As we wrote in 2006:
Purchase a Presidio Heights Beaux Arts mansion (3701 Washington) in need of renovation for $8 million; spend a “couple of million” updating the plumbing, roof, and parking; entice 25 top-tier decorators to ‘volunteer’ their time; and voila! We give you the 29th annual San Francisco Decorator Showcase property. (And a brand spanking new $15.5 million dollar price tag.)
As we added six months later:
The 2006 Decorator Showcase property (3701 Washington) has been reduced $1,250,000 (8%).
As we note today: On the market and asking $17,500,000. And for those who might have missed them, 2006 Decorator Showcase photos are still available online.
But as they’re tied to the 2006 listing (and a $14,250,000 price), get them while you can.
∙ Listing: 3701 Washington (6/6.5) – $17,500,000 [MLS]
∙ Now That’s How To Flip Renovate! [SocketSite]
∙ It’s Tough At The Top [SocketSite]
Wait a minute here. Are you saying the asking price went from $15,500,000 in March 2006, was reduced to $14,250,000 by September 2006, but it’s now on the market for $17,500,000, a full $2,000,000 more than its March 2006 asking price, or $3,250,000 more than its September 2006 asking price?
Heh.
They’re just putting the bait back in the water hoping that there are different fish swimming past who haven’t seen the prior listing. $3.2M over the last listing price means that they now have that much more bargaining room. Imagine the bragging rights to say that you were able to talk a seller down a whole three million dollars.
Is anyone currently even living in this house? It is always dark when I walk or drive by. I am betting that if and when this finally sells, the buyer will rip most of the decorating out and make the houes over to fit their “taste”.
Do the individual decorators donate the furniture to the showcase event, or were they purchased by the current owner afterwards?
“Is anyone currently even living in this house?”
I don’t have any specific info on this property. But the tax records show that the tax bill is being sent to “1585 Broadway, New York New York 10036”.
That’s the Morgan Stanley building. Yesterday, the CEO made a comment that if they didn’t find a merger partner, they weren’t “going to make it”. The NY Times has tried to “clarify” the statement and sort of retract it today, but I believe 100% that the quote was accurate (I don’t buy the “clarification”/retraction).
Good luck folks!
Current owner is “JS Holding Trust.” It’s not uncommon for the ownership of a property like this to be handled in trust by one of the larger banks to consolidate the financial dealings of an individual at one company (stocks, real estate investments, etc.) in one place. Anyway, just because the tax bill is being sent there doesn’t mean they own it.
cool information satchel. where’d u get that tax info?
this house could become a great datapoint to watch for signs of carnage at the high end of the housing market due to the billions of net worth wiped out this week from financial sector employees.
It’s presumably a foreclosure (listing says it’s an REO)
The the real estate agent took great liberties with redecorating the house as she saw fit, to make it more marketable (in her words) while completely obliterating all the great pro bono work done by some of the designers. The top corner, second from left is the living room, not as the designer left it, but how she re-RE-decorated it. Maybe they should subject all designs to the approval of the real estate agent (instead of the owner and event committee) and change the name of the event to the Decorator Sell-out House.
It looks like they just pulled it from the market…
I’m also confused by the above comment. Obviously, the furniture doesn’t stay with the house after the Decorator Showcase closes. The decorators have to remove it unless it’s purchased by the buyer… that didn’t happen, so it was initially staged by Olivia Hsu Decker when it was listed the first time two years ago. I don’t know if the current images show staged furniture chosen by Gloria Smith (the current agent), or pieces bought by the current owners. Regardless, this is the third set-up I’ve seen in the living room.
What is the deal with decorators thinking they have to make every “mansion” look like some awful Frankenstein accident involving Versailles and the set of Dynasty? Aren’t there any wealthy younger buyers in the market(say, under 80) who have money but also want a tasteful contemporary home? Why not stage to appeal to them instead of the most godawful nouveau riche?
Just to put things back into prospective as to out of touch with reality this market has become:
For 10 times less, you can get your own chateau: a 9,000sf+ 14/9 near Aubusson in France with a 7 acres garden, and as a bonus a 2000sf house for your servants. With the 13M left, you can enjoy life, good wines and a great region to live in. Did I mention a 5000sf pool house was for sale next door for 350K?
Plus, this castle has been sitting unsold for a while now. They even might throw the “pool house” in for free.
Back @ $13,450,000