Purchased as a legal three-unit building for $7.3 million in early 2014 and then gutted, merged, expanded and “restored,” 2476 Broadway returned to the market listed as a “Stately Pacific Heights Compound” for $22 million this past May.
Reduced to $19.5 million in August, the property was in contract at the end of October. And yesterday, the sale of the 9,578-square-foot home, per its most recent listing, closed escrow with a contract price of $18.1 million or roughly $1,794 per square foot versus $1,854 per square foot for the home next door.
And at $18.1 million, 2476 Broadway is the second most expensive San Francisco home to have traded hands this year, behind the $21.8 million sale of 2250 Vallejo, with a little under a month to go.
I’m wrong again! Seven months ago I thought this would trade at $14mm. I said it was a luxury value trap, that no one pay for it near the ask. And here it is at $1,794 psf. It’s like there’s still a bid to San Francisco real estate…
Would someone please explain the difference between a house and a “compound”? This looks like a normal big PacHts house that has been gutted of all interior architectural integrity, and turned into something like a middling modern hotel, with views. Are there other “compounds” in PacHts? How can you tell it is one?
Apparently you haven’t noticed that real estate agents use silly words sometimes
like “completes this floor” ?
Reminds me of 2542 Fillmore in terms of real estate agent fee generation potential.
The curb appeal of this place is completely ruined by the giant mess of power lines and pole directly outside the front door. It looks horrid.
So the developer paid 7M(?) – I’d estimate construction was around 6M – add 1M for RE fees, financing, permits so 14M all in. Clearing a cool 4M is not the 8M they wanted based on initial asking but not bad in a very soft market. It seems it’s hard to lose developing a view home in prime Pac heights esp since they produced a very unimpressive final product.