625 Duncan

Purchased by a young tech couple for a record setting $7 million nine months ago, after which the couple quietly acquired the adjacent parcel to the west upon which they were planning to build an underground addition and private urban playgroundthe 6,000-square-foot home at 625 Duncan Street returned to the market three weeks ago listed for $6.5 million.

This morning, the list price for 625 Duncan was reduced by $1 million and they’re now asking $5.5 million for the property which has been “stripped out in some areas to allow for alterations” and doesn’t include the adjacent undeveloped parcel at 645 Duncan, upon which a 5,000 square-foot-home is approved to rise if the couple’s aforementioned expansion plans are scrapped.

As we first reported about the couple’s proposed project last year, “the west side of the existing home at 625 Duncan will be redesigned, opening it up to the landscaped lot to create a massive Noe Valley estate, the total cost for which should easily total eight figures.”  Or not.

Comments from Plugged-In Readers

  1. Posted by badlydrawnbear

    If you want a mansion with grounds to roam around on, why are you purchasing in one of the densest cities in North America?

    • Posted by Real Person

      Because you can. Or, you thought you could.

  2. Posted by Noodle

    Wow. Way to vaporize some capital.

    • Posted by SFrentier

      Easy come, easy go. But I’m assuming these guys are (at least) in the $20 mil net worth club for this not faux pas to hurt too badly. Under $10 mil? Ouch!

  3. Posted by youknowwhatImean?

    I’ve said it before – the top half of this home is a complete eyesore and I can think of much better (better hoods, better looking) homes in SF for $5million+ to live in. That said, I’m sorry that this couple made a bad investment and this sale is tough going for them.

  4. Posted by JustLooking

    Prediction – There will be some type of detailed (read: written by lawyers) addendum to the contract for the sale of 625 Duncan that prohibits the buyer from objecting to any future construction plans for 645 Duncan. Further, as part of the sale, the buyer of 625 Duncan relinquishes certain “air rights” with respect to current views.

    Caveat – not sure any of the above would be legal or binding in San Francisco.

    This is just going to be fun to watch over time.

    • Posted by SFrentier

      Now I wonder what they paid for the lot. Maybe they can make up the > $1 mil loss selling fugly house with profit on the lot?

      • Posted by pioneer

        I hope they do make their money back. Neighbors estimate the developer that sold the permitted project to the mystery couple was at least 1.5 million into the project, with land, design, engineering and permits. He probably got that, plus expected profit–maybe a million more…guessing. The paperwork is unavailable, locked up forever in the shell company.

  5. Posted by Pioneer

    The 4 story over garage project at 538 28TH ST now towers over this property and the vacant lot next door. The loss of privacy and afternoon sunlight from this 5-story building may have a lot to do with the sale and price cut.

    • Posted by Anon

      more like it needs at least 500K to finish, as it’s quite gutted inside, and nobody wanted to pay 6.5M for a fixer

    • Posted by Noodle

      Given how active the previous owner of 625 was against the proposed project at 645, I was surprised to look up 538 28th and find that no DRs were filed during its 311 notice period. Anyone nearby have any context?

      • Posted by pioneer

        538 28th was a full demo with permit. It rose to it’s present and stunning height on the pinnacle of that peak behind the screen of an end-of-life tree that will be lost to proposed development one lot west of 645 Duncan. Once this tree is gone, 538 28th will be the tallest thing around–looking down into the back doors, windows, and yards of 625 and what ever is built on 645. It is puzzling that no DRs were filed, but after the ass kicking 625 got to their DR on 645, they may not have had the stamina or credibility to cry wolf on again for a DR on 538 28th.

  6. Posted by Anon

    655 Duncan is proposing something? yes, the problem for us with 538 28th st was that tree. 625’s views don’t clear the trees across the way either.

  7. Posted by Anon

    and I think the tree is on 645’s lot?

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