Aiming for a record-shattering $7.7 million sale earlier this year, the listing for the completely re-built Cole Valley home at 150 Carmel Street was withdrawn from the MLS after two and a half months on the market and has just been relisted for $7.15 million and an official “one” day on the market.
Designed by Sutro Architects and built by Design Line Construction, the contemporary four-level pad measures 4,800 square feet, with 5 bedrooms, 4.5 baths, and parking for 4 cars (including one space with a charging station).
Despite the reduction, a sale within $3.2 million of asking will set a neighborhood record as the current title for most expense Cole Valley home is held by 4924 17th Street which sold for $3.9 million in 2007.
This house is killing the affordability of that neighborhood.
Certainly one was to look at it. At the same time you could also blame Prop 13 — see 130 Carmel with a tax basis of approximately $90k.
Don’t worry about the low valuation with Proposition 13 since the new buyer will get socked with 1.18% of the purchase price with a 2% escalator each year.
Am wondering if the lack of any open house hurt this one.
I see a lot of high end agents hosting only “private viewings” lately-hoping for a quick sale to loyal clients. Open house Sundays seem to be the last resort on this kind of high end.
Lady who live in glass house dress in basement?
If they offer free sandwiches and bought a keg I bet they’d attract a crowd of techies.
It’s a great looking house. Don’t know, is 7 where we’re at for a modern one in Cole Valley? Anyone’s guess!
The experience of going to a packed open house with people oohing and aahing, and then being the winner in the bidding war for something that clearly everybody else wants is incredibly validating and very much in the spirit of our times. The sellers may have chosen an anachronistic strategy in trying to make a ‘quiet’ sale…
I do not understand the pricing strategy. If the house did not receive an acceptable offer between $7.15 million and $7.7 million then why is a minimal price reduction but still it in the $7 million range going to stimulate new acceptable bids?
UPDATE: The listing for 150 Carmel has once again been withdrawn from the MLS without a reported sale.
Looks like it sold for $6.5 million.
[Editor’s Note: A Record-Setting $6.5 Million Cole Valley Sale.]