October 12, 2007
Big House, Big Views, Big Dreams, And Big News…It’s In Contract
It was but seven days ago that we introduced you to the $15,000,000 120 Sea Cliff Avenue. And now, it's in contract. And not only in contract, but rumor has it with multiple offers. So if you’re interested in taking a peek, you might want to do so now (a few more photos have appeared on the property website).
And as always, if you happen to be the highest bidder, let's not forget those invitations to the housewarming...
∙ Listing: 120 Sea Cliff Avenue (6/8.5) - $15,000,000 [120seacliff.com] [MLS]
∙ Big House, Views, And Dreams (And Not Necessarily In That Order) [SocketSite]
First Published: October 12, 2007 7:05 PM
Comments from "Plugged In" Readers
Nice Master Bath!
Posted by: anony at October 12, 2007 7:38 PM
Oh the silence...
Last sold for 7.5M in 04. Obviously, "the sky IS falling".
Posted by: blahhh at October 12, 2007 8:00 PM
Blahhh, are you joking? You're making an evaluation on the health of the San Francisco market based on the sale of a $15M dollar house? If that's the caliber of data analysis we're using to assess market verticals these days, then I guess Chrysler Motors must be doing really well in the automotive market because my co-worker just paid 10K over asking for a collector Dodge Viper Copperhead.
It's a beautiful property & I'm glad there are people out there who have financial means out there to buy it. It gives me a goal to shoot for some day...but are you seriously going to use this property as an indicator of a strong real estate market?
I may be going out on a limb here, but I'm guessing the majority of buyers, even in magically wealthy San Francisco, don't qualify for this price point. Hence, I don't see this as anymore of a relevant example of the health of the local (city of San Francisco) real estate market than the mass foreclosures in Stockton. But I guess to each his/her own...
Posted by: pica1986 at October 12, 2007 8:45 PM
Those views are incredible. Now I want a glass elevator too!
Posted by: Anna at October 12, 2007 9:07 PM
This is dollar flight pure and simple
Posted by: jkljljlkjkljlj at October 12, 2007 9:13 PM
That's the fourth uber-expensive home to go into contract in the last four weeks. 3730 Washington...2266 Vallejo (finally!!) and 2740 Green.
Posted by: Sleepiguy at October 12, 2007 9:15 PM
"You're making an evaluation on the health of the San Francisco market based on the sale of a $15M dollar house?"
My point exactly. This transaction shouldn’t be taken as an indicator of anything any more than a REO or a lousy unsold loft should indicate that the sky is falling. If you were a regular reader of socketsite like most of us, which I don’t think you are, you would be familiar with people hijacking every possible reduction/incentive/delay while manipulating numbers and facts to destroy buyers’ confidence.
It’s everyone’s own business how they choose to spend their day, but if the only way someone can find pleasure and satisfaction is by writing pages and pages everyday and by hoping that more people will “lose their ass”, chances are they won’t find the answers to their problems in real estate. The most current example?
Posted by: blahhh at October 12, 2007 9:27 PM
The losers can take solace in the fact that 2515 Scott is finally, FINALLY on the market for a staggering 19.75 million. I used to live nearby and they've been working on that house for at least 6 years... maybe more... In fact, they had to paint it twice it took so long. I noticed they staged it last week.
Posted by: Sleepiguy at October 12, 2007 9:28 PM
Now that is a beautiful house and absolutely breathtaking views. If I had that kind of money I'd buy that house in a heartbeat, the market be damned.
Imagine waking up every morning with that view.
Posted by: akrosdabay at October 12, 2007 9:31 PM
Great house. This is a year where the rich, really are getting richer with the stock market and economy are doing well, and the poor, who stretched to buy in Vallejo are getting poorer. BIFURCATION will continue for at least 1-2 years, until everything settles.
Posted by: anon at October 13, 2007 7:41 AM
I'm not sure that this house sale isn't representative of SF's current market.
Are we seeing the following?:
1. the uber high end properties are selling quickly
2. pseudo-luxury properties in good locales are still holding up well, and selling fairly well, but perhaps not quite as much fervor as the past.
3. the pseudo-luxury properties in marginal neighborhoods are just starting to struggle
4. marginal properties in marginal areas are doing poorly
brazilification of the usa?
I have to say, I absolutely love this house, except that gaudy tedius bathroom. my god is that horrendous.
Posted by: ex SF-er at October 13, 2007 8:46 AM
"brazilification of the usa?"
You got that right! I think our little "liberal" city is a perfect example of this. Sit at the bar at Zuni with a nice $22 glass of wine and watch as the homeless glance in on the other side of the windows. The whole thing is terribly out of balance, and very Dickensian.
I hope the buyer makes sure to get a complete soils investigation of the cliffs behind this amazing house. If the views are anything like the pictures, I'm jealous!
Posted by: Adam Smith at October 13, 2007 8:58 AM
The buyers could be from somewhere outside the U.S., taking advantage of the weak dollar.
Its not the "brazilification of the U.S.A." or some tale of two cities. The economy is slowing down, credit it tightening. The less well heeled are getting hit first. But if we go into a full-blown recession, it effects everyone. Remember when Donald Trump had to file Chapter 11 after the last real estate crash?
Posted by: Nicole at October 13, 2007 6:26 PM
This has to be one of the nicest houses in San Francisco. Everything about it is just exquisite. Did you see the range hood in the kitchen?!
In a city where these types of places routinely list for $20-65M, it doesn't surprise me that there were multiple offers. At $15M it was WAY underpriced.
As for defining the state of the market, I think if you offer anything for sale below its actual value, tons of people will be interested in buying it: and that applies to ANY market. Up or down, or even *really down*, if you price it right,there will be a lot of interest. Price a $25M property at $15M, and even if prices are going to fall more, you'll get offers.
Now some of those offers may be under 15, and many may be right near 15, but you'll get offers. The surprising thing about that is that offers cost the offeror NOTHING. And yet people are shocked, shocked! that they got multiple offers.
Geez, for an opportunity to make an instant $10M, why wouldn't people bid, knowing full well it would probably be for naught: the costs are basically zero and the upside is huge. And yet that's supposed to mean that prices are zooming up in one segment or another? You guys need to look up the word free: it causes more people to do things they might not usually do.
Posted by: tipster at October 14, 2007 10:32 AM
You are right Tipster. Even though this property sold for just $7.5 mil a couple years ago, $15 million now is pretty good value for this house given the remodelling. Should be worth closer to $17-20 million, so the buyer got a relatively good value.
Posted by: anon at October 14, 2007 11:49 AM
Anybody know the square footage?
Posted by: Sleepiguy at October 14, 2007 12:01 PM
Remodeling budget alone for 300 Sea Cliff was $8M and IMHO 120 Sea Cliff looks nicer and about the same size if not larger.
Posted by: ExAgent at October 14, 2007 12:41 PM
I agree that this was actually a "value" in some respects, and have also heard that a fortune was spent on the remodel. As was mentioned before, as stunning as this location is, I would rather be above on the other side of the street like Robin Williams. These cliffs are rather unstable, and a good El Nino winter could cause real problems for some of these homeowners. Still, there is nothing like being on the "front row" and this house sits with some of the best views of all.
Posted by: Morgan at October 14, 2007 2:34 PM
"If you were a regular reader of socketsite like most of us, which I don’t think you are"
Actually I am a regular reader and have posted here more than a few times. Most your other posts I have read have been informative and offered some interesting insights beyond the typical real estate market cheerleading, even when I disagreed with your opinion. The post I responded to doesn't fit that description - which is too bad.
But back to the house. I have a friend that worked on a portion of the remodel and she said the views are amazing, but the bathroom is way over the top. Evidently no one took to heart the concept of 'less is more' when it came to the marble.
Posted by: pica1986 at October 14, 2007 6:38 PM
Again, never ceases to amaze me that before this house was in contract, people were saying 'NO WAY.' Now that it's in contract, people are saying 'GOOD VALUE.' I think this is an example of how fickle the market really is, and marketing is key.
Posted by: anon at October 14, 2007 10:39 PM
"Anybody know the square footage?"
According to the site below, the square footage of the lot is 10,495, but it doesn't list the square footage of the actual house.
Posted by: pica1986 at October 15, 2007 8:22 AM
Mmmmm nice ;)
Posted by: GARID at October 3, 2008 9:28 AM