Rent Versus Buy For A $7M Pacific Heights House
September 24, 2015
On the market as a rental for $23,000 a month in July, the asking rent for the five-bedroom Pacific Heights home at 2470 Broadway has been reduced to $18,000. Of if you’d prefer, the property has just been listed for sale at $6.995 million as well.
Originally designed by Samuel and Joseph Cather Newsom (yes, as in that Newsom clan) and built in 1902, the home has since been remodeled and expanded with a two-story solarium overlooking the Bay.
The new master suite on the second floor (plans) shares the solarium views.
And one of the three bedrooms on the third floor showcases the home’s original design.
In terms of whether it makes more sense to rent or buy, it all depends upon your situation and assumptions. We’ll let you run those numbers yourself.
Comments from Plugged-In Readers
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… the home’s far superior original design.
The original House of Frasier!
Stop with the Carrera Marble. It is Porous. Spills will stain. Mold will grow. If the Pores are deep enough, water will seep through. It is the wrong material for Kitchens and Bathrooms.
CarrAra, CARRRRRARA!!!!!!!!
At some point, the NAR will purchase the Carrara marble quarries in Italy and rename it CarrEra so that they do not have to discard 50 years of misspelled marketing material.
I love Carrera Marble and have enjoyed it for many years in my kitchen and bathrooms. I am not sure if you have ever been to Europe but there are many homes centuries old that have Carrera Marble in the same application and it lasts for many years and wears in such a wonderful interesting way.
Carrera marble is the Porsche version of Carrara marble
The building to the left appears to be wrapped in construction plastic. Could an adjacent presumed 18-month construction schedule have been the driver to lower the rent?
Sort of an unusual mish mash, but I like it.
UPDATE: The sale of 2470 Broadway has closed escrow with a reported contract price of $6.5 million (7.1 percent under asking).
UPDATE: Three Months Later and Seeking a Million More.