As we wrote earlier this year:
With a previously renovated kitchen which has since been renovated anew, along with a couple of other improvements, it’s not perfectly apples-to-apples. But having been purchased for $4.6 million in the middle of 2015 when listed for $395K more, the 4,200-square-foot Cow Hollow home at 2622 Chestnut Street returned to the market listed for $5.295 million last year.
Relisted for $5.195 million this past January, the price for the five-bedroom pad with multiple views of the Place of Fine Arts (and Golden Gate Bridge behind) was then dropped to $4.895 in February.
And having been relisted for $4.995 million in May, the asking price for 2622 Chestnut has just been dropped to $4.6 million, a sale at which would represent total appreciation of 0.0 percent for the single-family home since June of 2015.
The sale of 2622 Chestnut Street has now closed escrow with a contract price of $4.73 million. While that’s $565,000 (10.7 percent) under original expectations for the “gorgeous 5BR, 4.5BA Cow Hollow home [that] is remarkably quiet [and] well-built,” it’s officially $130,000 (2.8 percent) “over asking” according to all industry stats and aggregate reports.
And while that’s also $130,000 (2.8 percent) above the price the high-end, single-family home fetched in 2015, that doesn’t account for the cost of the aforementioned kitchen renovation (think Wolf range and dual Thermador ovens) or other improvements.