March 26, 2008
A Second (Coming) And A First (Approach): 2502 Leavenworth
It didn’t sell last year when it was listed for $5,495,000 (having been reduced down from $6,450,000). Nor does it appear to have been rented for the Craigslist advertised $33,000 a month (we hope nobody was using that as their benchmark). But that's not stopping 2502 Leavenworth from returning to the market and seeking $5,995,000.
The listing does note “[r]ecently added about 3000 sqft,” but we’re pretty sure that’s “recently” as in 2006 (not as in since the last listing). And it's the first time we’ve seen a listing for a single-family home in San Francisco tout, “condo alternative.” The times they are a-changin' (in more ways than one).
∙ Listing: 2502 Leavenworth (5/4.5) - $5,995,000 [2502leavenworth.com] [MLS]
∙ Buy It For Fifty Percent Less, Or Rent It For Thirty Percent More [SocketSite]
∙ RealRecentReductions: You’ve Seen These Before (Will You Again?) [SocketSite]
First Published: March 26, 2008 9:56 AM
Comments from "Plugged In" Readers
That little table in the kitchen looks extremely out of place. I could do without the "fine" touches in the ceiling/floor as well. Then again, I'm 25.
Posted by: j at March 26, 2008 10:35 AM
"When we listed it for 5.495, all we got were offers around 5.495, which we weren't going to accept - we thought a 1M drop would start a bidding war. So we've listed it for a price closer to the one we are willing to accept.
We know we pissed everyone off who offered near asking, so puleeze come back and look at it again. We'll pretend we added more square footage or whatever we can think of to give you a reason to come look at it again: we promise we'll be nicer if you promise to offer more money."
Posted by: tipster at March 26, 2008 10:37 AM
last year they needed 5.495 to break even.
but holding onto a $5Million house for a year costs a lot of money.
now they need $5.995 to break even.
Posted by: ex SF-er at March 26, 2008 10:44 AM
What's up with the amateur photography on the listing for a $6M house ? And they're also overprotective of the content. Here's the fine print at the bottom of the 2502leavenworth.com listing :
"...Permission is granted to display, copy, distribute and download the materials on this Site for personal, non-commercial use only provided you do not modify the materials and that you retain all copyright and other proprietary notices contained in the materials. You also may not, without NAS Group’ Inc.’s permission, "mirror" any material contained on this Site on any other server..."
Posted by: The Milkshake of Despair at March 26, 2008 10:51 AM
This house sold for $1.503M in 2003 - down from its previous sale of $1.64M in 2000. I know that they added a bunch of square feet - but does this look like a $6M property? What was the cost of the renovation - $1M (or less)? They would enjoy a great rate of return if it sold for $4M.
Renting the place at $33K is the better deal (or you could just rent something comparable for maybe $6 - 10K).
Posted by: FSBO at March 26, 2008 11:30 AM
I'm sorry, but what the heck's going on with that extractor hood over the cooker? Looks like it came from Wilma Flintstones kitchen.
Posted by: walsh92663 at March 26, 2008 11:33 AM
"Recently added about 3000 sqft"? Huh? The listing says it is 4500 sf. So they added 3000 sf to a 1500 sf house?
Posted by: anon at March 26, 2008 11:34 AM
Here's the article from SFGate from when it first hit the market.
I think what happened here is that they overspent on the remodel. I expect it cost close to 3 million to put this thing together considering all the structural retrofitting. The views are good, but the location doesn't warrant the high price. Also, there are several massive retaining walls right across the street.
Anyway, if Nina and all the power of Coldwell Banker couldn't move this thing, good luck to the new realtor.
Posted by: Sleepiguy at March 26, 2008 11:47 AM
Thanks for the SFGate link Sleepiguy. I just checked out the prices on Lacanche ranges so I'll raise my renovation cost estimate to $2M. I can't find a price on the Wilma Flintstone extractor hood though.
Posted by: FSBO at March 26, 2008 12:23 PM
"Anyway, if Nina and all the power of Coldwell Banker couldn't move this thing, good luck to the new realtor."
Based on the contact info and the link from sleepiguy, it looks like they may not be using a realtor. Seems a bit strange to raise the price in that event...
Posted by: Tom at March 26, 2008 12:54 PM
The owner is a realtor.
Posted by: FSBO at March 26, 2008 1:00 PM
Sweet snakeskin fumehood!!! They must've been inhaling some strange stuff to think they were going to get anything like $33k a month for this.
Someone forgot to tell these guys that bedrooms require windows to be named as such, and 2 of their 5 "bedrooms" have none.
Posted by: kaya at March 26, 2008 1:10 PM
I love this quote in the SFGate article: "Zareh said. "Maybe I did do too much.""
Posted by: HappyRenter at March 26, 2008 2:29 PM
Nice house in the wrong neighborhood. Try $3.5 million in Fisherman's Wharf.
Posted by: gh at March 26, 2008 3:05 PM
Hmmm.... I hadn't read the article. The fume hood still says animal skin to me, but if they say it's stone...
Posted by: kaya at March 26, 2008 4:36 PM
How did the owner / realtor was able to convince the chronicle to write an article about the house. Is it true that everything can be bought? I bet they have copies of this article printed and attached to the brochure. Reminds me of George Costanza buying Jon Voigh's car.
Posted by: misha at March 26, 2008 5:00 PM
On their website is a photo of the entryway, and you can see the giveaway beveled edges and short length strips of the manufactured wood flooring they used in lieu of the real thing. I find that hugely sub-optimal to a "real" 21/32 inch thick wood floor at this price point.
Granted, if they were aiming for LEED platinum or similar green building status this would be viable, but I do not think that was on the table here, where the stove hood is semi-precious stones or whatever.
Posted by: redseca2 at March 26, 2008 5:02 PM
This listing is laughably written. "Across the street from the Fishers." Nope, they live on Francisco, just off Hyde. (And who
cares anyway?) This block of Leavenworth is nothing special.
And this must be English as a second language:
"undescribable" - try "indescribable"
"track mansion" - try "tract mansion"
"on various publications" - try "in various publications"
And "dinning room" appears about 5 times.
I remember when this house sat perched on blocks for months.
That's when they added the lower floor and the extra footage.
Obviously, they overspent and will never get their money back.
Cut the price to $3.8 or maybe $4.0 and it might sell.
Posted by: jlasf at March 26, 2008 6:30 PM
How tacky to name neighbors. The whole listing is amateurish and would certainly not convince me that the place was worth seeing, let alone considering.
Posted by: Oceangoer at March 26, 2008 6:48 PM
I'm wondering if the owner got her realtor's license after the house was pulled from the market so she could list her own home? Very strange....
Posted by: Sleepiguy at March 26, 2008 7:06 PM
jlasf - walking distance to Union Square? Is she kidding? I could do it, but I'd be dripping with sweat by the time I got there. Not to mention trying to walk back with any purchases.
Posted by: Fishchum at March 26, 2008 10:06 PM
This house in my neighborhood. It's not Fisherman's wharf, although it's very close to all the touristy place, the street is surprisingly quiet.
I think the house itself looks really cute.
However for a multi million dollar house, can't they hire a real photographer? And what's with the website? It looks like it's done by the owner's high school kid.
Posted by: miumiusf at March 26, 2008 11:10 PM
"Walking distance to Union Square"?
I live within a block of this place and walked back and forth to Bush & Montgomery for work every day for several years, which is 1.5 miles. Not out Columbus, but up & over the hills at Union and then Grace Cathedral.
You can walk to Union Square from here in 20-25 minutes, which isn't that long, when you consider it's 10 minutes at least to drive, park & walk.
Cabbing back with your stuff will cost you $10.
$6 million for this place is just plain stupid.
Posted by: Debtpocalypse at March 26, 2008 11:51 PM
Well, whatever you want to call it, starting off on the wrong foot is never good. The website is the cheapest looking I have ever seen. How can you possibly present a $6,000,000 home in it's best light with all the sub-par marketing and photography?
And like jlasf pointed out, all the horrible spelling mistakes. What a mess.
Posted by: movingback at March 27, 2008 1:02 AM
miumiusf, I will disagree with you a bit. I live a block away, too.
I know that in the summer, when there are so many tourists
driving down Lombard, many then continue over on Leavenworth
to Bay. That block gets quite a bit of traffic. It's not horrible, but
not terribly desirable either.
Debtpocalypse, I looked at a map. It's literally 8 blocks from
Pier 39 and 22 blocks from Union Square. I'd call that location
more like Fisherman's Wharf than Union Square.
Posted by: jlasf at March 27, 2008 4:08 AM
The gramatical and spelling errors alone are an embarrassement, to say nothing of the overall text. And when did Lombard Street and Alcatraz become major shopping areas?
Posted by: Russian Hill Dweller at March 27, 2008 2:06 PM
RHD - I was thinking the same thing. Chalk it up to the spelling and grammatical errors pointed out by jlasf.
Debtpocalypse, I used live on Bay between Leavenworth and Columbus and would walk to the Embarcadero Center for work (which was fine by me). When dealing with a listing, however, I would consider "walking distance" to be an easy 10 minute walk from the listing. Not a 25 minute hike up and down both Russian Hill and Nob Hill to get to Union Square.
Posted by: Fishchum at March 27, 2008 3:32 PM
She became licensed as of 12/18/07.
Posted by: HappyRenter at March 28, 2008 5:06 PM
The list price has changed from $5,995,000 to $5,500,000.
Posted by: HappyRenter at May 28, 2008 8:32 PM
SFGate.com weekly accounting of sales indicates this house transacted for revised asking:
$5,500,000, sold 06-30-08
Posted by: Debtpocalypse at July 21, 2008 9:22 AM