As we outlined back in August of last year:

Purchased for $9.75 million in August of 2016, the interior of the fully renovated Nob Hill home at 1230 Sacramento Street has since been made over by Jonathan Adler, blending “the timeless and elegant original architectural details” of the Beaux-Arts residence, which was designed by Arthur J. Laib and previously restored by the Wiseman Group, with Adler’s “glamorous, chic and happy” design aesthetic.

An elevator serves all four levels of the 4,800-square-foot, four-bedroom home, including the top level “pent room” and terraces.

And having returned to the market priced at $10 million last August, a sale at which would have represented total appreciation of just 2.5 percent for the rather spectacular single-family home since the third quarter of 2016, 1230 Sacramento Street has been on offer for $7.995 million since early April with an interim reduction to $8.25 million last year.

The sale of 1230 Sacramento Street has now closed escrow with a contract price of $7.7 million, which was officially “within 4 percent of asking” according to all industry stats and aggregate reports but down 21 percent ($2.05 million) from its value in the third quarter of 2016 while the widely misunderstood and misreported index for “San Francisco” single-family home values was up 48.4 percent over the same period of time.  And yes, there is a 4-car garage and outdoor space behind the Nob Hill home as well.

11 thoughts on “Renovated Beaux-Arts Beauty Trades for Millions Less”
  1. $2k psf in 2016 was an absurd price for an attached house this large. It’s beautifully built for sure, but was very well sold at that point.

    Flourishes of cartoon decor staging etc. didn’t help the cause.

    The price history of this house is an outlier and not at all indicative of the broader market.

      1. How many attached homes in excess of 4500sf have sold for over $2k psf ever in San Francisco?

        I expect the number is less than 10.

        But I’m happy to be wrong.

        1. In Nob Hill and other areas of “real” San Francisco (Russian Hill/Cow Hollow/Marina, etc.), I don’t believe that sharing a party wall is the same as “attached housing”. This is a beautiful home, albeit with horrible decorating/staging. There aren’t a lot of single-family homes in the best Nob Hill/Russian Hill locations. The street-to-street lot is an uncommon feature.

          This is obviously a failed flip. I don’t know the market but don’t have a problem with $7.7 million, either.

        1. Agree. It might have been used as a comp by an uninformed appraiser but it definitely looks like they overpaid. The market wasn’t exactly in bubble territory in 2016.

          1. 2015/2016 was actually a high water mark and turning point for the market, with (mis)reports of “$2K per square foot being the new normal” for the upper end of the market making the rounds, primarily driven by misanalysis of the new condo market and pricing.

            But speaking of a modern interior within a Beaux-Arts building, and roughly the same timeframe and outcome, two blocks away: Contemporary Nob Hill Townhouse Trades for 17 Percent Less.

        2. Yes well you like your “touted as a comp at the time,” disclaimer so you say it when you fancy doing so. But it’s got no place here. There was no subsequent comp. This remains an outlier, as it was at the time, period.

  2. Dream home. Rare single family in a dense location, and one of the best neighborhoods in the country. I would consider my life complete if I were able to buy this home. Congrats to the buyer and I hope they’re happy living in it and not just using it as an investment.

  3. The seller had a pretty good 2016-17. He’ll get by — but still, that’s a lot of cash to set on fire.

    “During the last year, a number of my clients, including InvenSense, Exar, AMCC and AFOP, engaged in public-to-public M&A transactions.”

  4. The history of this block of Sacramento facing the Cathedral is interesting. It was rather scruffy, albeit with potential, for a long time, several pegs below the block of Sacramento to the east facing the park. I think it was the sale in the 1980s of the Jones Street corner Beaux Arts apartment that began the turn around, followed by the others, often in modest condition, at prices at 500K more or less.

    At the current prices, the things that cannot be changed will alway hold it back: narrow sidewalks, parking (even with some from the alley behind), and the proximity over a one-way small street to Grace. Even parishioners of the resident congregation who can afford to live anywhere choose other streets or neighborhoods.

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