Listed for $2,599,000 last month, the John Maniscalco designed home at 836 Alvarado has closed escrow with a reported contract price of $3,400,000 ($1,037 per square foot).

Yes, that’s $801,000 “over asking,” but more meaningfully, that’s 27 percent over its purchase price of $2,700,000 in August of 2007, about a half year before the last cycle peak.