February 24, 2009
An Appreciation (Just Not "Appreciation" Per Se) For 2668 Vallejo
After last being listed for $6,350,000 in 2007 (and sold), 2668 Vallejo is back on the market for $8,500,000. Think renovation more than appreciation over the past two years.
According to permits, the basement was partially excavated and first turned into living space and then later converted into a two-car garage (complete with new curb cut). A wine cellar and workshop were added, bathrooms were spruced up, and the foundation was partially replaced.
More recently a three level addition on the back, a new roof deck up top, a media room extension down below, and a kitchen and master suite renovation inside were all kicked-off with an anticipated completion date of June 2009 ("an opportunity for the sophisticated buyer to select their finishes" in listing speak).
And while a sale for anything over $6,350,000 is sure to be counted and misreported by some (or some reports) as "appreciation," we trust that any plugged-in person would know it’s not. Regardless, we do appreciate the home.
∙ Listing: 2668 Vallejo (4/5) - $8,500,000 [ninahatvany.com]
First Published: February 24, 2009 12:00 PM
Comments from "Plugged In" Readers
Fantastic block.
Posted by: gh at February 24, 2009 12:48 PM
Lovely home on a lovely block... and yes, this house underwent a major transformation. The price seems a bit high, but there are so few houses in Pac Heights that are in move-in condition, that maybe you can justify the price tag...
Posted by: sleepiguy at February 24, 2009 12:49 PM
Still listed as coming soon, and not on the MLS. This is an interesting situation and a potential disaster for the developer who likely over paid in 2007. I'd argue that based on today's situation that this place should be closer to $7M - $7.5; and the place prior to renovation was closer to $4.5-5.5. That said, if the renovated house on the Fillmore bus line can sell for $5M (clearly a comp) than this is probably not too far over priced. That said, I think that Fillmore house represents the last fool; as the market quickly turned on a dime. I would rather have, and invest in fixing up the Broadway property (recently in contract) will killer views than this place. More deals are coming -- but this place is very nice.
Nina's site has an estimated property tax of 1.163 -- I though the assessment was a lower %?
Posted by: eddy at February 24, 2009 1:47 PM
It's not clear if Nina bought this to live in with her husband, or to fix-up and sell. Either way, I'm sure she did a super-tasteful job. I remember it as having a very grand entrance, but a little lacking in terms of upstairs bedrooms. However, perhaps the addition at the back alleviated that problem.
Posted by: Seb at February 24, 2009 2:32 PM
I wish this was a Malin listing so I could see the floor plans!
Posted by: kthnxybe at February 24, 2009 5:05 PM
From the few pics, I think this house is very tasteful. Some nice details without being overly done up.
Posted by: StockBoySF at February 24, 2009 8:30 PM
The Broadway house in deed is a much better deal. Better location and better views. Sure, this house looks grander and the Broadway house does not have a parking space in the house but we all know the number one rule in real estate: location, location , location. You cannot beat the Gold Coast in SF (and the view that these last 3 blocks of Broadway offers).
Posted by: Juju at February 24, 2009 9:49 PM
I think that everything looks really great.
Posted by: Home Improvement at March 6, 2009 2:02 PM
And just down the hill, looks like the founder of Unique Global Estates may have been a bit agressive on the refi's at 2543 Vallejo (2788 sq.ft.). A NOTS was filed on April 17 according to the SF Recorders website. Date for the trustee sale, according to RealtyTrac, appears to be Oct. 26, with a balance north of $3million. Oh, and don't leave home without it (PDF, lawsuit).
Posted by: EBGuy at September 23, 2009 2:06 PM
Always grateful for the information EB. Did 2668 ever sell? I don't think it was ever listed on the MLS?
Posted by: eddy at September 23, 2009 2:32 PM
Did 2668 ever sell?
No, but it appears to have been refinanced.
Posted by: EBGuy at September 23, 2009 2:52 PM
^the owner moved out and some new people moved in... Renters maybe? Never saw it on Craigslist.
*sorry for the name change..
Posted by: Somedude at September 23, 2009 3:17 PM
It was available fro rent for $15,000.
Posted by: auden at September 24, 2009 8:12 AM
It was available for rent for $15,000.
Posted by: auden at September 24, 2009 8:12 AM
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