Quietly acquired from Mark and Alison Pincus for $16 million in November of 2015, Troon Pacific subsequently engaged Snøhetta (yes, that Snøhetta) to draft plans to transform the Albert Farr-designed home at 2950 Pacific Avenue into a modern 18,000-square-foot mansion with a coveted “2895 Broadway” address, as we first reported at the time.

Following five years of design and development, building permits for the spec project were approved, issued, suspended, appealed and then reinstated early last year, soon after which the “shovel-ready build-to-suit opportunity” hit the market listed for $29.5 million, a listing which was withdrawn from the MLS earlier this year.

And this past Friday, 2950 Pacific Avenue was suddenly relisted with “fully approved architectural plans and building permits” and a dramatically reduced $20 million list price, a sale at which would be considered to be “at asking.” We’ll keep you posted and plugged-in.

11 thoughts on “Another Swift $10 Million Price Cut in Pac Heights”
  1. Having seen portions of this home’s original interior for sale on a local salvage website, I know for a fact that the interior has already been gutted. That certainly makes it harder to attract any prospective buyers who might not be on board with the bloated vision put forth by Troon Pacific. If anything, they should be dropping the price below the $16 million they paid in the first place, to better reflect the value of all the work they have done while they have owned the property.

    1. what is the local salvage website? I would love to buy old historic interior instead of getting some modern cookie cutter starkitect build

  2. 20k SF and ~$1000k/ft to remodel this place (and ‘remodel’ is not even close to the level of work needed). Change orders galore as anyone in this price-point / wealth level will make lots of changes.

    You do the math on the value of the finished product.

    Bigger [question] is why a known developer is not going to carry the project to completion. Sad forecast for top end lux?

    1. The developer was spending 1k+ psf on their developments years ago. It definitely hasn’t gotten any cheaper in the last decade. Have we reached 2k psf on luxe developments??

  3. Perhaps they made a mistake in removing the excellent original interior? They would not have done it in Hancock Park or the seventh arrondissement.

    1. What tech did to the local office market they have also done to the housing stock of Pacific Heights and other “Real San Francisco” neighborhoods. They are locusts. And now they have moved-on.

  4. If they have already stripped the interior and original character, I would want larger windows on the back side for the view then. I mean now that is is basically just a shell, might as well take in more of the view…

  5. It’s an extremely unattractive house. The Julia Morgen Garage at street level on its South side on the other hand…

    1. It was never unattractive before the philistines destroyed it. It is one of a very few PacHts houses of this type, and the interior was rather spectacular Arts & Crafts period. Only when they start to suffer will these flippers stop the destruction. Perhaps a weak sale here will alert them to their aesthetic sins by punishing them. There are lots of houses in the neighborhood with superb interiors that could still be saved. I am waiting to see what happens to the large house on the southeast corner of Pacific and Broderick.

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