The remodeled Pacific Heights mansion at 2480 Broadway, a prime five-bedroom home with panoramic bay views and a rather awesome roof deck, on a coveted flat block of Broadway, quietly traded hands for $11,742,500 back in 2016, which was roughly $1,850 per square foot as then marketed, as we revealed at the time.
Returned to the market priced at $14,295,000 in May of 2022, listed at a little over 6,500 square feet, up from 6,335 square feet as listed back in 2016, the list price for the “timeless estate,” with four levels of “unparalleled charm, comfort and luxury” in a rather established neighborhood, was upped to $14,495,000 after four months on the market and then dropped to $13,695,000, before being withdrawn from the market and listed anew for $14,295,000 early last year.
Relisted for $12,935,000 this past January, the list price for 2480 Broadway was just dropped to $12,335,000, an “at asking” sale at which would represent net appreciation of just 5 percent over the past eight years on an apples-to-apples basis, or less than one (1) percent per year, while the frequently misreported index for “San Francisco” home values is “still up nearly 50 percent!” over the same period of time.
If you think you know the market for prime San Francisco properties and neighborhoods, now’s the time to tell.
That neighborhood isn’t what it was in 2019…
I don’t know what you mean. It’s one of the most lovely neighborhoods in SF. It’s a lot of house, great view, four floors, remodeled roof deck – I can’t think of what’s not to like. It’s a very good price. I wonder why it’s not selling?
It might be the staging, or the bus stop right in front?[…]
More likely the number of digits in front of the decimal point. Yeah sure if it were only – say – 8 or 9 million all the little eccentricities could be overlooked, but at this level I think people have higher expectations (reasonable or not).
Despite its size – 6507 square feet – the floor plan is very scrappy. The main floor doesn’t know what it wants to be – formal or informal. The room labels are an afterthought to justify the space. For example, the room labeled “Living Room” is furnished as a Dining Room – except it would be a very circuitous path through the Foyer to serve a meal. It’s an ungracious arrangement – even with servants – and buyers at this lifestyle / price point will look elsewhere. Further, the room labeled “Dining Room” at the rear of the “Family Area” is really more a Breakfast Room. I could continue but I think looking at the floor plans one can see a lot of space throughout the house is very ambiguous – it’s there because it’s there, not because it makes for good design or good living.
I just looked at the floor plan and you’re right. To my eye there isn’t any dining room. You have a family room and breakfast area but in a house this large it would be nice to have a proper dining room. The bedroom on the top floor only has a powder room and the one on the lower level doesn’t have an ensuite bath. It would be nice if one of those bedrooms could be used as either an au pair unit or guest room but they just fall short.
I blame whoever put in that kitchen. Had they kept it to a single marble-covered island, there could have been space for a big fancy table next to the big fancy kitchen. But no, they had to go full archipelago and put plumbing on every island.
Someone has modeled mortgage rate increases and their impact on pricing. I wonder what percent of declines are attributable to that vs general lack of demand in SF?
As we first warned back in late 2021, having consistently tried to drive home the point that sub 5 percent rates weren’t simply a “new normal,” which many were mislead to believe, higher rates have, in fact, “translate[d] into…less purchasing power for buyers and downward pressure on home values,” with inventory (i.e., supply) trending up, sales (i.e., demand) down and employment having dropped as well.
Which brigs us back to home at hand and a segment of the market that is frequently (mis)represented as being immune to fluctuations in the cost of debt (i.e., rates).
“I wonder what percent of declines are attributable to [mortgage rate increases] vs general lack of demand in SF?”
it might be proportional to the percentage of the real estate boom in SF that was due to mortgage rate decreases!
You’re neglecting the potential for co-morbidity. Rookie error I’d expect to see on one of those tech-funded fly-by-night websites…ironically.
3015 Pacific also left a mark on the sellers.
am i nuts about the “generous allocation” of ceiling lights in that room?
You mean the kitchen with the can light infested ceiling? Its the modern version of a star chamber. That kitchen seems to have a split personality. Its open plan says “entertainment space” but the overkill on appliances (two large stoves? really?) says “commercial catering”.
I am always a bit amused by these articles. The home will not sell at its initial utlra-inflated listing price, but it will eventually sell for a multi-million dollar price only accessible to the extremely rich.
As for why the house is not selling so quickly, I think it suffers from the “boring bland” syndrome that afflicts so many of these remodels of historic mansions. It is certainly not a disaster, and it does have gorgeous views, but for the price point, it really falls short.
I understand the need to make the home function for contemporary living. And, I know tastes have changed and most people prefer a less fussy and ostentatious style, but does anything about the interior pictures of the home scream luxury or elegance? I have seen the kitchen before—in my retired aunt’s home in Florida. Yes, the views from the window are beautiful, but it otherwise looks like the sort of kitchen one would find in any generic “upscale” suburban home. And, the rest of the home is awash in mind-numbing shades of beige. It is all so very dull and uninspiring. Also, as others have mentioned, the floor plan looks awkward and choppy, and many of the rooms seem oddly shaped or weirdly placed. If I had $12 or $14 million to plunk down, it would not be on this place. While it is true money cannot necessarily buy good taste, it can certainly purchase something better than this house.
Is it me or does that driveway along the east side of the house look like it is shared with 2478 Broadway? Tight turn to get into those garages, for sure
I noticed that. A friend has a similar setup on Bush St. The driveway is owned by the neighbor but he has a permanent easement to use it. And the turn is tight.
You’re correct.