January 15, 2009

2646 Chestnut: Quietly Coming Soon (And Seeking $2,700,000)

2646 Chestnut (www.SocketSite.com)

It’s been a slow start (and end) to the year for real estate in District 7, but according to a plugged-in tipster 2646 Chestnut on the edge of Cow Hollow is being prepped to hit the market at the end of the month with a whisper price of $2,700,000.

The house is roughly 3,650 square feet with good bones and views from the high floors, but outdated kitchen and baths (again, according to our tipster). Expect Coldwell Banker to have the listing (and plugged-in people to have any head-start).

And yes, while not officially on the MLS (or counted in industry inventory reports), the 2,320 square foot house next door (2652 Chestnut) remains on the market and is currently asking $1,900,000, down from $2,195,000 six months ago.

First Published: January 15, 2009 10:45 AM

Comments from "Plugged In" Readers

I have no idea what the right price is for a place like this, or what it would have sold for in 2005, etc. (not too familiar with the area).

However, I would note that the tax assessment for this place is $173K, meaning it was probably purchased over a generation ago for what looks like peanuts today. Lots of equity in these old places, and plenty of room for sellers to come down when they decide that the risk/reward no longer makes sense, even when the place is paid for and property taxes are $2,022.28 per year (that's not a typo).

Posted by: LMRiM at January 15, 2009 11:12 AM

This is right down the street from me. Nice location, although it may get some noise from Richardson and all that traffic. Still, better location than the place that's for sale right at the corner of Richardson and Chestnut Street. I have no idea why anyone would want to live right next to 4 lanes of non-stop traffic.

Posted by: Fishchum at January 15, 2009 11:18 AM

Everyone who has the slightest interest in this property will be made aware of the tax basis of the property and the note held by the current owner, LMRiM.

Posted by: fluj at January 15, 2009 11:29 AM

At about $740 a square foot, this is not a bad buy at all. I agree with LMRiM though that there's probably room to negotiate, maybe as low as 2.45 mill. It's only a couple of houses down from the Presidio and far enough away from Richardson that I don't think noise would be a real concern (if anything it would be a convenient commute to Marin).

Posted by: Jake at January 15, 2009 11:36 AM

This is kind of a "meh" location, I guess. As has been mentioned, there are/were several homes on the market near the Richardson/Lombard corridor - all of which failed to sell. This is also where the Green St. comp really hurts since it was one of the only SFRs in D7 to close escrow recently. Who is going to pay 2.7 for this when you can, in theory, live on Green for the same price.


Posted by: Sleepiguy at January 15, 2009 11:43 AM

Yeah, very close to Richardson. Cut off from everything but the Presidio stuff, Final Final, Liverpool Lil's etc.

Posted by: fluj at January 15, 2009 11:49 AM

Don't know what it will sell for, but this is not a "meh" location, it's steps from the Presidio gates and the park outside ILM, short walk to Palace of Fine Arts and Crissy Field, and walking distance to the shops of Chestnut, Marina Green, etc. It's also on bedrock not fill as the old shoreline roughly parallels Richardson and Lombard Street. Survived the 89 quake with no damage to speak of. No, I'm not the owner or a realtor but have lived in that neighborhood.


Posted by: Michiko at January 15, 2009 12:45 PM

Michiko is right. This is a relatively good location, but the proximity to Richardson is a problem, much like being near or on the PineBush corridor or Franklin Street. Property at the edges of Pachts/CowHollow/PresHts have always and will always have difficulty getting the same prices and those safely within. Which is no surprise, anywhere.

Posted by: Conifer at January 15, 2009 1:11 PM

6 months is a long time for 2652 to not be on the MLS.

Posted by: tipster at January 15, 2009 1:14 PM

I always find it amazing that places like this are cheaper than some condos.

I know the baths/kitchens need updating but how much could that possibly cost, especially if you do some of it yourself?

I renovated a kick-butt bathroom ... it cost me $6-7k tops... and it is VERY NICE although small, like maybe 8ft x 10 ft or something (a guess). I did a lot of the work myself, but I did NOT move things (left toilet, etc all in place). the $6k included a tiler to rip out all the walls and floors and put in tile walls and floors. it also included a heating specialist to pull out the radiator and to put it back in. and also a plumber to adjust the faucet once the new wall-tile was in.

I'd guess you could put a luxury kitchen in for $60k? luxury bathrooms for $30-50k depending on size? even in SF, no?

Posted by: ex SF-er at January 15, 2009 1:39 PM

mmmmmmmmmmmmmmmm......

Chicken & Waffle @ Liverpool Lil's

(and a long stroll through the Presidio on the way back home)

I'm gonna miss the City (sigh)

Posted by: Rubicon at January 15, 2009 2:06 PM

Fluj - The Presidio, Liverpool Lil's, Final Final, Crissy Field.......what more do you need? It's an incredible area.

Posted by: Fishchum at January 15, 2009 2:10 PM

At $750 or so a sq foot, seems like a steal to me, even in this economy and market. North end, and the Lucas Center Park turned out to be much much better than anyone expected. I agree with tipster that, even though it may not have been redone in years, it's a really strong value. I work in the Presideo and walk down this block often to the shops on Chestnut. You can't hear Richardson at all from that location and if has views it's worth the price. Last year I bet this was 950-1000 a square foot.

Posted by: jackfilmore at January 15, 2009 2:10 PM

In terms of a luxury kitchen, I would estimate minimum $100K. Probably more like $150K. You are going to need to upgrade all of the electrical and plumbing of course plus "luxury" cabinetry is going to be at least $30K. Throw in another $25K - $30K minimum for luxury appliances (i.e., Wolf, Miele, Thermador; not even Gaggenau or La Cornue . . . ) and you are at $60K without any labor, building materials, countertops, lighting, or professional feels. Could you do lesser cabinetry and more traditional free standing appliances (i.e., GE, Bosch, Kitchen-Aid) for $60K? Probably, but even then I think it would be tough.

Posted by: Matthew Murray at January 15, 2009 2:12 PM

"Fluj - The Presidio, Liverpool Lil's, Final Final, Crissy Field.......what more do you need? It's an incredible area."

Agreed. Liverpool Lil's especially! Ten Guinesses at Liverpool Lil's and then an afternoon dip in the Yoda Fountain. Paradise.

Kidding. But I agree. It's a very good area. But you can almost see Richardson from that facade photo. Notice how the house to the left is turned 45 degrees. This will affect price. Across Richardson and two blocks west and this house is probably at another pricepoint.

Posted by: fluj at January 15, 2009 2:27 PM

The $1.9M isn't that attractive - hopefully this one will be much better at that price!

Posted by: Kona at January 15, 2009 2:34 PM

I'd take Green Street and the edge of Pacific Heights versus this place the edge of the Marina any day. Personally, I don't like that odd block that is sort of isolated in a weird triangle of busy streets.

In this market I'd say it could sell for closer to $2.4 if the right buyer came along. I suspect this will not move quickly.

Posted by: eddy at January 16, 2009 3:55 PM

just in case anyone clicks on the 2652 chestnut st link and wonders why there are no pictures of a kitchen i can confirm that there is one, and it is a train wreck...its an older property so some updating in general can be expected, but wow is the only thing to say upon seeing it

Posted by: cow hollow renter at January 17, 2009 4:19 PM

Luxury kitchen cost a lot more than 60k. The cabinet I put in for my mom's house in presidio heights cost more like 90k and I know there are ones that cost twice as much or more. Waterworks faucets are several thousand dollars each plus close to another grand for the rough-ins. And you add a double oven from Wolf and couple warming drawers from Viking. Plus at least one Sub- zero frig and a hood from Wolf. You are already well over 100k. That's not even including a wine frig, cappuccino maker, granite counter tops, Miele dishwasher, back splash, flooring, lighting, etc. When all said and done, a luxury kitchen can easily run for 150k to say 300k-400k depending on the material and the size of the kitchen. Slap on another 100k if you want a special color finish on your cabinets to match say your prized apron. Oh yeah, don't for get the curtains from scalamandre to cover the french doors that lead to the backyard. That's another say 20-30k easily. And don't even get me started on a luxury bathroom!

Posted by: Juju at January 18, 2009 1:20 AM

"Slap on another 100k if you want a special color finish on your cabinets to match say your prized apron"

LOL.


Posted by: fluj at January 18, 2009 9:16 AM

2646 Chestnut popped on the MLS at 2.7. Elegant, grand scale rooms, filtered views from a pent room. Kitchen is probably mid 1990s, useable, but needs to be redone.

Posted by: tipster at January 28, 2009 3:21 PM

This place will not sell at this price. A year ago and this sells overnight. Considering Green Street sold with roughly the same condition at the same price -- $2.7 is a major wishing price. God only knows how it would fare in a quake. Is that area on liquifaction?

I predict $2.1 or slightly higher on this place. These homes could easily be sub 500 psf by the end of the year or early 2010 so these people would be wise to cut a deal and do it fast before the 4 other economic shoes drop.

Posted by: eddy at January 28, 2009 8:54 PM

2652 Chestnut just dropped ANOTHER $200K. That puts it in line with 2646 at about $735 psft, in spite of the fact that 2646 is much larger.

Posted by: tipster at February 12, 2009 3:15 PM

2646 popped up on redfin now down to $2.55 == $701/ft²...

Posted by: Geo at March 6, 2009 9:50 AM

While 2646 Chestnut is now in contract, a plugged-in tipster reports that 2652 Chestnut closed escrow with a reported contract price of $1.4M. Once again, asking $2,195,000 nine months ago and last listed for $1.7M.

Posted by: SocketSite at April 15, 2009 11:15 AM

Closed Escrow today at $2.3M & 631psf. I actually went to visit this property and really liked it. Given the market values as of late and the general trend I'd say this was a fair price for buyer/seller; but the buyer here has at least a $600k job on their hands and could potentially be facing further market erosion. Not an issue if they live there for 10 years, and the neighbors don't add a second level! :-) Still, it's nice to see homes trading hands and setting some comps. This should ding the other homes in the area seeking 800-1K psfs.

Posted by: eddy at May 1, 2009 3:32 PM

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