February 24, 2009

An Appreciation (Just Not "Appreciation" Per Se) For 2668 Vallejo

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

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 [a 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 for rent for $15,000.

Posted by: auden at September 24, 2009 8:12 AM

2543 Vallejo is Bank Owned now. I wonder what it will sell for?

Posted by: anonymous at March 12, 2010 5:01 AM

"2543 Vallejo is Bank Owned now."

Wow, if that's true, epic failure by Nina.

Posted by: anon at March 12, 2010 9:52 AM

Anon, you need check your vision. 2543 is on the block east of the 2600 block and clearly not the home featured here. It's a crappy stucco shack on the south side of a horrifically steep block. Should sell in the low 2s -if that.

Posted by: sleepiguy at March 12, 2010 10:06 AM

Just FYI, a flag was erected in front of this house, leading me to think it's been taken over as a consular residence.

Posted by: sleepiguy at March 12, 2010 10:10 AM

My bad, sleepiguy -- didn't realize people were talking about a different property than the subject post, and I'm not sure why you need to be so abrasive about it. In any case, it's been over a year and Nina couldn't sell this place -- that's part of what I was referring to.

Posted by: anon at March 12, 2010 10:19 AM

I'm grouchy because I've not had any coffee and the weather is crappy. Where's Andrea with my Starbucks?? Steak! Where's my steak!

Posted by: sleepiguy at March 12, 2010 10:47 AM

sleepiguy, do you think 2543 Vallejo is worth renovating? Is it a fixer? Have you been inside? Crappy stucco shack is a pretty harsh description for Pac Heights... here you go, have some coffee.

Posted by: anonymous at March 12, 2010 5:40 PM

Lol.. I did break down and have some caffeine.. Thank you. I've never been in it, but I actually think this would be a fun project. I really think you could turn it into a cozy, modern home for not a huge sum of money. It probably has some nice city views from the upper floor. The facade has to go though. My only real issue is that particular block is just insanely steep and this house is kind of in the middle.

Posted by: sleepiguy at March 12, 2010 6:23 PM

2543 seems to be the business address for a real estate company, Unique Global Estates.

Posted by: tipster at March 12, 2010 11:03 PM

2453 Vallejo by the numbers. In 2000, a mortgage for $1.395 million. Fast forward to 2010, foreclosed for $2.38 million after multiple refies (yes, WaMu). Don't worry, a real estate professional has it under control.

Posted by: EBGuy at March 16, 2010 6:28 PM

2543 Vallejo is about to go on the market from what I hear. No price info yet.

Posted by: anonymous at April 12, 2010 10:47 AM

2543 Vallejo has been reduced to $2,393,525. It was originally $2,652,000.

Posted by: anonymous at May 17, 2010 6:59 AM

It's on this site now listed as "Coming Soon" for $10 Million!

Posted by: sfagent at February 17, 2013 2:34 AM

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