October 6, 2008

Still An Architectural Work Of Art, But Still A Bidding War To Be?

25 Mercedes

As we wrote eighteen months ago when 25 Mercedes Way was listed for $1,895,000 but sold for $2,200,000:

This Joseph Leonard designed Arts and Crafts house is described as an “architectural work of art.” And we’re buying it (the description not the house). Although if we did buy it (the house not the description) we have a feeling some bathroom/kitchen updating would have to be factored into our budget.

As we note today: back on the market with what appear to be an updated kitchen (although not what we would have done) and bath, but no permits listed online.

Now asking $2,099,000 (and betting on another bidding war?).

∙ Listing: 25 Mercedes Way (5/3) - $2,099,000 [MLS]
We’re Buying It (The Description Not The House) [SocketSite]
Fun With Building Permits (And Complaints) [SocketSite]

First Published: October 6, 2008 8:00 AM

Comments from "Plugged In" Readers

Nice place. $2M clearly goes a lot further here than in Noe.

Posted by: Foolio at October 6, 2008 9:20 AM

so this was just a pure investment opportunity that didn't pan out in the slightest, considering the market these days they will be lucky to get 2M

Posted by: asad at October 6, 2008 9:54 AM

The kitchen and baths are just vanilla and bit boring. And is this staged or just sparse? Feels very we ran out of money...

Posted by: wolfee at October 6, 2008 10:10 AM

I think this is a wonderful house. The first six or seven pictures were a bit boring, but once I saw the ketchen, and the pictures after, the house seem very nice. It's very airy, with loads of space, and natural light.

Posted by: Parka at October 6, 2008 10:19 AM

Great home. Too bad nobody buys homes anymore, just "investments". yet another home owned for just a few months before being plopped back on the market.

the bathrooms are vanilla, but they work with the overall style of the house.

Posted by: ex SF-er at October 6, 2008 10:28 AM

What am I seeing along the edge of the ceiling in the living room? Is that water damage?

Posted by: diemos at October 6, 2008 10:30 AM

I saw that too, I think it's painted to look like water damage. It must look different in person.

Posted by: sparky-the-bear at October 6, 2008 10:43 AM

I saw this place first time it was on the market and it is one of the most beautiful examples of Arts and Crafts architecture I have ever seen. This is a "Berkeley Claremont" home in San Francisco, which is hard to find.

One thing made me nervous though and that is that the seller, who is an architect, decided to hold onto the adjacent lot. The adjacent lot is smallish, about 3000 sq ft, but there is no reason that someone could not build something there, and if they did, it would dramatically change the feel of the house, which is currently set away from its neighbors.

Does anyone know if the adjacent lot is also for sale or not?

Posted by: NoeValleyJim at October 6, 2008 10:58 AM

Is this the famed "Alameda" architecture? Or perhaps it is called "San Fernando" style.

Posted by: sf at October 6, 2008 11:41 AM

doubtful this will sell at that price, in that neighborhood, and with the silly half attempt at updating- how soon until first price reduction ?

Posted by: good luck at October 6, 2008 1:06 PM

$1.95M predicted selling price

Posted by: spencer at October 6, 2008 3:47 PM

@spencer: LOL, do you think everything will sell at $1.95M?? ;-)

Posted by: Foolio at October 6, 2008 4:02 PM

pychological belief that you are getting a much better deal at 1.95 than at 2M

it doesn't make sense but being above rather than below large round numbers make people feel better.

for instance, people feel much better about negotiating from say 2.05M to 1.95M than they do about going from 2.2M to 2.1M

Posted by: spencer at October 6, 2008 5:03 PM

The interior is a different world, but the outside (in the fisheyed pic above) makes it look straight out of the Pleasanton prefab zone. I agree that anything that isn't nailed down seems to have been sourced from Target.

Posted by: EH at October 6, 2008 6:09 PM

They decided they didn't like the house?

Posted by: Portalheights at October 6, 2008 8:37 PM

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