CFAH

Purchased for $1,500,000 in June 2006 with two loans and $225,000 down, a year later a third mortgage for $200,000 was added to the property at 1825 Webster.
Taken back by the bank with no bidders at $1,242,890 this past March, the “prime” Lower Pacific Heights single-family home is now back on the market and listed for $999,900.
∙ Listing: 1825 Webster (3/2) 1,026 sqft – $999,900 [MLS]

Comments from Plugged-In Readers

  1. Posted by diemos

    Wow, someone paid $1500/sqft for this sad little box and now someone hopes to get $1000/sqft.
    I keep getting this feeling that a fluke transporter accident has left me in a weird parallel real estate universe.

  2. Posted by resp

    looks like it should be listed for $888,888

  3. Posted by PPC

    Decent location, but at almost a $1,000 a sq.ft for a “3 bedroom” crammed into a little over 1,000 sq.ft, the price is too high. The place has no yard and, as diemos put it, it is a box, a very dark one at that.

  4. Posted by simpr

    I wonder if the space on the ground level is unwarranted and thus not included in the to sq ft. Still insane. Love that the banks loaned someone $1.4m against this.

  5. Posted by Mike

    Congratulations to the seller in 2006 – “Thats a bingo”

  6. Posted by A.T.

    Down 33% is certainly not extraordinary. The financing on this place explains the bubble that is now deflating. Mike is right that the smart money got out of this market in 2006-07, not into it.
    The photos on this listing are horribly inadequate.

  7. Posted by lyqwyd

    Looking at the rug I can’t help but think I’m being sucked through a time-portal to Austin Powers in ’69.

  8. Posted by Brahma (incensed renter)

    A.T. wrote: Down 33% is certainly not extraordinary. Certain people on socketsite would have us believe that more than 25% would never happen. From the thread on 214 Arguello: Two Years Later And Asking Twenty-Five Percent Less:

    …if u think SF prices are going to decline like LA, -30 to 40%, you’re smoking crack. This is bottom for SF, -10 to 25%, depending.
    Posted by: 45yo hipster at December 28, 2009 5:09 PM

    To be fair, that thread was regarding a condo and the two markets aren’t fully interchangeable, so perhaps the estimate of a 25% decline as the absolute bottom doesn’t apply here. But, as A.T. says, I’ve think we’ve seen more than one or two SFHs with declines in value similar to the 33% in evidence for 1825 Webster over the past two years.
    Stay tuned, I’m sure there’s more to come.

  9. Posted by john

    33% is normal in District 10, where we’ve lived for over 30 years. There’s a house on our block once owned by an couple in their 90’s who died over a decade ago. Their many children fought over what to do with the home and, because of that fight, wouldn’t sell it when the market was up. Now, finally, it’s for sale and for around 400K with some cosmetic upgrades. We’ve seen maybe two “looky-loos” view the home in the two months it’s for sale. According to rumors, the family won’t lower the price and so there it sits.

  10. Posted by SocketSite

    The list price for 1825 Webster has been reduced to $940,000. Once again, purchased for $1,500,000 in June 2006 and then taken back by the bank this past March.

  11. Posted by eddy

    Any chance we can switch to Redfin links that do not expire. Clearly the SFARMLS links are useless after a few days.

Comments are closed.

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