Another Cut for the Latest Showcase Home
October 9, 2018
Purchased for $8.001 million in October of 2015 and subsequently “re-imagined by some of the areas top designers,” with new fixtures and finishes throughout, the 2018 Decorator Showcase home at 465 Marina Boulevard hit the market with an $8.995 million price tag at the beginning of May, “ready for the most discerning buyer!”
Reduced to $7.988 million in June, a number of the “incredible custom designer finishes” appear to have since been muted or replaced.
And as of yesterday, the “stunning quintessential trophy Marina Boulevard home” has been re-listed anew, with a $7.495 million price tag and an official “1” day on the market according to all industry stats and future reports.
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It looks like Marina Blvd tops out at 7.4 in the past 3 years. Plenty of sales in the 4s-5s, so this is likely still overpriced for fill land. I did the bare minimum of research, so please correct if wrong.
If this is the home I’m thinking of, I toured it when it first hit the market thinking the price was too high based on other comps. But I believe the lot is much wider then most Marina Blvd lots, and thus the home is bigger and it features a bigger backyard as well.
Also, the 2764 Greenwich listing I thought might be too high seems to have sold for its 2016 price. Not a great outcome for just a two year hold, but could have been worse.
Would be interesting to compare with the three prime-location D7 houses currently changing hands.
Based on the UN climate report, the Marina’s status as “prime” won’t last much longer.
So when you let a bunch of designers try to show off in your house, it doesn’t always yield economic benefits? Is that the story here?
If you go to the map on the right of the main photo and click the satellite tab and zoom in three times, you’ll see that the home is on a one and a half wide lot and looks to be about 1.5 times the footprint of the typical home on that street, with its own private protected courtyard, which wouldn’t be included in the square footage, but brings in tons more light to the rooms that surround it and provides additional living space not counted.
The 4s and 5s of the other homes needs to be read in context of the much larger scale and far more light of this home. Someone was willing to pay for that extra scale and light in 2015. Today, not so much. The loss here is going to be huge.
As for the designers, they frequently go over the top, but typically, homes that are used are badly outdated, so this was purchased for 8M and needed updating and now is for sale for less and doesn’t need the updating. Yes, they got some designers to pay to update some of it, but they are going to also have to include their own redo in the loss.
the boring, blocky outside, and non-useable balconies of this place remind me of 4001 21st street. was on the market for a long time. rumor has it the nextdoor neighbors bought it, hoping to make a killing. they ended up taking a bath on it, to the tune of about $350K. so much for days of the quick flip. perhaps a sign of the times in Es Eff?
Remember 1989 and the damage and fires in much of the Marina. I suspect that the people considering this house may not have been here, and the real estate broker may not go into much detail. Better to get a little less house, and less grand view, but uphill.
To be fair to the property, by recollection was that most of the damage was classic “soft-story” failure – i.e. large apartment buildings w/ one or more walls of garage doors (tho of course my memory may be selective and/or that was merely the most photographed incident) – and while it’s hard to perform an engineering analysis of a building from a photograph, that looks like less of an issue here.
Your point isn’t w/o merits; but are people who lay down millions for a property really so clueless that they don’t perform due diligence and restrict their inquiry to “what the realtor said”?? If so it would seem to be another argument against many of the people we stereotypically picture buying these properties: young, out-of-state and out-of-touch w/ the Bay Area in general (not that being a native Californian makes one a seismic expert, of course).
[Editor’s Note: Accusations of Fraud and New Mansion Fight]
Went “pending” this a.m.
UPDATE: Showcase Home in the Marina Sold for a Loss