June 30, 2008
From Our Word On The Street To Officially On The Market: 2820 Scott
It’s been almost two months since we let our readers know that while not officially on the market 2820 Scott Street (a.k.a. the 2008 Decorator Showcase House) could be yours for “an offer north of $29,000,000.”
And today, it’s officially on the market (although not on the MLS) with an asking price of $29,500,000. It’s funny how that happens (and it’s good to be plugged-in).
UPDATE (7/2): While advertised for $29,500,000 in print, it's listed for $27,500,000 online.
∙ Listing: 2820 Scott Street (7/9.5) -
$29,500,000 $27,500,000 [2820scott.com]
∙ The SocketSite Scoop On 2820 Scott: 2008 Decorator Showcase House [SocketSite]
First Published: June 30, 2008 3:00 AM
Comments from "Plugged In" Readers
That's quite a flip. What's the profit margin there? $22 million? more? Shame Louis XIV isn't around. He'd love what they've done with the place.
Posted by: hugh at June 30, 2008 3:16 AM
This price seems more Outer Broadway to me, but look at what is happening in this price range down south as well. I was just reading about a home that was flipped in two years for a 10 million dollar profit with a final price of 35 million in Newport Beach. (minimal interior or exterior work was done)
The very wealthy are doing very well, but what happens after the election when the tax rates change?
Posted by: anona at June 30, 2008 3:48 AM
I have no idea if this place is "worth" it or not, but it is definitely grand and beautiful. When I compare it to some of the garbage that's been listed in the $10-15M range this is far superior. it actually looks like a rich person would live here.
it's a little too frilly and fussy for me personally, but wow is it amazing. the ceilings and the stained glass roof are stunning. I love the shower wall as well.
It's like an affordable downscaled mini-Versailles.
I'd love to have a party in that place.
Posted by: ex SF-er at June 30, 2008 7:44 AM
When has any house in San Francisco sold for $25 million or more?
When I posed this question in a thread about 2950 Vallejo [on June 19], Sleepiguy reponded:
"3777 Pacific for one.. and 2920 Broadway was close. I don't know the official sale price. Sperling paid around 32 million for 2845 Broadway." (Posted by: Sleepiguy at June 19, 2008 5:45 PM)
As for 2845 Broadway, isn't it the case that he bought two houses for $32 million total and combined them? Then there's 2920 Broadway, which, according to Sleepiguy, was still under $25 million, though maybe close. And I can't locate a 3777 Pacific anywhere. Is that address right?
So, when has any house in San Francisco sold for $25 million or more?
Posted by: Anonymous at June 30, 2008 8:18 AM
Garbage in the 10-15M price range? Now that is funny.
Add this home to the list of properties that will not sell for over $25. $10M is the magic number, and the # of people over $10M that can buy a home in that range goes down exponentially every +$5M. By the time you are over $20M threshold the % of people that afford these homes becomes flat. That is, if you've got $50M you can afford a $20M home.
The decorator showcase trick didn't work for last years home and its probably not going to work for this home either.
That said, this is a nice house with pristine views.
Posted by: eddy at June 30, 2008 9:32 AM
"When I compare it to some of the garbage that's been listed in the $10-15M range this is far superior. it actually looks like a rich person would live here." ~ ex-SFer
Touche Sir. . .
oops. . .that's 18MM dollar garbage.
Posted by: confused at June 30, 2008 9:52 AM
Looking at the house and floor plans, it almost seems that this is more a house for corporate needs/entertaining than a family home.
Posted by: kthnxybe at June 30, 2008 9:54 AM
yeah I was also thinking of 2950 Vallejo, but that's over $20m
and 690 Market #2401, which is only around $7M but is only a shell.
Posted by: ex SF-er at June 30, 2008 10:39 AM
His and hers bedrooms so you can revel in the splendor of your conspicuous consumption without a nagging spouse. This house is a bit grotesque...I'd be embarrased owning something like this.
Posted by: pvc at June 30, 2008 11:16 AM
I'm so shocked!!! And Barbara Callan is the realtor! Wow, I never would have guessed that!!
I said this before, but this house is really only suited to be the consular residence of Dubai.
I also don't think it'll sell for this price.
And, yes, I made a mistake above: 3277 Pacific sold for 25 million. It's on Property Shark.
Posted by: Sleepiguy at June 30, 2008 11:41 AM
Keep in mind as well that this place is not in move in condition. Decorator's Showcase homes are hastily and often shoddily put together. If you noticed, the crown moulding has huge gaps in places, some of the floors are terribly uneven, and there are step-ups into almost every bathroom. I guess you can live with those sorts of things, but I'd be more curious about what's going on inside those walls.
Still, this house is still a much better buy than 2515 Scott which sold for 18 million.
Posted by: Sleepiguy at June 30, 2008 12:16 PM
It seems from the realtor website that it's being marketed as a consulate-general residence. That makes sense, sort of, as it would come out of a federal budget. but why is San Francisco a destination for any consulate? And if you're going to spend $30 million on a house in Pacific Heights, do you need to have the neighborhood described to you by a realtor?
It looks like a weird mix of Versailles and one of Saddam's palaces, with Art Nouveau flourishes.
In that price range, how many local people could possibly be interested in it? If it were 1998 and billionaires were being minted every month, that would be one thing, but most of the houses in that area have been in families for decades, or were bought before the current run up. Have things changed so much in five years that there is a pool of people able to pay 3-15x what they would have just a few years ago?
Anyhow, the realtor site is entertaining. It's fun to see how many times the words 'fine', 'sophisticated', 'elegance', 'unsurpassed', can be worked into sentences...
Posted by: hugh at June 30, 2008 12:26 PM
Also, I just noticed on Barbara's site that the house is actually offered at 27.5 million, not 29.5 -like it matters.
[Editor’s Note: Good catch. It’s advertised for $29,500,000 in print (suggesting expectations have changed).]
Posted by: Sleepiguy at June 30, 2008 1:23 PM
I toured this house when it was open as the designer showcase. There were things I liked about this one compared to other showcases--for example, the rooms blended together better than the designer homes in the past.
BUT...I did notice the uneven floors AND uneven deck outside the his and her bedrooms. I was stymied over it--all the puffy-fluffy decorator work yet...the floors were not level...
The rooftop outdoor kitchen totally rocked!
Still...what a flip. It will be interesting to watch the end result on this one. The economy is weaker this year....
Posted by: chuckles at June 30, 2008 5:51 PM
you have to admit the history behind the house is well documented... and has quite the past.
Posted by: Ryan at June 30, 2008 6:58 PM
history. here's the SF Gate story from 2003 about evicting all the senior citizens.
and a similar human interest / tragic story about 901 bush
Posted by: hugh at June 30, 2008 9:35 PM
Now listed on the MLS (for $27,500,000).
Posted by: SocketSite at July 21, 2008 7:23 AM
Massive 7.5 $million reduction!!
It's now 19,975,000...
Posted by: sleepiguy at September 19, 2008 9:04 PM