April 25, 2007
Go Ahead And Ask: 2901 Broadway Is Listed (And Priced)
2901 Broadway, the ‘house that shall not be priced' and home of the 2007 Decorator showcase, has officially been listed with an asking price of $55,000,000. And while that’s $20,000,000 less than was incorrectly rumored last year, word on the street is that it’s also $25,000,000 more than has already been offered (and summarily dismissed).
First Published: April 25, 2007 4:00 AM
Comments from "Plugged In" Readers
Are any of the homes being listed with these huge price tags even close to selling? 30 Million was more than enough for this property.
Posted by: CameronRex at April 25, 2007 10:33 AM
I'm definitely all for some Weds. real estate porn, but this home has actually crossed the line into over the top gawdy.
Posted by: RinconHill_Res at April 25, 2007 11:02 AM
What a joke. Either the agents are delusional, or the sellers are beyond greedy, which makes for an impossible sale. The family (see nobhillgazette article) bought the home for 100k in the late 40s.
Also, isn't this home really just two levels? Sure there's some sort of subterranean basement, but is it livable space? Plus the decorators' work is usually cosmetic. A potential buyer would still have to invest another 5+ million just to upgrade this house with new electrical, plumbing, heating, etc.
Posted by: Sleepiguy at April 25, 2007 11:32 AM
Any economists out there who know what $100k would be in todays money?
I'm a total modernists and I do have to admit that this house is beautiful and a total trophy. When you're that rich, what's another $25 million. I say go for it!
I do find it very funny that the website shows a Subaru and a VW Bug in the garage. Guess that's all you can afford after plunking down $55 mil!
Posted by: rg at April 25, 2007 12:29 PM
That's a nice house and I'll admit the view is great, but the house itself isn't "amazing". If Andre Agassi's Tiburon pad is only listed at $20 million, how can you justify $55 million.
For that price tag, I'm thinking of a house of the scale of Bill Gates' or Larry Ellison's pads, not some simple 7/7 house, even if it has amazing views.
Posted by: SFhighrise at April 25, 2007 12:34 PM
I notice that Zillow has a Zestimate for the property of just under $1.9m!
Posted by: Briefremarks at April 25, 2007 12:35 PM
It's also going to take at least 3 years to fix this place what with permitting and probably some structural work. In the interim, you'll have to spend almost 2 million in property taxes for a house you've never lived in.
Posted by: Sleepiguy at April 25, 2007 12:58 PM
"Any economists out there who know what $100k would be in todays money?"
Around $1M based on CPI.
Posted by: BankerBoy at April 25, 2007 1:21 PM
$55 million for an 11' x 13' kitchen?
No wonder there's no picture of it.
Not sure this will sell at the current price.
Posted by: Nick at April 25, 2007 1:58 PM
As Elvira's and Frankenstein's agent, they have informed me that they cannot afford to take this property off the hands of Count Dracula, and they wish to express their deep regrets.
Looks like Count Dracula may have to sit on this property for just a tad while longer. Should Count Dracula come to his senses, my clients will be happy to reconsider.
Posted by: Sexy & Sassy in SF at April 25, 2007 2:19 PM
This is literally old money:
" After living there 60 years, homeowner Gladyne Kenderine Mitchell, daughter of M.L. Mitchell, decided to put it on the market."
Posted by: Someone at April 25, 2007 7:22 PM
Great prime property on the best block in SF. Do you think this house's return beats inflation since ownership? I think so! :)
Posted by: prime at April 25, 2007 7:25 PM
You have to remember the most important thing in regards to this monster is the address. This is serious Gold Coast, and it's on the block considered "Billionaires Row" which is anything past the 2800's of Broadway and up. Homes on these blocks are the best address in San Fran and are only for the super wealthy. The last sale of a gold coast mansion was 29.5M.
This home will probably take a few years to sell if ever. The price would have to come down to 32-35M and it might be a fixer.
Posted by: jay at April 25, 2007 10:28 PM
I actually think it could sell for 30-35, but I actually prefer the homes on the north side of the street.
Posted by: Sleepiguy at April 26, 2007 1:24 AM
Two words- Grey Gardens.
Posted by: Anon at April 26, 2007 2:16 PM
$100,000 appreciating at 10% from 1940 to 2007 is $55 million. So the appreciation is like investing $100K in the stock market in 1940. Of course, ordinary people didn't have $100K or even $10K or even $1K back then.
Posted by: fumbling at April 26, 2007 5:34 PM
The kitchen is only about 13'x11'. 55 million? What a joke. There is no photo of the kitchen because it sucks. Nobody who cooks would ever want a kitchen that small.
Posted by: Nathan Paine at April 27, 2007 4:14 PM
Did anyone else go this weekend? I did. Personally, I think it was the best Decorator's Showcase home I've seen, though I've only been to the last four. I could go on about it, but I was fairly impressed. Nothing was too over the top, even Kendall Wilkinson's teal master suite kind of made sense. That said, the nether regions of the home looked in poor, poor condition. Trying to repair the structure will be astronomically expensive. Plus, the house really only has two levels, so it's surprisingly small. It doesn't feel as monolithic and foreboding as the pictures suggest.
Posted by: Sleepiguy at April 29, 2007 10:19 PM
I went. In my opinion, there is no way this property will sell for the current asking price, especially considering the needed renovations. I think a couple properties in the area went for about $30 million unfinished about 4 years ago. One those homes is finished and about 17,500 sq. feet. It's currently listed at $65 million but has been on the mkt. for a long time. I have no idea why anyone would buy the 2901 Broadway home for $55 million since it needs a lot of work and is actually not a large home in comparison to other properties in the same range. Btw. I've also been in the Harkness mansion which sold for about $50 million and I can say it is far more impressive property even without San Franciscan views. Moreover, 2901 Broadway doesn't even have a ballroom. I suppose a few walls could be knocked out though. LMAO.
Also, there is no way three brokers need to rep this house. I am well aware of the brokers fiduciary responsibilities and it in no way takes three brokers to fulfill them.
Posted by: Nathan Paine at April 30, 2007 10:17 AM
I went to the Showcase this weekend, and it is an incredible showhouse -- the best in years. The SF Decorator Showcase is one of the best in the country, and this particular house is a gem.
Every room in this place has an incredible view -- even the rooms in the dingy basement! Just imagine doing laundry in that vintage laundry room w/the million dollar view of the bay.
It's not worth $55million, but it's location on the very top of "billionaire row" -- looking down at the rest of the billionaires like Larry Ellison -- makes it worth more than one would think. Go see it!
Posted by: Kyle at April 30, 2007 8:59 PM
More incredible is the fact that the property only paid $7k in property taxes last year - equivalent to that of a $650k new studio condo. Compared with the buyer who will be saddled with about $600k per year upon closing.
And really ... what is the difference between $30MM and $50MM? Oh wait, there will be long term capital gains on the proceeds. Poor seller.
Posted by: tax collector at June 7, 2007 4:16 PM