Twice The Price After Two Years In Pac Heights (Again)
July 17, 2015
Foreclosed upon in 2009 with nearly $3 million owed at the time, the Pacific Heights home at 2523 Steiner returned to the market listed for $1,450,000 in March of 2011, was repainted three times in quick succession, and then sold for $1,260,000 that May.
A little over two years later in August 2013, the three-bedroom home with a rather challenging floor plan returned to the market listed for $2,450,000, was reduced to $2,195,000 and sold for $2,010,000 that November, nearly 60 percent more than the price which was paid in 2011.
And now, 2523 Steiner has just been listed anew for $3,995,000, a sale at which would be 99 percent more than was paid in August of 2013 and 217 percent more than in 2011.
Comments from Plugged-In Readers
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And, with all faults, it will sell. Nice address, very fine neighborhood.
2011 – good times to be an SF real estate buyer. 3BR pac heights house sold for what now gets you a decent (but not a knockout) 2BR condo. This just goes to show that one can “time the market” for real estate, contrary to conventional wisdom.
Anyone who was paying attention could see that buying in 2006-2007 was extremely risky, while buying in 2010-2012 was very low-risk.
Imho, buying today once again is a very risky proposition. I would not recommend it unless one could withstand a significant price decline. Not saying that is guaranteed to occur, but it is certainly a substantial possibility.
I recall there being comments in SS around 2010-2012 that those buying at that time were catching falling knives. And it was a scary time then, where no-one knew if the economy will rebound.
By no means am I saying that buying today is NOT a very risky proposition.
You know, come to think of it, I don’t even know why I am commenting, as I have not offered any solid value, other than “remember when…”.
This strategy might work better in San Francisco, than say Naples FL, because for decades there has been a huge pool of national/international buyers ready to move to San Fransisco once prices finally fall enough to meet their budgets. In other words SF buyers get a free Put, if they buy at a reasonable time in the cycle. There are indeed buyers in Naples who caught a falling knife and are still significantly under water.
This property, at this price, likely does not offer a great deal of downside protection.
JR: I assume you are very wealthy with your ability to time the market. Am I correct?
Yes – thing that has worked best for me is avoiding big downside risks.
Ok. Out of curiosity, I went to the MLS to see updated photos. One of the bathroom photos has a marble wall that looks like something out of a Rorschach test.
By golly, you’re right. Just noticed that. Wild!!
For those wondering, here is the pic: http://i.imgur.com/NUuKTAX.jpg
What a weird house. The interior with corner fireplace by the steps, no cozy sitting around the fireplace. The structural beams and odd corners. The staging(?) is a perfect match for the house.
The staging has no unifying style to it. And, except for the master bedroom, there is no artwork in those photos.
I’m familiar with the theory of staging that you remove decoration idiosyncratic to the current residents so a future resident can more easily picture themselves in the space. What this staging tells the visitor is “the person who lives here has no idea who he/she is.”
And what’s with the single wing-chair in the bay window. Looking at that photo makes me feel like the house would be a lonely place.
I think it’s set up for a book club reading by that Murder She Wrote lady…
This house is not for living in…its for tradin.
Look, open house this weekend! I can finally experience this weirdness first hand!
Oh Dear.
Just like Mark Twain said:
Whiskey was made for drinking.
Water was made for fighting over.
A new state ballot measure to carve back Prop 13 will be interesting to watch – it would affect this property if it sells for anything approaching the asking price.
If it passes, it will add a .3% annual property tax surcharge on properties with an assessed value between $3 million and $5 million; .6% on property valued between $5 and $10; .8% on property over $10 million. Called the “Lifting Children and Families Out of Poverty Act.” No idea about the prospects, but this would seem to appeal to a lot of people as it is the standard “raise taxes on lots of people but not me” strategy. I suspect there will be a lot of “no” lobbying from the business community as this applies to both residential and commercial properties.
What an architectural nightmare!
I remember this house well. After reading the horrible comments the last time it was listed, I stopped by. I thought it couldn’t be as bad as people were saying. Well, it is. Possibly worse. The layout is a nightmare. A bunch of broken up spaces. One bathroom was particularly odd: very narrow, the sink was on the first level, two steps down was the toilet, two steps down was the shower. Let’s see where it actually sells.
In this prime location surely someone will buy this poor house and put it out of it’s misery by a complete rehab.
My favorite house to read about on socketsite shows up again!
I don’t know how much a rehab could do for this place. Too many steps and different levels. Also, it is on a very small lot with no rear yard and with all neighboring houses built out. This causes many of the rooms to feel like basement rooms.
When reminiscing about the laughably poor design, let us not forget about the kitchen whose oven and dishwasher doors can’t really open if there are people in the kitchen.
The unpainted wood facade was pretty, they shoulda just refinished it.
I wonder if they stripped the paint between each repainting, if not they just added a lot of thick detail-killing cover. Never like the look of a house with too many coats of paint; looks like a woman with caked-on makeup.
[Editor’s Note: Here’s a hint.]
Anyone catch Million Dollar Listing SF?
What the young techies want is original on the outside, modern inside!
Can we pretend that show doesn’t exist? I know that I am ignoring it completely. Embarrassing.
Nicest outdoor color scheme on the property yet.
Original architect should have taken a step back from the concept sketch and said to themself, “Ya know, the sizes, number, and positions of the windows, with the garage beneath, makes this thing look awfully foreboding – like an arachnid’s face.” Shiver.
What a terrible floor “plan.”
UPDATE: The list price for 2523 Steiner has just been cut by $400,000 (10 percent), now asking $3,595,000.
UPDATE: The listing for 2523 Steiner has been withdrawn from the MLS without a reported sale.
UPDATE: Redesigned, Rebuilt, Reduced and Resold in Pac Heights