As plugged-in people know, 2507 Pacific Avenue was purchased for $2,500,000 in early 2010 as a 3,509 square foot home in an unrenovated and garage-less state.
Despite some initial opposition, a garage has since been added to the Pacific Heights property and the interior has been renovated from top to bottom.
And while it never made it to the MLS, and the website offering a peek inside just recently went live, as a plugged-in reader correctly notes, the property is already in contract.
I was thinking about 2507 and was thinking that perhaps that sold off market. Perhaps to a local. Thanks for the update
Who bought 2507? What was the selling price?
My guess is that 2507 hasn’t closed escrow and I guess that a local bought it, which could have something to do with the DR getting resolved so quickly. Redfin is pretty good about picking up escrow / off mls deals and it has nothing.
conifer – Why does it matter who bought it?
For somebody who frequently talks sh*t on all things Pac Hts and all things remodeled – you sure are into the people that can afford them.
The interior of 2507 is pretty awesome but there are some things they did I’m not a fan of really. The Spa they created on the lower level is pretty slick and the wine room looks spectacular. The rear landscaping is nice but no access from the lower level. My biggest grip about the house is that architecturally they did little to obscure the fact that there are no windows along the side of the home and there are just large stretches of wall. But pretty nice remodel all around.
Agent415, are you 100% sure this home is sold?
Someone should’ve told me 2507 has a website… I have to say it’s pretty hot looking for a flip. There’s no way that wouldn’t sell instantly. I bet it’s a HUGE price.. I say 8.5-9 easily… Who did the staging?
That’s why I was curious if it was really sold as the website went up on just a few days ago. Why would they put it up if it was already sold?
“Why would they put it [website] up if it was already sold?”
Maybe the photography and website construction was already in the pipeline while a “pocket buyer” was being courted. Might as well go live if the content was already payed for. Could come in handy to light a fire beneath the buyer if the deal hasn’t settled yet. The person flipping the website on might not have known that it was already a done deal.
Agent415 is a very nice lady or gentleman, a credit to her or his profession.
I can see the curiosity of wanting to know who’s buying. There aren’t that many folks in the market at this price point. Even more important, I would love to know what kind of koolaid they drink.
Anything, anywhere over $3 million that doesn’t have a view would be pretty hilarious, but in SF there’s just no excuse.
Isn’t this the house that some of us – including me – suspected was bought by the agent, without it having been put on the market, so that the agent got a low price?
Maybe the reason it was sold without going on the market was to avoid further attention.
It’s great if the agent made money by doing these nice improvements, but much of the profit may have come from just buying from an old guy who didn’t realize he could have gotten a much higher price.
Yep, the owner is the current agent.
I’ve called the night it hit the MLS last year after seeing the huge potential on paper, great location and large envelope so short planning process. But was told it’s already in contract.
You can read more about the Tobonis on the comments in the following post
https://socketsite.com/archives/2009/08/2849_pacific_redone_and_coming_soon.html
They know their market and have good taste,
My interest was for my own family and not a flip, but the market on the that side of the hill is pretty much cornered.
Looked through my old e-mails and the original listing agent in Mar 2010 was Liliana Demello who works out of the same office but NOT the same agent
“…much of the profit may have come from just buying from an old guy who didn’t realize he could have gotten a much higher price.”
exactly. The info in the old thread leads to the conclusion that the previous owner was hoodwinked.
——————–
that wine cellar is … comical.
Went to an agent preview they held.
It is pretty spectacular. No offense to the marketing team, but the photos in the site aren’t really doing the place justice, perhaps a crappy day or something?
For what it’s worth, there are views from the top level. The top level is the best attic conversion/build out I’ve ever seen. Doesn’t quite have the total great room aspect that’s so desired at this price point, but close. Regardless of my thoughts on the developer himself, I think he deserves credit for blending classic and modern elements. I have my own thoughts on how this property was initially purchased, but it’s nothing that hasn’t already been discussed. Regardless, had it gone to market, it would have been pitted against the Pincus house on Washington and 2615 Union, and it would have stood out in my opinion.
No way Milkshake – that wine cellar looks AMAZEBALLZ. It looks like Gary Danko transported to your house, or something like that. Whatever, point is I would live in the wine cellar alone and be very happy. And drunk.
^^^ same for me. This wine cellar looks big enough to have a sofa bed and a plasma. That’s where I would spend my nights when wifey sends me to the doghouse.
Awesome place. Incredible staging, imho. If the place has sold already, I think the site is up because it’s always nice to share nice things with people.
Want. And I do not say that often.
Fantastic job, esp given the envelope of the property. I too would have purchased this house as my forever/forever.
For my next house I’d love to use the same kitchen cabinets. They are ornate, whilst not too fussy and, unlike the Poggenpohl ones at 2615 Union, they are truly timeless. Anyone know who makes them?
Shocking that you guys would suggest than an agent would hoodwink somebody.
Compare that wine room to the one on Union; not even close. This is one of my favorite wine rooms that is well integrated as a showcase piece of the lower level.
The floor plans in the Planning department PDF are helpful to understand the pictures and general layout. It’s sort of a non traditional layout, but well done.
http://commissions.sfplanning.org/cpcpackets/2010.0911D.pdf
There were quite a few neighbors and realtors (!) who weren’t exactly thrilled with how the Tobonis obtained this house. As I understand it, the original seller’s partner had just died after a length illness and the Tobonis bought the house in what clearly was not an arms length transaction. There’s no way in hell this place would’ve sold for 2.5 million in an open market, and as several people in the other thread reported, the house was never shown to potential clients. I have ZERO facts about what actually transpired during the transaction, but the rumor mill turned it into something rather ugly. Anyway, it’s all over… The place is very pretty and surprisingly tasteful (if a bit decorator showcasey).
Beautiful remodel, the bones of the property constrained the layout, but well done. It’s all in the details.
The background on this deal could be read either way; caveat venditor, or an exigent sale.
Without first hand knowledge of the transaction, it’s difficult to speculate.
Having said that, the existence of less than stellar legal history of the developer/owner lends itself to the former.
This deal is what Occupy is about, and no one would accuse me of being an Occupier. This the SF residential real estate version of the “ugly face of capitalism.”
Shrewd and ruthless acquisition, taking an immoral advantage of a simple soul. Some hard work. Taste of its time.
Profit over $4,000,000 may be reported as a capital gain. Since it was held over one year, even Uncle Sam does not get much.
Heard this sold for 9.3mm. That’s 2mm more that 2420 Pacific fetched 6 months ago….and 2420 was bigger, more grand, sweeping views and a huge yard. Huh???
right out of the T’s playbook. i thought people in D7 had gotten smarter. as soon as this closes, time to start cruising through the obits again.
Comparisons to 2420 Pacific – that’s apples and oranges. No, that’s apples and eggplants.
2420 needed a massive update/renovation, a few million, and a few years worth of work to bring it to today’s level, and featured a car port thing in front. This is place pretty much top of the line everything, move in ready, all new systems, etc. If you wanted to add an actual garage to 2420, you sacrifice about 1500 sq ft. – rendering the size’s practically equal.
I’m really trying to tone it down here with the ‘tude – but do any of the commentators actually see these places? And these weird statements about “you coulda just bought so and so down the street for cheaper and redone it”..
Let’s leave alone the whole reality that in the end, it’s not any cheaper. But do you really think the hedge fund manager who works 5AM – 11PM and makes $2M/annually thinks along those lines? These people are a breed of their own. Unlike us, they have much more money than they have time or energy. We’ve seen this over and over and over on here.
[Editor’s Note: The Torpedo Of Truth For 2420 Pacific (And we couldn’t agree more with respect to the “more money than time” and “we’ve seen this over and over and over on here” lines.)]
Agent 415, who has the ‘tude?? Wow, go take your meds. I saw 2420 and the rooms were nicer on average. Certainly on the public floor. You are welcome to your point of view but allow others there’s as well. This 2507 is a decent spec house on a cramped lot. It will never have real views or a decent yard, never have light from 4 sides. Never be Prime.
And just so you know, Hedgies make a lot more than $2mm a year….
Agent415 is a shill no doubt for 2507.
Francis is right. 2420 is a mansion, and 2507 is a house.
Did you notice that the latest realtor word in SF is “estate.” Lee Herbst Gruhn’s is called an “estate” — much better than a mansion.
That wine cellar is more style than substance, way too much wasted space, not nearly enough rack space. Should also have multiple zones.
I have to agree with Agent415 here. Pacific Heights houses in move-in condition always sell well and fast and at surprisingly high prices. Remodeling a house in this neighborhood can be a huge headache with NIMBYs and an often illogical Planning Commission making your life hell. Also, it could easily take someone who isn’t a prof. developer a couple of years to bring a house up to this level. Who wants to deal with all of that? Buy it done… A few people have said on here that it’s a little like buying a luxury car. Yes, it starts to depreciate the second you move in, but who cares? Avoiding the massive headache of a remodel is worth a premium. There’s nothing remotely comparable to this on the market in all D7 and the block is gorgeous. A 9.3 selling price wouldn’t surprise me at all.
$9.3 would be an egregious use of funds for this home, IMO. But that doesn’t make it not prime. This is a nice home and is certainly prime. And 2420 was a far superior in terms of location and grandeur. And whoever bought it moved right in and parks their 300k DBS in the car port with extreme pride. I’ve not seen anything in the way of progress that would suggest that 2420 is going to be improved upon. Given what we’re seeing with prime sales I’d say 2420 was a pretty good purchase price. Certainly not the steal that 2507 in terms of purchase price. 🙂
Meanwhile, the Pincus house (not home) will stagnate most likely since it suffers from no view and good, but not great finishes.
There are several projects in PHs that should be completed in 2012 that will continue this trend. 41 Walnutwent into escrow and 3636 Washington will be coming on any day now for what will be no doubt a staggering price.
Mmmm… it’s like real estate porn. Beautiful.
I could live in a closet in the master closet and be just fine. About the size of my studio condo!
With that said – aside from the obvious star factor of this – I actually find the discussion on low end properties more interesting. Particularly when we start edging in on rental parity. This is just another world.
Am I alone here?
3636 Washington
A mansion or an estate?
Neither word is U
In London, it is Apsley House, former home of an important person.
Before it was a palace, it was Buckingham House.
The Prince of Wales lives in Clarence House.
If it is not a palace, it is a house.
Eddy and others –
3636 Washington is on! Just saw the update – it’s offered for $15M.
Let’s all fight and speculate about that now!
[Editor’s Note: The Byers Seek A Buyer For A $15 Million “Fixer” At 3636 Washington.]
anon – the one-bedroom condo market has a lot of inventory with rental parity now….. not exactly SS’s focus
I also have to agree with Agent415, the price premium of a completely done place makes a lot of sense. If you can afford a $9M house you must be sitting on $50M and the last thing you want is a 2-3 years renovation job to deal with.
While I’m personally clearly in the top 1%, you need to be well into the 0.1% to afford this price point. There are supposedly 85K UNHW families in the US.
There are few fixers in the $2M-$4M range that actually have the lot or envelope to easily support +5k sqft house that you need to make this high end renovation work. In my few attempts to score one, I was shut out before even making an offer. Many of them weren’t even on the market.
Neither word is U? Who are you, Augustus, Nancy Mitford?
you can’t afford a $9M place on a paltry $2M a year.
ok I revise that above statement. a bank will loan you the money and you can make the payments, but it’s not the most financially prudent move in the world to buy a $9M place when you are making $2M a year. epitomizes cash poor house rich but doesn’t mean people don’t do it.
but I do agree with agent415 with regard to the idea that this property certainly could sell at this price even if it is “overpriced”.
someone who can afford this place might buy it at $9M even if they could start from a fixer and get there in 2 years at a final tab of $6M. just like many choose to buy an $900k turn-key home instead of buying a $600k fixer and putting in the sweat equity.
people generally act the same no matter how much they make, it’s just another zero or two or three.
are these buyers getting taken or are they making a judgment call on what their time/energy is worth?
Price is what you pay. Value is what you get. This home really shouldn’t command it’s rumored price tag. But it does only take one person to set the price. And I would agree that a 2m income alone would not put you in a 9m house; and most hedge fund winners are making more than 2m a year.
@eddy
“Price is what you pay. Value is what you get.”
Warrent Buffet must’ve gotten this quote from you. Whadda ya know!
That wine cellar looks like retail at some Galleria in exurbia.
Cool closets though. Christopher Peacock kitchen?
Any word on final sq ft or $/sf?
Some quotes don’t really need attribution, but thanks for clearing that up for anyone that heard it before.
Peacock kitchens are nice but you do not have to pay those prices to get a kitchen of that quality.
Well it was sold on 3/1/10 to Mary and Joseph Toboni. Mary is a real estate agent.
There is no record of a more recent sale on the MLS or the tax records (although those are only current as of 10/27/11).
[Editor’s Note: Trust us (and those who are plugged-in).]
“Warrent Buffet”
Just got an odd image of the Wizard of Omaha singing “She’s my cherry pie”
http://www.youtube.com/watch?v=OjyZKfdwlng
Someone has a sense of humor: sold to Cheetah Pacific LLC, 12/09/2011 $9,250,000