CFAH

3577 Pacific Avenue (www.SocketSite.com)

Having traded for $4,900,000 in 2009, the modern 4,264 square foot Presidio Heights home at 3577 Pacific Avenue returned to the MLS listed for $6,500,000 29 days ago.

On Wednesday, the sale of 3577 Pacific closed escrow with a reported contract price of $7,000,000, up $2,100,000 (42 percent) versus early 2009.

Comments from Plugged-In Readers

  1. Posted by steve

    wow

  2. Posted by Denis

    Does anyone know the square footage? Redfin has it selling at 1642 per foor which is a definite wow, but they might be using the listed footage of the home pre-remodel.

  3. Posted by Eddy

    Surprising, but not that surprising. I think the general consensus here was that the developer basically sold this for cost. The market has obviously rebounded in a major way and the current owner who bought this is basically getting all of the benefit of buying at the right time. I don’t think the developers are struggling all that much but they are definitely having a tall drink after seeing this sale price. It would have been worth it for them to just sit on this property for a few years waiting out; but obviously that isn’t always possible And nobody was really predicting this type of a rebound by any stretch. Congrats to the former owners on this one!

  4. Posted by chris

    @ Denis
    That’s the correct $/sq ft. That neighborhood has been selling north of $1,500/sq ft for remodeled homes for little while.

  5. Posted by Presidio Heights Gal

    312 Maple (2 blocks away) went for $150k over asking (all cash buyer) and needs a new foundation/bottom floor full rebuild: the neighborhood is insane price-wise right now!

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