August 5, 2008

A Shorter Set Of Lyon Street Steps (And A Few Numbers): 2601 Lyon

2601 Lyon Street

Purchased for $5,750,000 in March of 2000 and renovated "with quality and luxury" in 2002, the "Villa" at 2601 Lyon Street is once again on the market and asking $8,250,000.

A few other numbers to play with: $4,025,000 (the variable rate loan balance in 2000); 6.7% (the average 1-year mortgage rate in March of 2000); and 4,146 (the square footage of the renovated property).

As an aside and across the street, after a little over a year on the market (but "officially" only 88 days), 2500 Lyon is advertising a "New Price" (reduced to $7,950,000 two weeks ago, asking $9,800,000 in June of 2007) and a “New Look." Still seeking a "New Buyer."

∙ Listing: 2601 Lyon (4/3) - $8,250,000 [MLS]
The Hanging Gardens Of San Francisco: 2500 Lyon [SocketSite]

First Published: August 5, 2008 8:45 AM

Comments from "Plugged In" Readers

This is the ultimate trophy property. If your offer doesn't start with a '1', don't bother.

Bizarre, that if it goes for 25 percent over, assuming a $1Mil renovation, the seller made six percent per year on his downpayment, and covered the interest on the loan.

Posted by: tipster at August 5, 2008 9:01 AM

"This is the ultimate trophy property".

Really?

How many "trophy" properties can this small town have? I may be wrong, but it seems there is a great number of listings currently claiming to be "ultimate trophy" properties with ultimate torphy price tags.

Posted by: anoncensorious at August 5, 2008 11:01 AM

Very very cheesy interior. Who lived there? Idi Amin? Mobutu? Saddam?

Posted by: San FronziScheme at August 5, 2008 11:16 AM

@anoncensorious: Maybe it's sorta like the trophies we used to get in junior high soccer for "Participant."

Posted by: Foolio at August 5, 2008 11:29 AM

As someone who grew up a few doors away, I know this neighborhood is fantastic. It's prime Cow Hollow a few blocks from the Presidio gates.

The renovation, not so much.

With a $1.85 mil reduction across the street (nice property) I say this hangs around waiting for a cash buyer to take at no more than $6.5 mil. Let me get my checkbook.

Posted by: michiko at August 5, 2008 11:48 AM

2600 Lyon sold last year for 6.2 and was totally gutted. Is that the property Michiko?

I like the exterior, but the remodel looks pretty budget. I think it should've been priced at 6.9. 2k per foot is too high for a small house with a mediocre/dated interior.

However, who knows - maybe there's a rich guy or two out there with an Anne Hathaway fetish.

Posted by: sleepiguy at August 5, 2008 12:17 PM

There are a lot of trophy, and almost-trophy properties in Pac/PresHts/Cow Hollow. The question is whether there are enough local and long-distance buyers at the prices now being asked. The people who have $5m to $30m to spend are generally not going to accept modesty. This property is modest, even small, excepting the location and roof view. The Luries used to live here, when he owned the Giants.
Of course, if they can wait a couple of years, the market will go up.

Posted by: Conifer at August 5, 2008 12:52 PM

Oops, I was thinking of 2897 Green @Lyon. That was on the market in 2006 renovated by Nina Hatveny, list approx. $8 million, but I don't know what happened to it.

The renovation at 2601 is not to my taste, but might be attractive to those who actually have the cash to buy it. A lot of embassies in the vicinity.

Posted by: michiko at August 5, 2008 12:56 PM

Huh! I'm not familiar with that one! I know Nina did a house on Vallejo around that time. Anyway, wherever it is, I'm sure it looked great. Her renovations normally seem tasteful and well-priced.

Posted by: sleepiguy at August 5, 2008 1:14 PM

But with all the gnarly grinders you could do off the front steps (oops) it would be totally worth it.

Posted by: vox at August 5, 2008 2:48 PM

I could be wrong, but I believe the exteriors of this mansion was used as the high school that Princess Mia Thermopolis attended. You know. Princess Mia? From the Princess Diaries?

Posted by: fogfan at August 5, 2008 11:50 PM

^ See my post above....

Posted by: sleepiguy at August 5, 2008 11:54 PM

@Conifer. When did Bob Lurie live here? I thought his family have lived in Presidio Heights for decades (along with Indian Wells in the desert)?

Posted by: anon at August 6, 2008 4:24 AM

sleepiguy, you should be ashamed to admit that you've seen such movies!!!!

Separately- There are some houses in 7 that can escape traditional psf metrics. This is not one of them IMO.

This is more in the $1550 to $1600 psf range at best, again IMO. Maybe they are getting residuals off the film rights that are factored into the purchase price.

Also, seems an odd agent for this property.

Lastly, where is the parking for this place again? I don't see the 2 car garage.

Posted by: eddy at August 6, 2008 10:12 AM

The listing for 2601 Lyon has been withdrawn from the market.

Posted by: SocketSite at September 2, 2008 8:33 AM

It's back at 6.39.... Obviously, I take back my previous comment about 6.9 since things have changed somewhat since last summer.

Posted by: sleepiguy at February 18, 2009 11:45 AM

Yes,.this was the exterior used for Princess Diaries. My wife was one of the makeup artists working on the Disney film.

Posted by: john at February 18, 2009 2:05 PM

In Escrow.

Posted by: eddy at June 2, 2009 8:56 AM

Closed Escrow at what appears to be a confidential sale. :( I think we can reasonably assume that it was below the ask price.

Posted by: eddy at June 25, 2009 10:41 AM

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