Custom built for former San Francisco Mayor Elmer E. Robinson in 1953, the Mid-Century home at 100 Palo Alto Avenue hit the market in March 2008 listed for $4,000,000 and closed escrow that April with a recorded contract price of $5,625,000.
Returned to the market listed for $6,400,000 in 2010, after 341 days on the MLS and a couple of reductions, the Clarendon Heights home was withdrawn from the market in early 2011, last asking $4,950,000.
The four-bedroom home is now back on the market, listed anew for $4,995,000 in 2012 and touting “formerly owned by a local real estate tycoon” whom we have yet to identify.
∙ Listing: 100 Palo Alto Avenue (4/4.5) – $4,995,000 [100-paloalto.com]
Ron Basemerm, founder of Herth used to own it. If that is the reference, then I think the word tycoon is being used a touch liberally here.
also, the tax records link to 10 Palo Alto, as opposed to 100, a somewhat common error that usually happens with an extra 0, as opposed to dropping one.
I’m pretty sure Ron Bansemer – who died on Sunday – would not want to be referred to as a “real estate tycoon”. Not only because he wasn’t, but also because that whole image was nothing near his personality. Keep it classy, Jon, lol.
This house has got to be the poster child for crazy overbidding. Someone paid 1.625 million over asking and now is trying to sell at a half million dollar loss. Wow!
This house has probably the best view in SF. Can see from the GG Bridge to San Jose …. when it’s not foggy. Although, it’s vexxing that someone would pay so much over asking and not have upgraded the bathrooms in 4 years.
The 2008 buyer deserves to lose a lot more than 675k + costs. It was pretty obvious by 3/08 to anyone with a brain that the market was just about ready to dive.
Great views, but WAY overpriced.
the house looks like the kind of house i would buy…if i had $5MM.
Amazing views. Though I’d argue that 37 St. Germain’s views are even a bit better — plus you get a *lot* more house. That place has been on/off forever (look back to 1996) — currently see it on the agent’s site at $7.5MM, but it needs a price chop to move.
“A lot more” is one way to describe the house at 37 St. Germain…I can think of a couple others. At the end of the day, though, it’s kind of neat that people who want that kind of view have two radically different styles of house to choose from.
From records, it looks like the listing agent represented the seller when he bought this back in ’08.
Talk about burying your client. Ouch.
^if intentional, call that turn of phrase, given the circumstances, poor taste wouldnt be sufficient. But I think it was merely bad writing + a judgmental bent + ignorance.
Cut $300k to $4,695k, now looking at a more than one million $$ loss for the owner/heirs.
I looked back at the posts from when it sold in 2008. It seems like at least one poster got it right (“deluded buyer”):
And now SOLD at $5,625,000. How much above the original asking price of $4,000,000 is that? Come on, folks – bring out your calculators.
Posted by: movingback at April 5, 2008 1:28 AM
why, i believe that’s 40% over, mb! impossible in this market. must be a mistake or a deluded buyer who has not been reading socketsite.
Posted by: sanfrantim at April 5, 2008 8:41 AM