August 21, 2008

2542 Fillmore Closes Escrow: Still A Big Win (But Still A Whoops)

2542 Fillmore: Hall

The sale of 2542 Fillmore closed escrow on 8/19/08 with a reported contract price of $5,000,000.

As you might recall, the reconstructed 2542 Fillmore hit the market two months ago with a list price of $4,995,000 and buzz, received a pre-emptive offer of $5,500,000 cash with a five day close (which was refused), raised its list price to $5,250,000, and then failed to received an offer on its designated offer date.

No word on whether or not it was the party that made the $5,500,000 pre-emptive offer that picked it up for $500,000 less. But if you see a new Bentley or two rolling down Fillmore...

The SocketSite Scoop On 2542 Fillmore: In A Word, Whoops. [SocketSite]
Built In 1904 (But "Reconstructed" A Century Later): 2542 Fillmore [SocketSite]

First Published: August 21, 2008 1:30 AM

Comments from "Plugged In" Readers

I'd love to know whether the sellers realtor played a part in NOT accepting the $5.5M offer (e.g., by their confidence level that it would sell for higher). Although someone selling a $5M house is likely savvy enough to take responsibility for themselves, I, for one, wouldn't be thrilled about cutting a $150K check for the selling realtors commission if they advised me to not cash in at $5.5M.

Posted by: luvinmissionbay at August 21, 2008 9:46 AM

BINGO

"....someone selling a $5M house is likely savvy enough to take responsibility for themselves..."

Posted by: Michael L. at August 21, 2008 9:51 AM

I actually doubt it was the seller's realtor who made the call. Most realtors would rather pick up an easy, fat commission than work hard for the uncertain prospect of getting a few thousand dollars more IF the place had happened to sell for a couple 100K more.

Posted by: NoeNeighbor at August 21, 2008 10:04 AM

I agree with NoeNeighbor.

I'll bet that the RE agent was going to help the family set the price, the pre-emptive offer came in, and greed blinded the sellers who then refused the offer and raised the list price.

rich does not equal smart, contrary to a lot of people's beliefs

By the way: we are sure that the 5.5M offer was an arm's length offer, and not a public relations tactic? (honest question).

[Editor's Note: Our honest answer: yes.]

Posted by: ex SF-er at August 21, 2008 10:28 AM

No manipulation on price stats here. Listed at 4.95, raised to 5.25, dropped back to 4.95 only to close at $5m. So I guess this place sold for both over and under its asking price! But history will only ever show that it sold for over asking.

Ultimately, who really cares! Nice comp for the neighborhood. Wow. Tactics or otherwise, congrat's to the agent and the developer. This was a very unique and special property and I'm really blown away by the final price.

Posted by: eddy at August 21, 2008 11:13 AM

Editor - This is the second or third time that you have published a comment stating that an offer or sale was a legit arm's length transaction.

Can you please elaborate how you determine this fact ?

Posted by: The Milkshake of Despair at August 21, 2008 12:15 PM

Sorry editor, I gotta ditto Milkshake, and I've asked that question before.

Maybe you can answer the question in a more hypothetical way. How could anyone such as yourself know this without knowing (or being) the bidder or seller or agent?

Posted by: resp at August 21, 2008 12:34 PM

.. and the list of posters who boldly predicted it would NOT fetch $5 million:

- Michael, Louis, sleepiguy, inthemarket, eddy

I like revisiting bold, authoritative, pessimistic (and inaccurate) predictions.

Posted by: amused at August 21, 2008 12:57 PM

Amused, we really have no idea what it actually sold for at the end of the day. MLS states a nice even $5M but we don't know the final incentives, structure, terms, or even if the final price on MLS is accurate.

I trust that it did sell for around that much, and am surprised (see my above comment) by this new comp. It is very significant for the neighborhood. And it reinforces my earlier comments that homes that are finished to a high level of refinement will sell at nearly any price due to their scarcity and the number of people who can still afford those properties.

But I don't mind being called out my opinion/prediction. Thanks for keeping us honest.

Posted by: eddy at August 21, 2008 1:45 PM

No one could be more thrilled than I am at the sale price.

Posted by: sleepiguy at August 21, 2008 3:25 PM

@eddy: No need to feel bad about your prediction, at least you offered one (unlike the guy who called you out).

Posted by: Foolio at August 21, 2008 4:20 PM

Foolio, anyone who takes that much effort to track me down is linked to the property somehow.

Sleepiguy, what do you think this does to the market in PH more broadly?

Posted by: eddy at August 21, 2008 4:54 PM

I have no link to the property.

Searching the address on Socketsite immediately led to the previous post/thread, which led in turn to those very bold and confident predictions.

One can't help but encounter the extremely authoritative "This will never sell for $X" posts on SS. All the time. The naysayers on this site do three things: 1) bitch about price; 2) bitch about location; 3) bitch at fluj.

This one got called out. Get over it.

Posted by: amused at August 21, 2008 6:22 PM

The sale at this price proves that you do not need location, but can do very well with just location and location. This house is something of a loner, between two larger buildings. Around the corner on Pacific would be better. There is a real shortage of "inventory" of single family houses in Pac Hts.

Posted by: Conifer at August 21, 2008 7:38 PM

Impulse/Emotion can make some do very odd things.

Posted by: Michael L at August 21, 2008 9:56 PM

"I have no link to the property.

Searching the address on Socketsite immediately led to the previous post/thread, which led in turn to those very bold and confident predictions.

One can't help but encounter the extremely authoritative "This will never sell for $X" posts on SS. All the time. The naysayers on this site do three things: 1) bitch about price; 2) bitch about location; 3) bitch at fluj.

This one got called out. Get over it."

Post of the year !

Amused, nice one. You certainly amused der fluj. Can we count on you to repeat this service?

Sunny Jim's place next? Looks like the naysayers will lose. The 30th street property right behind the muni tracks? Looks like the naysayers may win.

Posted by: fluj at August 22, 2008 9:28 AM

No, I'm not a naysayer, never say that.

Posted by: eddy at August 22, 2008 10:14 AM

eddy -

Here's your quote. A bit negative:

"I don't see how they can get $5M for this place with no yard, no view, busy street w/ major bus-lines, set-back with multi-unit buildings on all 3 sides (all of which are taller that this home, 'frosted' windows on the north side of the home to block out direct view of a wall. This place is priced well over 1200 per sq ft and I think that this is $900 to 1000 psf at best."

Posted by: amused at August 22, 2008 1:28 PM

Amused, check you sense of humor -- 4 negatives in a 8 word sentence is a joke.

And I stand by my original quote here. This place sold for a wicked premium and I still think it is a bad investment for the buyer. The developer and the agent did a great job here. But there really are no comps to support this sale price. Happy to be proved wrong (again! :)

Perhaps we'll check back here in a few years to see how this listing fares in a resale transaction.

Posted by: eddy at August 25, 2008 9:51 AM

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