The Appreciation for a Luxurious Liberty Hill HomeMay 21, 2021
While legally a two-unit building, 250-252 Cumberland Street was redeveloped as a high-end, 4,000-square-foot Liberty Hill home in 2014 and sold for $6 million that October.
Located half a block above Dolores Park, the five-bedroom home now features an open main floor, with “timeless design and sumptuous finishes,” a “professional kitchen,” an built-in breakfast nook, and direct access to the home’s rear yard and patio.
The master suite is located on the top floor of the home, along with access to a roof terrace, while the fifth bedroom on the home’s lower level, which is technically a separate unit, has been converted into a temperature-controlled wine room.
And having returned to the market priced at $7.25 million in November of 2019, a sale at which would have represented total appreciation of 20.8 percent since the fourth quarter of 2014, reduced to $6.995 million last year and then relisted for $6.45 million last month (with an official “1 day on the market”), the re-sale of 250 Cumberland Street has just closed escrow with a contract price of $6.25 million, representing total/net appreciation of 4.2 percent since the fourth quarter of 2014 for the luxurious home.
All that being said, the uphill home next door, 258 Cumberland, is now being redeveloped as well, including the addition of a third floor (hence the tightly cropped listing photo of the facade).
And yes, the index for Bay Area (“San Francisco”) home values is up 51.7 percent over the same period of time.
Comments from Plugged-In Readers
Beautiful home, if someone has been able to enjoy it for the past 7 years, well done!
Anyone have thoughts or leads on the manufacturer of the glass drinks cabinet seen in the livingroom, love ❤️
This one is similar.
I find this type of wine display annoying.
The room might have worked well as an in-home gym.
Get a proper wine fridge (or two) and locate off the dining room or kitchen upstairs.
Dear everybody: using ceramic floor tiles on the facade of a building will become recognized as the tacky, cheap looking technique that it is and will be ranked right up there with asbestos shingles. Also, 20 monochrome’s doth not make a visual pallet – except in a macrame nylon yarn shawl that your grandmother had on her couch in 1977. That is all.
They’ve been using ceramic tiles on buildings in Portugal for hundreds of years.
Portuguese style tiled buildings are done here in the Bay Area too. But I think a tiled surface treatment is more appropriate for masonry buildings of which there are not many around here.
harsh but true. the tiles with shingles on top are jarring as well.
Kind of dark inside, I guess that’s expected with the proximity to the neighbors. The light shaft (?) in the dining room is a great opportunity to teach the family about mildew.
SS does these stories all the time. It goes like this: property sold for X in year Y It just sold for A the actual annual appreciation is C. (Then comes the ever present punchline) during the same time the median house price index appreciated a gazillion percent.
Now the median price index can be useful for some things, if you examine the underlying data over time, it can inform you as to which segments of the market are strong or weak. I think most folks, and certainly those who follow SS, understand that the median price is not a proxy for price appreciation. It demonstrates insecurity rather than confidence on this point when you feel the need to always add the median price index with every sale you highlight. But it’s your site do as you wish.
Unfortunately, our confidence that most people actually understand what the Case-Shiller index for “San Francisco,” and other commonly (mis)reported metrics, actually represent is frequently undermined and shook.
For example, the “ever present” index referenced above isn’t a “median price index” but rather a measure of actual appreciation based on same-home sale pairs, which it would appear that even some plugged-in Kids still fail to comprehend or appreciate. Which brings us back to the point(s) at hand…
Click on SS apples to apples read the articles you will invariably find this quote or something close ““median price” or indexed basis for the Bay Area as a whole (which is up 12.8 percent over the same period of time).”
I wasn’t so much commenting on the specific index I referenced the median price because that is what SS often does. I was really focused on the tedious format in which the information is displayed… but beauty is in the eye of the beholder.
And most folks do understand the difference between median prices and case Schiller vs the actual appreciation of the asset. I realize that SS does not share this belief so they will likely continue with their tired shpeal.
So just to be clear, it’s not that you don’t understand the index referenced above and its import to the market at hand, you’re simply whinging about “the need to always add the median price index with every sale [we] highlight,” on a post that doesn’t include any reference to a median sale price index? Got it. And with that, our confidence had been shaken anew.
I find these quite useful, in part for calling out re-listings – the breathless “only X days on market” and “Y% over asking!” are often not what they seem. IMO, with their hype and subterfuge real estate brokers are the used car salesmen of the 21st century.
We’re 5 months post vaccine with over 75% of the SF 16+ population having at least one dose and you are complaining about the frequency of posts showing homes in SF city under-performing the wider Bay area market.
If we keep going further down the path towards normalcy and SF city home prices keep under-performing the wider Bay Area, I think that information is quite relevant.
The renovation removed the original klinker brick, which is very typically paired with cedar shingles. I understand that klinker brick is not everyone’s preferred material of choice, but they had far more style and substance than the bland tile on the front facade now. Interior finishes are amateurish, especially at this price point.
The finishes may or may not be sumptuous, but there is nothing timeless about the design. It will look dated in a decade or less.
If you buy a flipped house with all new finishes, you will not enjoy the general appreciation that average homes experience over the same period as your ownership.
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