Purchased for $2.725 million in June of 2014, the “well located, finely modernized Italianate Victorian spanning three levels of magnificent open design” at 2208 Pine Street resold for $3.35 million in October of 2020, representing net appreciation of 22.9 percent or roughly 3.3 percent per year for the Lower Pacific Heights home despite it having been “used,” as is typical when the market is actually appreciating.

Returned to the market priced at $3.495 million this past March, a sale at which would have represented net appreciation of just 4.3 percent over the past three years for the remodeled single-family home in an established San Francisco neighborhood, the listing for 2208 Pine Street was withdrawn from the MLS is August and then relisted anew, with an official “1” day on the market, for $3.195 million in September, a list price which was just dropped to $2.895 million, a sale at which would be considered to be “at asking!” according to all industry stats and aggregate reports but would represent a 13.6 percent drop in value for the single-family home over the past three years on an apples-to-apples basis.

If you think know the market for “well located [and] finely modernized” single-family homes in San Francisco, now’s the time to tell. And yes, the widely misreported index for “San Francisco” single-family home values is “still up 22 percent!” over the same period of time.

13 thoughts on “Modernized Victorian Drops (Further) Below It’s 2020 Price”
    1. And it was located there in the Fall of 2020 when it resold for $3.35 million, or more than $450K than the current asking price. The listing for this property says “Noise level: High This home has a high noise level for the surrounding area” and I have no doubt it said the same thing when the house was listed three years ago.

      Every time one of these Victorians with a white boxed interior comes up here, I wonder whether the white-boxer put in neighboorhood-appropriate windows and sound insulation during the remodel to protect the well-heeled occupants from the surrounding din, or if they just value-engineered for things that low-information buyers would see and respond to with a higher bid (like a high-end wine fridge) but wouldn’t really improve the day-to-day living experience anywhere near as much.

      If you go to the open house (it’s Sunday, the 5th), please do report back and let us know how loud the traffic noise is as heard inside the house.

  1. Am I reading the floorplan correctly? The ground floor guest suite has an open connection to the kitchen, no door. That’s not much quiet or privacy.

    1. Yup. It is a rainy day and you park your car in the garage. You walk into a bathroom, through the guest suite, and up a circular stair into the kitchen. Or you go outside and up the front steps. At least, that is how it appears to me.

    2. If you go to the video, @ 2:14 there’s a very clear view looking down the spiral… which largely validates your opinion; however in the same shot you can also see there’s a gate at the top, which I suppose affords some privacy in that it at least prevents people from accessing the stairs (tho of course it’s at the top, so the control of privacy is really in the wrong room.)

    3. It would have been best to add another staircase to the garage from the main level under the main stairway in the hallway. This would have eliminated the need for the spiral stair but would have required walls under the stairway and eliminate the open stairway.

  2. 1) Moderninzing Victorians where you strip out all the character, is the devils work. (especially when you stick cheap ugly fixtures like those vanities) You need to find the right balance, they did not.
    2) Spiral stair cases are awful. Try moving any furniture or a mattress down them.

    1. This one with the double wide glass front door, the gleaming white marble, the interior isn’t congruent with the exterior. Its common criticism. It has become widespread in SF, the “remodeled historic homes” should have their own sub-category. But there are buyers for it.

  3. Are there people who are influenced by the hyperbolic, high-school level English of these descriptions? Or the annoying music in the video? Do real estate brokers really believe that this helps sell property? How naive or how desperate are the buyers?

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