqueness” of this offering, we are going to have to have a special time to receive offers. Yup. This is it guys. Speak now or forever hold your peace. For richer or poorer.
    In the world of real estate, this is the equivalent of the Metropolitan Museum’s purchase of “Aristotle contemplating the bust of Homer.” Nothing less, a great masterpiece that will look cheap for all time, a stroke of genius in the acquisition.
    What Rembrandt is to art, 135 Locust is to property!

  19. Posted by sfrenegade

    I can think of one thing negative to say about this place, which is that the facade is unimpressive and borders on ugly (and doesn’t seem Cape Code at all to me either), even with the nice and appreciated touches of green. Curb appeal does matter for getting that one suckercustomer. Yeah, the property is nice and in a nice neighborhood, what do you want, Agent415, a cookie?
    Good luck, Sam, and thanks for the information. Kudos for disclosure, by the way, in light of the conversation on another thread — this is how you disclose without liability!:
    “We actually received a slightly higher number from the architect, but in the event of a small discrepancy like that we go with the lower number as general caution.”

  20. Posted by curmudgeon

    btw…who ever called this a Cape Cod…the editor or the listing agent? If it was the agent, I can’t find it on the website…but maybe since he’s reading this he made a quick correction?
    [Editor’s Note: It’s not really the agent’s fault, but rather a pick from the list “style” choice on the MLS (scroll down to “features”).]

  21. Posted by eddy

    Please pass “Escrow” and go directly to In-Escrow firm says the monopoly card.

  22. Posted by gh

    Word is this sold for $3,300,000, with multiple offers. Seems like a steep price for a small house with no views.

  23. Posted by eddy

    3009 Webster Closed Escrow @ $2.17 vs its 05 selling price of $2.195. Read into that what you want. I thought it would sell lower to be honest.

  24. Posted by tipster

    I’m a bit surprised at 2844 Broderick, eddy. Just dropped 3.6% to not much more than its 2002 price and has clearly been updated since. 2002 was a pretty decent time to buy, it’s a long hold, and yet they are still on track to lose over $150K.
    http://www.redfin.com/CA/San-Francisco/2844-Broderick-St-94123/home/2007396

  25. Posted by eddy

    I do not think 2844 will sell for even its current price. That place is a disaster. You can’t stop people from overpaying for a property in a hot market.

  26. Posted by eddy

    2844 Broderick sold for $3.825 having most recently sold for $3.878 in 2002.

  27. Posted by tipster

    2002 was a hot market? It was in the teeth of the dot com bust!

  28. Posted by eddy

    Who said 2002 was a hot market, not me? You’re the one that said 2002 was a good time to buy, and you said they were on track to lose 150k. While I have no idea what they “lost”, nor do I care, the net change in price from 2002 to 2011 was -53k. And actually, I think the current buyers overpaid here. Using prior purchase price as a gauge for current value is never a good strategy.

  29. Posted by tipster

    Eddy, you said it was a hot market May 4 at 1:16. Did I misinterpret your last three words in that post?

  30. Posted by Rillion

    “Word is this sold for $3,300,000, with multiple offers. Seems like a steep price for a small house with no views.”
    I followed the link and according to the agent’s website 135 Locust sold for $3,430,000.

  31. Posted by sfrenegade

    “I followed the link and according to the agent’s website 135 Locust sold for $3,430,000.”
    Public records agree with that. Thanks for the cherry-picking, editor!:
    http://www.redfin.com/CA/San-Francisco/135-Locust-St-94118/home/1172202

  32. Posted by Eddy

    It seems I did infer that although I’m not sure exactly what I was stating re: 2002. The broader point is that no matter the market there will always be people who overpay. E.g., the current buyers of 2844. Mea culpa.

  33. Posted by [anon.ed]

    “Thanks for the cherry-picking, editor!:”
    You thought you were being facetious but there wasn’t a followup?
    [Editor’s Note: Really? Oh, wait: Oh La La! As 135 Rue Locust Closes Up 14 Percent.]

  34. Posted by [anon.ed]

    I stand corrected, and sfrenegade was being wonderfully facetious after all.

  35. Posted by Rillion

    This can all be laid at the feet of eddy and tipster necro’ing an old thread to talk about a different property.

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