As we outlined earlier this year:
Purchased out of foreclosure for $2.525 million in 2013, the “grandly proportioned circa 1898 Victorian mansion” at 1945 Franklin Street, on the eastern edge of Pacific Heights, has since been “stunningly re-imagined for a modern 21st century lifestyle.”
Now measuring nearly 7,000 square feet of finished space, versus closer to 5,000 square feet when previously acquired, or once owned by Nicolas Cage, the newly remodeled mansion now sports two new bedrooms and a family room across its upper level and a new lower level with a theater and adjoining wine cellar.
And having returned to the market priced at $12 million this past June, a list price which was reduced to $8.38 million in October and then $7.5 million in November, 1945 Franklin Street has just been listed anew with an official “1” day on the market and a $5.995 million price tag, a sale at which would now be considered to be “at asking” according to all industry stats and reports.
And the flip of 1945 Franklin Street has just closed escrow with a contract price of $5.405 million, which is 55 percent below its original list price nine months ago (but officially “within 10 percent of asking,” and with only “67 days on the market,” according to all industry stats and aggregate reports).