As we wrote this past November:
While purchased by the Pincus family in 2009 for $8,100,000, despite a number of (mis)reports suggesting otherwise, the family never called 3855 Washington Street home.
In fact, we don’t believe they ever spent a night in the Presidio Heights pad which has returned to the market listed for $8,900,000 having been significantly remodeled (including an all new master suite, seismic work and security) over the past two years.
As plugged-in people know, it was 1572 Shrader Street from which the Pincus family most recently moved. And no, they weren’t the buyers of 2950 Broadway, the sale of which we first reported yesterday.
The sale of the remodeled 3855 Washington Street closed escrow today with a reported contract price of $8,200,000.
As plugged-in people know, the sale of the Pincus’ previous home at 1572 Shrader closed escrow this past January.
And no, they weren’t the buyers of 2701 Broadway either.
This was a terrible outcome. This poor guy sat on this home for how long, dumped a ton of money into it (way more than 100k) so this is a big loss. Probably lost his job or something. Figure property tax, 7%+ transaction costs, the list goes on….. I’m really feeling bad for this guy.
Anyone else notice a ton of homes hitting the market today? Love to see that inventory chart at some point.
Wow, I already feel bad when I let a half-consumed bag of salad go bad in my fridge. I am not cut for the 1M loss club.
Well at least the general contractor and several subs got some work and money out of it. No sense in all of that money sitting in a bank passbook savings account garnering sub-3% interest when it could be out there in the economy, especially considering the time frame of the previous sale.
What a great story from a capitalist perspective. Monetary policy at work.
^^
Yes, at least the contractors got paid. In the end that is really the only important thing.
A comment only a contractor could love
“The most rewarding part was when he paid me my money” – Dr. Nick Riviera
I walked by this house recently and noticed the designer/contractor (?) is TeedHaze. Does anybody have any info on the quality of their work?
By the way the first 45 seconds of video on the TeedHaze website made me feel queasy, like I was watching the same unsteady camera used to film The Blair Witch Project. I’m still trying to figure out how they strapped the camera to a seagull.
so who bought it?
You feel bad for a person who can afford this in the first place, then decided they wanted it remodeled and then decided they wouldn’t live in it after all! WOW. I think they made a bad choice in buying a house they didn’t like, tried to fix it with a design they didn’t love and then just threw in the towel and said screw it we’ll sell it.
Feel sorry for people who have to live with their bad choices not people who can just move on to the next one.
Pincus made about $2 billion in the Zynga IPO … losing a million here and there is a rounding error.
Yeah…poor guy.
Am I the only sane one here? The current social games all suck ass. Farmville??? This company succeeded in making a favorite pastime a nuisance; no small feat. Whatever happened to Bond Nightfire, or ANY Call of Duty?
I’m about long Zynga as I am Greek debt. Until they are moving units like EA or activision, I dont buy it.
Good for Mark Pincus for cashing in on the frothy Face(hand)job overvaluation of his company. He is a billionaire, but barely. The sale above probably barely registered in his mind.
Teed Haze seems to have some interesting projects, strikes me that the MO is to find duplexes and “convert” them to SFR – with separate au pair units.
I must say that I like the final design of their work. Its modern and updated, but not dwell-ified. 2250 Washington was a good example.
“…the first 45 seconds of video on the TeedHaze website made me feel queasy,”
It appears to have been shot from a little radio controlled helicopter. Clever. You can see its shadow at about 0:45.
It is a cheap way to create aerial vistas though one wonders whether it leaves many viewers with an impression of nausea as it did DataDude.
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Brahma and Sparky – thanks for the laugh.