Listed for $15.5 million in May, reduced to $13.5 million in July, and then de-listed from the MLS last month, the remodeled Pacific Heights mansion at 2480 Broadway has quietly traded hands for $11,742,500.
That’s roughly $1,854 per listed square foot for the 6,335-square-foot home with panoramic views and a rather awesome roof deck on a coveted flat block of Broadway.
The completely redeveloped “compound” to the east (2476 Broadway) remains on the market $19.5 million ($2,036 per square foot) while the attempted million dollar flip of 2470 Broadway has been withdrawn from the MLS without a reported sale.
Another 20+% decrease from initial asking, but likely a good result for the seller. I bet it too will be gutted and remodeled. I think I saw permit posts outside of 2470, so the owner may proceed with the remodel.
I still think the developers of 2476 shot themselves in the foot with the weird layout, but getting close to 2k per foot seems pretty likely based on all the recent sales. Moving some of these more expensive properties speaks to some degree of confidence in the higher-end market, at least for now.
What would happen if one of these flippers just restored a fine old house, without tearing everything out, leaving the walls, woodwork, and molding, and without painting all the wood white? Would they not make as much money by selling to people with traditional taste? Or as I suspect do they do this because it is cheaper?
As said 5 months ago: “2480 Broadway St just posted for sale at $15.5. Suspect it will sell first. Doubt it will get $15.” (name link) Just saying…. 🙂
Also, no doubt this place gets gutted.
2476….. I honestly don’t know what becomes of this home.
The developer for 2476 seems utterly clueless did you see the front entrance? This 20M house looks onto a decrepit wall with old wires hanging across as soon as you walk out the front door. At this price point it’s an emotional buy so no wonder it’s just sitting.