When the hedge fund manager who lives in the 4,400-square-foot Presidio Heights home at the corner of Walnut and Jackson learned that the home next door at 3311 Jackson, a smaller 3,000-square-foot home which had been in the same family since being constructed in 1928, was going to be put up for sale at the end of 2013, an idea was hatched.
While the Jackson Street property had been pegged as a potential historic resource, a commissioned evaluation by Page & Turnbull has determined that the property “does not appear to be a historical resource.”
And as such, having purchased 3311 Jackson for $4.95 million in early 2014, the aforementioned manager is planning to demolish the home and rebuild upon the site, aligning the new building’s floor plates with his home at 101 Walnut and connecting the two structures internally to create a supersized single-family home measuring over 7,000 square feet, the formal application for which has just been submitted to Planning.
And with the aforementioned application having now been formally withdrawn, 3311 Jackson Street is now on the market as a “regal residence…filled with timeless finishes and appointments” and a $4.9 million price tag.
And the re-sale of the regal Presidio Heights residence at 3311 Jackson Street has now closed escrow with a contract price of $5.25 million, representing total appreciation of 6.1 percent since the first quarter of 2014 on a straight line basis, but multi-point trends would suggest a bigger up and down between.