March 28, 2008
As Succinct As They Come: An Address, A Picture, And A Price
The entirety of the succinct (and unfortunately unconfirmed) plugged-in reader's tip: An address (2504 Scott Street), a picture (above), and a price ($14,000,000).
UPDATE: And once again, a plugged-in tipster is right on the money.
∙ Listing: 2504 Scott Street (6/6.5) - $14,000,000 [MLS]
First Published: March 28, 2008 7:30 AM
Comments from "Plugged In" Readers
I don't know about this one. $14M? Considering this place http://www.mapjack.com/?ywBnWmTxbF2D6CZA just sold for less than $5M (granted it needs work and probably doesn't have the same views) I think $14M is going to be a stretch of side street like Scott.
Posted by: eddy at March 28, 2008 8:30 AM
confirmed. listing #339307.
Posted by: tdc at March 28, 2008 6:02 PM
Lovely... I could totally be wrong, but I think the owner recently bought another similarly priced property last year which was also featured on socketsite.
Posted by: sleepiguy at March 28, 2008 8:44 PM
Wow. Magnificent house done with impeccable taste.
But $14 million? Not sure.
Posted by: jlasf at March 29, 2008 1:14 AM
Walked by this place today for a closer look at the property. $14M for this place will never happen. No Way. These people and their agents are smoking the same thing that their neighbors across the street at 2515 Scott who are asking $20M for it. http://www.socketsite.com/archives/2007/10/2515_scott_street_now_and_then_and_on_the_market_1.html
I agree that 2515 might be worth $6M more (not really) but 2515 is probably comp'd at closer to 13 or 14M if they hope to find a buyer. So 14M - 6M = $8M or so for 2504 Scott. Maybe this place is in the $8 to 10M range IMO.
This makes 2221 Baker look like a bargain -- slanted street and all.
It also makes 1994 Jackson $7.7 look like a deal as well.
Anyway, I think all these properties are overvalued and that the buyers (and sellers) of these properties have really detached price from value.
Posted by: eddy at March 29, 2008 1:05 PM
Yes 14 mil is a bit high, but it's not that unreasonable. I think a better comp is 2660 Scott which sold a few years back for about 6.5. That house has undergone a multi-year (and likely multi-million dollar) renovation. 2515 Scott is a monster of a house filled with cheap finishes (some of the cabinetry is from Home Depot). I think the current owner of 2504 had the resources to do a proper remodel with a reputable contractor and that should reflect in the price. Anyway, I think this could sell for 11.5, but who knows?
Posted by: sleepiguy at March 29, 2008 4:51 PM
Sleepiguy, 11.5 is clearly more reasonable but please show me the last five places over $10M. $10M is the magic number that separates the buyers out there and there just aren't that many properties that sell over that number. The ones that do are pretty spectacular. I've not seen this place inside but if you walk that neighborhood there are lots of places that would easily sell for over $10M and this place just doesn't seem to pass the wow-pacific-heights-you-gotta-be-kidding-me test. Probably be a confidential sale or it will languish on the market. I'm going with the latter which will be a better indicator. The place looks nice for sure, but $14M -- laughable.
Posted by: eddy at March 29, 2008 7:56 PM
The best thing about this house is the Thomas Church designed garden. Let's hope the new owner does not change it.
Posted by: Morgan at March 29, 2008 8:28 PM
Plus, for $14 million, I expect to be able to park my entire flotilla of italian cars, not just the bugatti.
Posted by: kaya at March 30, 2008 4:00 PM
Word on the street is this place is in contract
Posted by: SFBlueCollar at April 25, 2008 9:37 AM
Yup.. I believe it's pending at asking.
Posted by: Sleepiguy at May 8, 2008 10:41 AM
A reliable source said it sold for $13.8M in June 2008. It's nice to have that much money.
Posted by: Vic Mackey at August 25, 2008 12:55 PM