Priced at $6.8 million or roughly $1,420 per finished square foot at the beginning of the year, the list price for the designer five-bedroom home at 4352 26th Street was reduced to $5.995 million in May and the property was re-listed with an official “1” day on the market in early September.

Reduced another $500,000 to $5.495 million ($1,141 per square foot) in October, the listing went pending a week ago. And yesterday, the sale of 4352 26th Street finally closed escrow with a contract price of $4.937 million or roughly $1,025 per square foot, a sale which will be considered to be within 10 percent of asking according to all industry stats versus 27.4 percent below original expectations in early 2017.

Comments from Plugged-In Readers

  1. Posted by Just My Opinion

    Check out the one at 428 Collingwood (Castro/Noe Valley) that just closed, also below asking but still at a whopping ~$1500/sf.

    • Posted by SocketSite

      Or as we noted earlier today: “The sale of 428 Collingwood has closed escrow with a $6.2 million contract price or roughly $1,432 per square foot for a brand new LEED Platinum home with five bedrooms and a two-car garage.”

      • Posted by Just My Opinion

        Yes you did, as an add to your posting from Nov 15. Thank you for correcting my post that was meant to be informative and helpful. I was noting that it also sold below asking, which your post did not mention and was meant to support your post above.

        Good day.

    • Posted by observant neighbor

      Any thoughts on why 428 Collingwood sold for so much more? Seems to be cut from the same cloth.

      • Posted by nelson

        Timing? Collingwood went to market at $6.75 in September, sold for about 8% under that. This house sold for about 10% below the October listing price. The 27% drop was from January.

        • Posted by Just My Opinion

          The Collingwood house is very well executed

      • Posted by SocketSite

        While they might appear to be “cut from the same cloth,” in terms of being contemporary/modern in design, the quality of engineering and finishes are rather far apart, including the accessibility of the outdoor space and yard.

        And once again, while one was designed and built to achieve a LEED Platinum certification, the other was not.

      • Posted by Noodle

        A few additional thoughts:
        Side-by-side parking vs elevator
        Regular island vs weird round thing
        No mismatched wood paneling
        Sheltered side of Collingwood hill

  2. Posted by cleverpunhere

    Very low price PSF. I’m surprised. Perhaps the finishes were too polarizing?

  3. Posted by Conifer

    The finishes are not the problem. Perhaps San Francisco is beginning to understand that “open plan” works best in an international airport terminal, and not in a house. It is possible, even if unlikely, that a small lot in an outer neighborhood that used to be the home of the working people is just not the place to spend five million dollars. For this price, one could have a grand apartment, perhaps even a small hôtel particulier in the 7e arrondissement with a view of the Champs de Mars. But this is San Francisco 2017, where money has a different meaning.

    • Posted by Dave

      So true. Forget the Gold Rush City or Portland, this kind of money will get one much more in LA and Miami – it will even get one more in NYC. The general quality of the housing stock in SF is less than most other cities. Tier for tier, price point for price point.

      Speaking of tiers, this sale will result in a property tax bill of over 50K/year. Only 10K of which will be deductible. At this price point it may not be a factor for someone who can afford a 5 million dollar home. But for less desirable neighborhoods (Mt. Davidson for instance) where many homes fetch around 2 million this change will be significant. Many individuals purchasing these lesser homes are just able to do so and the new tax law will cause some of them to be priced out of the market.

      • Posted by tipster

        Not one cent of their property tax will be deductible. They will already have an income tax bill that will far exceed the $10K cap, which applies to both types of taxes.

    • Posted by Ohlone Californio

      Naah. If you have an “open floorplan” space, plus numerous other spaces, that’s where it’s at. That is not why this particular property did what it did in my opinion.

      Here are my critiques. Nobody wants to enter into their $6M property via an immediate stepping down. Nor do they wish to step down upon entry into a view space that is itself not quite panoramic. Because the view wasn’t quite good enough, as Liberty Hill is taller. The finish choices were a bit willful for me but I bet there were some folks who were more than capable of buying who liked them. I heard they could have sold it early on for in the 5Ms. Now we can say they should have, but how were they to know that at the time? This group did better than this on other builds in hotter markets. But for me those properties also had flaws that competition spared exposing. All that said? this is a very fine result and everyone should be pleased really. I would be.

  4. Posted by derrysf

    The pictured bathroom is handsome, I for one never tire of veined marble. But wow, talk about zero curb appeal.

  5. Posted by SFDoc

    That kitchen island is one of the greatest disasters of 2017

  6. Posted by wentworth

    This entire house reminds me that there was a time when shag rugs were considered “design.”

  7. Posted by that_dude

    Honestly, I would rather just spend 6.8 million in pac/presideo heights instead of Noe. Noe is just not that level of luxury IMO.

  8. Posted by Someone

    To me this the punishment for over pricing. I suspect it could’ve sold for $5.5 if priced that way originally.

    Lots of +$5m close this week, including 3500 Jackson and 2747 Vallejo.

    All for well under asking, must assume sellers were the hold up, including Collingwood.

    There are plenty of buyers out there but sellers got ahead of themselves

    • Posted by jimbo

      3500 Jackson and 2747 Vallejo are much more prestigious locales

  9. Posted by Randomissimo

    Does the 3rd level meet fire code? I thought CA codes required 2 means of egress at each level.

    • Posted by dwf

      Second means of egress can be traded for Sprinklers. At least that was my experience in 2010.

  10. Posted by Someone

    @jimbo, no doubt, my point is that all 4 homes were sitting on the market for the entire year, and I posit sellers caved in, maybe something to do with end of year tax changes

  11. Posted by bachman_erlich_overdrive

    Did anyone really think this would sell at the original list price? Pre-maketing I said, 5.76 to 4.8mm. Low end of my range anyway. “27% lower than wishful thinking” perhaps an accurate headline.

    Final price gets at the “Everything in SF is worth @$1,000psf” rule, which seems to be true under a fairly wide range of circumstances.

  12. Posted by The Milkshake of Despair

    Good choice by the landscape architect to work around that big tree in the back yard.

    • Posted by Tree house

      I live directly behind this house and fought with the developer to keep the tree. Glad we prevailed!

      • Posted by jack

        Curios: what did you use as leverage in the tree fight, and did you have to give in on anything?

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