Purchased for $1.8 million in the second quarter of 2018, the dated two-bedroom, two-bath penthouse unit #12F atop 2200 Pacific Avenue, “a meticulously managed 65-unit building on a distinguished flat block of Pacific Heights,” was then “meticulously updated to reveal an open floor plan with southern views spanning from Downtown’s Transamerica Pyramid to Twin Peaks.”

In addition to the open floor plan, the 1,955-square-foot unit now features “top-of-the-line luxury upgrades,” including a marbled kitchen which is now outfitted with Miele, Liebherr, Viking and SubZero appliances; custom built-ins and storage units throughout; a master suite with ample closets; and a completely remodeled en-suite bath with a custom floating vanity and floor-to-ceiling tiles.

And the updated unit easily re-sold for $2.895 million this past November.

Five weeks ago, the unit suddenly returned to the market with a $2.695 million list price. Three weeks ago, the list price was reduced to $2.495 million. And yesterday, the list price for 2200 Pacific Avenue #12F was reduced to “$2.2 million,” a sale at which would now be considering to be “at asking” (but would also represent a real 24 percent drop in value over the past five months).

If you think you know the market for remodeled penthouse units in Pacific heights, now’s the time to tell.

Comments from Plugged-In Readers

  1. Posted by Dixon Hill

    I have no idea what it is worth.
    Great location and spectacular views. IMO, a cold and unappealing remodel. The staging doesn’t help.

    • Posted by haighter

      Agreed on the remodel. I’m sure the appliances and finishes were all very expensive, but I find the everything-in-one-big-rectangular-room situation unappealing. And the staging is awful.

    • Posted by Anon

      All I see out the living room window is a giant building.

  2. Posted by Brisket

    Any intel on why purchasers are selling it 5 months after buying it?

    • Posted by TBK

      Maybe a Yelper or AirBnB’r after seeing their net worth take a nose dive.

  3. Posted by mary_jane_jacobs

    The secret to great comedy is timing.

  4. Posted by Wiseguy

    Sounds like some one desperately needs to offload some assets. Whomever comes in and buys this at 2.2 or less is getting a STEAL!

  5. Posted by Kyle S.

    HOAs are $1,710/mo… with a 30-year fixed at 3.980 (per Nerdwallet) and 20% down that comes out to over $10K/month including taxes. Plus the opportunity cost of what $440,000 could turn into if invested over the course of what looks to be an impending recession.

  6. Posted by roberto

    Kyle S for the slam dunk. thanks!

  7. Posted by MyOddCommentHandle

    Nice place and it’s certainly in the right neighborhood.

    But everyone and their brother is waiting for the crash so we can all buy low again.

    The deluge of defaults will be comparable to 2011. Blood in the streets.

  8. Posted by Conifer

    It is a good thing that it has views and a good neighborhood, because it offers little else. This big box, characterless, architecturally impoverished apartment could be located in any new city in the world. I expect it will be a third or fourth residence for an oligarch who is accustomed to new hotel suites with white walls and expensive appliances.

  9. Posted by tipster

    So funny to listen to the older crowd decry the lack of character. This is exactly what younger tech wealth wants. When they buy a place with character and architecture, they tear it all out and make it look exactly like this. But it’s rare that they can add a superb location and views, and already completely done. This is just an A++++ property for buyers with this kind of money. When I go to their parties, their places all look exactly like this.

    The owners are an investment banker and commercial real estate broker who have the pulse of the local economy and are bailing. We saw this in 2008, with people who could see things about to go south taking early losses of 5%, 8% and even 10%! They took what seemed at the time like large losses because their jobs had given them the insight that things were about to get much, much worse.

    But 24%?! We never saw anything like this in early 2008 from a couple so knowledgeable. They’re about to lose close to a million dollars to avoid an even worse outcome later. I’m old enough for this not to be my style either, but one thing I’ve learned over all these years, you don’t want to be buying when a couple as plugged into the economy as this pair, is selling.

    My guess: $2.150 if it sells in 8 weeks, 1.750 if it sells later. Price is Right rules apply.

    • Posted by jenofla

      I dunno, my tastes run the gamut and include the Apple-Dwell-DWR-Saltowitz look, and even this place looks unappealing. Something…off. It’s just too flat, the colors and materials. Not a bevel in sight, no texture, no contrast, the wood grain is too pale, the shades chosen don’t quite complement. It just doesn’t work. The staging makes it even worse. There’s minimal (which usually celebrates the innate beauty of the material itself) and there’s just dead.

      • Posted by hector d.

        People go minimal and lacking character when they try and sell because on a blank canvas buyers can imagine what they’d add to make it their own. Any ‘character’ a seller has is taking a risk that it won’t be to a buyers taste and will stick out as a negative for that buyer. This is about being a blank canvas with location and views.

        • Posted by Dixon Hill

          Somebody spent a ton of money to create that “blank canvas”. That isn’t how staging usually works. It would cost hundreds of thousands to put some character back into that place. Somebody spent a lot of money poorly.

          • Posted by big dog

            Y’all seem to be missing the fact that it sold for $2.9M post remodel.

            If the price has collapsed since the $2.9M sale, that’s not on the remodel.

          • Posted by Dixon Hill

            @ Big Dog: I’m not missing anything. I just think it’s ugly.

      • Posted by anon2.5

        Those look like 9 ft ceilings. . . Even an extra foot makes a big difference in how you feel about a white box space like this . . .

        • Posted by civ-e

          just curious how you see 9 feet? i’m using the doorways as a reference and the ceiling is not that far from the top of the doorway.

          • Posted by Jimbo

            I thinks it’s 8

          • Posted by frozentoast

            Not sure if exactly 8ft but it’s well under 9. Kitchen counters are usually 3ft and you can estimate from the kitchen photos.

    • Posted by jimbo

      $10K/month to live in this is still ridiculous

    • Posted by ray

      curious where you got that from. i looked and seems like a single woman w/ family background in real estate sold it after buying remodel. she’s an artist and it’s not a couple who only owned it a short while. maybe you’re confusing with sellers before, who redid place and flipped it, not the person who bought it for 2.9.

  10. Posted by Philip

    I think all those electric scooter riding kids who are supposed to like this sort of sterile, bland thing are on their way back to their parents’ garage. Or they will be, soon. Their stock options won’t buy a bus ticket.

  11. Posted by frozentoast

    This condo sold for 2.9M 6 months ago (during normal times) and now it’s become a distress sale at an extraordinarily bad time for selling real estate. The 24% drop is not that surprising thru that lens. Stylistic opinions aside its nicely done in a decent location so has good inherent value. There are people sitting on cash and the question is whether these people think this has dropped enough given what is happening to the economy .

  12. Posted by Fred

    Not sure why anybody would pay top dollar for such a sterile unit in an out-of-the-way, 60-year-old building. I’d be surprised if this sells for >1.3MM.

  13. Posted by Tedd

    Update: Sold for $2.2

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