Purchased for $4.2 million in May of 2014, plans to expand and renovate the move-in ready, four-bedroom home at 2850 Filbert Street, “on a picturesque block in coveted Cow Hollow,” were subsequently drawn, approved and fully permitted, plans which included the addition of “a panoramic view roof deck, elevator, media room, new ground level featuring a gym, office [and] wine cellar,” as well as an expansion of the garage to accommodate two cars.
Resold for $4.695 million in October of 2017, with the expansion plans still in place, the “sophisticated and spacious residence” returned to the market last year and has just closed escrow with a contract price of $4.8 million, which is “$105,000 more than in October of 2017!” But it wasn’t an apples-to-apples sale, despite what industry stats might show or otherwise imply.
While the permitted expansion hasn’t been executed, the home was newly renovated, with new flooring, an updated kitchen with high-end appliances, all new baths and other upgrades, at a cost of well over $105,000, which is why the home was listed for $5.495 million last year or $800,000 more than for which the home resold.
But having been reduced to $5.350 million and then re-listed for $4.995 million two months ago, the sale was officially “within 4 percent of asking!” according to all industry stats and aggregate reports. And yes, the frequently misreported index for “San Francisco” home values is “still up nearly 40 percent!” over the same period of time (but trending down).