With an outcome that shouldn’t come as too much of a surprise to the plugged-in, the sale of 135 Locust closed escrow today with a reported contract price of $3,430,000.
Call it $1,225 per square foot for the Presidio Heights home, not including the third floor square footage for which permits were filed four months ago with a vision to legalize along with remodeling the baths on the second floor and seismically updating throughout at a projected cost of one million dollars.
And excluding the value of the permits, or vision for the remodeling, we’ll also call it an “apples to apples” increase in value of 14 percent ($430,000) for the Presidio Heights home at 135 Rue Locust over the past two years.
But but but SocketSite only features cherrypicked properties that sell below asking… Seems like a steep price with no views and for the size, even for as nice as a house as this is. The sellers did quite well here.
Am I missing something? Seems like $1 million spent on remodeling and $430K price over 2009 would result in a $570K loss, not including realtor fees and carrying costs… Was the remodeling done before 2009?
^^^
The remodel was never done, just plans.
aaaahhh… I certainly was missing something!
This is a pretty amazing outcome. I’d love to see the other offers and their bid amounts. Someone really wanted this one. A hearty congrats to all.
A poster named anon.ed, smartest guy in real estate, sometimes you guys call him fluj, said that spring 09 was the low. So here we have a house bought at that time and up 14% since, looks about right.
I am SO not the smartest person in that room.
There are only two other SFH for sale in Presidio Heights, both bigger than this and in better locations. Will be interesting to see how they do with such limited supply.
As it turns out, the self-congratulatory bulls are exactly the same as the self-congratulatory bears. Go figure.
Oh. Nice house.
Based on this sale, the $3 million+ market must be red hot…
Yeah.
Some housewife really wanted to live in Presidio Heights.
@jocketman, welcome to the world of real estate.
Wow that’s a big sale.
Very nice public rooms , built ins, foyer ( although a gaudy dining room staging job)
I am floored that the seller captured 1200/ ft despite bathrooms with basic or somewhat dated finishes and only one car parking.
Like the previous poster, id like to see the other bids. Perhaps someone had to make a snap decision ( a relocated family perhaps? )
I think they overpaid. I’m curious, if there were multiple offers, I’m surprised another sale hasn’t materialized in either Pac or Presidio Heights in this price range.
“despite bathrooms with basic or somewhat dated finishes and only one car parking.”
Remember that at this price point, folks don’t care because they will want to redo the baths. Self-parking may not be an issue either.
My point is that folks should care about a place being turnkey at 1200/ ft!
Spending the many hours to choose finishes, or to choose a decorator to choose them, and then waiting for ( or possibly living through) the work to be complete seems inconsistent with someone with 3 bucks to drop. I would think they just want to move in and not have to think about anything else.
One can’t draw any conclusions about buyers in this price range. I’m just a working stiff (albeit a pretty well-paid one), and if I were to spend this much, I’d sure want it totally turnkey, as Been there posits, because that would be at the high end of what I could afford to pay and that is a sh**load of money to me. But I have friends in finance who have not batted an eye at paying this much, as To been there notes, then spending another 2 years and a couple million to totally re-do it — the purchase price is not all that material to them and they just want to create their perfect place.
Can’t generalize. In this price range, some buyers need to keep working for a living but still can afford this much, while others either live off their wealth or earn so much that an expensive vanity project is perfectly sensible to them.
The issue here is that the investment to expand this house as proposed is not going to increase the value of the home. The premium paid on this place will average out any improvements / expansion. I forget what the south side home on Pacific between Fillmore and Pacific sold for recently but it was in this range, maybe $4.5ish. But for that price and location you were getting a pretty turn key pad and it was done; and it was in a better location. But whatever, this one is in the books and what is done is done. Congrats to all.
This was right in my price range (@3-4MM), but not in my price/sqft range in its current condition.
Speaking of apples. Back at $5M