2620 Buchanan Street

As we first reported last year when we noticed An Uptick in Listings, and Reductions, for Unfinished Flips in San Francisco, the asking price for the Pacific Heights building at 2620 Buchanan Street, which was purchased for $4.1 million in 2014 and relisted for $6.5 million last September, with plans to transform the legal 3-unit building into a contemporary home “designed to be used as a single family residence,” had subsequently been reduced to $5.5 million.

2620 Buchanan Plan

Withdrawn from the MLS at the end of last year without a reported sale, despite a reduction to $4.995 million, the property was relisted at the same price last month.

And today, the price for 2620 Buchanan was further reduced to $4.7 million, roughly 28 percent, or $1.8 million, below the asking price for the “incredible building opportunity” of five months ago.

Comments from Plugged-In Readers

  1. Posted by Philip

    What, they expect to be paid for $600K just owning this place for a while?

  2. Posted by 4oceans

    Knife catchers get ripped.

  3. Posted by Stop Driving

    The RE agents must love this. Everyone else loses when they fail to understand the market in which they’re participating. What fools.

    • Posted by Northside-Insider

      Ummm, you realize the owners/sellers of this property are real estate agents themselves, right? They’ve been developing and selling property in the city for 20+ years. So you may want to dial back your commentary a little.

      • Posted by Stop Driving

        Then these are agents who have no clue about their own market. Sad that so many in RE lack the intellect one finds in other professional industries. It’s always seemed like lazy people are attracted to this profession, which is great news for RE litigators, but not so good for the RE profession.

  4. Posted by sethgreen

    listen up folks. when people are selling flips with “plans” it’s time to eat out less.

    • Posted by curmudgeon

      THAT is a wise comment!

  5. Posted by Conifer

    Did they get into trouble for “Dwelling Unit Merger” a famous crime in San Francisco?

    • Posted by Torger Cobus

      Probably not. Well over “market” rate.

  6. Posted by Torger Cobus

    A Google SketchUp drawing? They could not afford a professional renderer?

    • Posted by Stop Driving

      Hey, these folks have 20+ years of experience in RE. They’re not doctors.

      • Posted by Ohlone Californio

        How much experience do you have in RE?

  7. Posted by Highflyer

    Stop Driving: FYI it takes brass balls to sell real estate in this city. Your top agents should and often do earn more than doctors and lawyers and they are well deserving of these high commissions.

    [Anybody] can go to his office and complete 8 hours of nothing, but top brokers are out there selling, negotiating and constantly marketing for sometimes 12 hours a day. You can only hope your children consider such a profession because it’s probably the only way they will be able to take care of [you once] you burn through your retirement account.

    • Posted by Realist

      It take brass balls to *buy* real estate in this city. Being a middleman between buyer and seller puts you somewhere between stale bread and soft clay.

    • Posted by AnonAnon

      “FYI it takes brass balls to sell real estate in this city. Your top agents should and often do earn more than doctors and lawyers and they are well deserving of these high commissions.”
      Funniest thing I’ve heard in the last few weeks and I’ve been watching the Republican debates.

    • Posted by BobN

      When the value of RE as a profession was set, the rate was 6% of a sales price 1/20th of today’s market.

      That was about right.

      • Posted by Stop Driving

        I respect the RE profession. I just don’t think it should be excessively lauded. The fact that the agents who own this home didn’t recognize the market peaking last September is just an example of the silly things I’ve seen agents do. I work in the RE field and spend much of my time fixing agents’ mistakes.

        • Posted by Ohlone Californio

          the market took a dip right at the start of last September actually

          • Posted by Stop Driving

            Thanks for reinforcing my point.

          • Posted by Ohlone Californio

            Did I? wouldn’t that have made August the peak? or since not a lot happens in the summer, spring 2015?

          • Posted by anon

            Are you guys really going to do the whole: “The peak was August 25 3:43pm. No, you’re crazy, the peak was clearly August 25 3:47pm! No you lunatic, 3:43pm was the peak, i bet you live in your mother’s basement in pleasonton” thing?

          • Posted by Ohlone Californio

            is that a thing? ha ha ha. good one either way. no, not my intent. I was wondering how I made Stop Driving’s point is all.

  8. Posted by Conifer

    Yes indeed, agents and brokers are entitled to every penny they earn. In fact, they should increase their commissions. Such devotion, education, specialized knowledge, charm, face lifts, expensive cars, not to mention good taste (as proved by ‘staging’) should entitle them to income equivalent to CEOs, not poor middle class doctors and lawyers. Of course they earn exactly what the market allows and always will.

    • Posted by Stop Driving

      That sounds depressingly vapid and shallow. I certainly hope my children expect more from their professions.

  9. Posted by sfmanly

    Highflyer: That might be the dumbest comment I’ve heard on this site to date. Certainly you’re a real estate agent yourself since there is no education requirement.

  10. Posted by Fishchum

    Sure, the top agents in SF (think Gregg Lynn, Nina Hatvany, Barbara Callan) make some serious bank, but they’re very much the exception, not the rule. Most agents probably average about $60K-$80K annually and many drop out after their first year or two. I know it must look incredibly easy, but unless you’ve done itself and succeeded, you’ve really no place to say how “easy” it is.

    • Posted by Stop Driving

      Fischum, you’re the only one here who has used the term ‘easy.’ You’re arguing with yourself. No doubt a worthy opponent. BTW, you can’t mention the SFRE All-Stars and omit MaryLou Castellanos. She’s legendary!

    • Posted by anon

      Hard to make a living in an easy job.
      The truth in this aphorism is that any job that anyone can do is bound to be beset by competition which drives down the wages. Same problem, though at a different level, with the app economy. Once tools make it so easy for nearly any college grad to make a phone app, it drives the average value of a phone app down to almost nothing.

  11. Posted by momonthego

    legit question: more licensed RE agents or licensed dogs in the City?

    • Posted by AnonAnon

      Well my dog has a real estate license, so any numbers you get might be skewed.

  12. Posted by SocketSite

    UPDATE: The sale of 2620 Buchanan has closed escrow with a reported contact price of $4.7 million.

Comments are closed.

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