While the “Castle On the Park” at 601 Dolores sold as a 17,000-square-foot single-family home for $6.6 million in 2011, it has since been converted into a school. And as such, 41 Cumberland, the sale of which has just closed escrow for $4,999,500, is now the most expensive home within the borders of Mission Dolores. And yes, it officially sold for under asking! Okay, by $500.
Renovated in 2010, at which point it traded for $3.15 million, the five-bedroom home with 3,863 square feet of finished space on Cumberland is half a block from Mission Dolores Park and a couple blocks down the hill from Zuckerberg’s Dolores Heights compound on 21st Street.
Whatever this says about the state of the world today, they obviously priced it right for this market.
I’m sure it sold under asking because of the transfer tax. Rate jumps from 0.75% to 2% for sales $5M and over. I bet there’s be no sales between 5 and 5.1M since the rate increased a few years ago.
Are you telling me the transfer tax increase above $5mm is not on the marginal dollar?
No, it does not appear so.
Remember the place on Scott or Pierce that sold for $9.99MM?
An awful lot of money to end up in (or near) the Mission. By the kindest description this was built for the middle class, and it is now to be occupied by someone economically in the upper class, certainly in the one percent.’
Even if is a bubble, San Francisco will never be the same. In any other city in the western world, except London, one would get a whole lot more in a neighborhood like this.
Yeah what a crappy neighborhood; there is this large park a block away, world class restaurants in walking distances, an easy commute to the financial district, reasonable freeway access, close proximity to a range of cultural options, lots of nice historic residents on the block, a great walkability score… oh but the neighborhood has “mission” it name so it must be bad.
Nice views too. I would definitely pay more to live there than in Noe.
Such a cool area. Worth $5 million? Not for me. But obviously for the buyer. Would love to live here, but I prefer up on the hills of 20th st.
Wow, I stand corrected. I had predicted no way over $3.5M.