Refined Pac Heights Home Drops Below Its 2017-Era PriceMay 10, 2023
As we outlined last month, the nearly 6,900-square-foot, six-bedroom Pacific Heights at 3149 Washington Street, which was been completely restored and remodeled to yield “unparalleled luxury and refinement,” with multiple living, dining and outdoor spaces; a guest suite, sauna and home theater; and a two-car garage, returned to the market priced at $11.25 million eight months ago having sold for $9.7 million in July of 2017.
Reduced to $10.4 million this past November, a sale at which would have represented total appreciation of just 7.2 percent over the past five years for the luxury home in a rather established neighborhood, a block from Presidio Heights, while the widely misreported index for “San Francisco” home values was up nearly 50 percent over the same period of time, the list price for 3149 Washington Street was further reduced to $9.895 million last month.
This morning, the list price for 3149 Washington Street was further reduced to $9.395 million, a sale at which would be 3.1 percent ($305,000) below its 2017-era value on an apples-to-apples basis but “at asking” according to all industry starts and aggregate reports.
Once again, it’s amazing how many buyers suddenly appear to have “simply overpaid” in 2017 (and the years since).
Comments from Plugged-In Readers
Again.. the culprit is all the noise and traffic from the the school right across the house. Will sell for 9
What’s up with all of the mirrors? Was this place staged by a Freemason?
I noticed that as well. The fireplace looks well done, why block it with a huge mirror?
On the question of market value, if it sells at the new asking price with a 7% rate on a 30-year loan then it will be $14,000 more per month on a cash flow basis than the 2017 buyer paid at 4% (assuming both buyers put 20% down, which is a big assumption). While a delta of 3% doesn’t seem like “a lot” at average home prices, it really starts to add up in Pac Heights.
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