As we outlined back in June of 2017:
Purchased as a 2,136-square-foot home for $1.995 million in 2014, the Cole Valley Victorian at 164 Belvedere Street (which had once been owned by the iconic Rolling Stone photographer Baron Wolman, who photographed Jerry Garcia and Janice Joplin, among others, in a former home studio on the top floor) was subsequently gutted and the lot was excavated to expand the building’s square footage.
On the market as an unfinished project for $3.5 million in 2015, the remodeled home returned to the market last year measuring 4,580 square feet, redesigned by Dumican Mosey Architects, with “an open design with soaring ceilings and voluminous spaces” behind its original Queen Anne façade, and priced at $5.995 million.
Reduced to $5.695 million this past February, to $5.395 million in March and then to $4.995 million in May, the sale of 164 Belvedere Street has just closed escrow “at asking” with a $4.995 million contract price or $1,090 per remodeled square foot.
And having returned to the market priced at $5.6 million last month, the re-sale of 164 Belvedere has just closed escrow with a contract price of $5.3 million, representing total appreciation of 6.1 percent for the above average home over the past three years on an apples-to-apples basis or just under 2.0 percent per year.