February 25, 2009
Riders On The Storm (The Doors Of 55 Buena Vista Terrace Reduced)
As we wrote in September of 2008 when listed for $3,395,000:
It’s a 1905 Edwardian that’s been redesigned by architect Jonathan Feldman and interior designer Joseph Oroza (the seller). Big glass doors with some big city views.
And it still is (and still has). But as a tipster notes today: 55 Buena Vista Terrace was re-listed last month and recently reduced to $2,695,000 (now 21% under original asking).
Purchased for $2,177,000 in April of 2006, but significantly remodeled since (including adding a new bathroom, turning outdoor space in, and remodeling the kitchen and dining).
∙ Listing: 55 Buena Vista Terrace (3/3.5) - $2,695,000 [MLS] [residentphotography.com]
∙ Big Swinging…Doors (And Here Comes The Competition) [SocketSite]
First Published: February 25, 2009 4:15 PM
Comments from "Plugged In" Readers
haha. . .this repricing makes me love re-reading comments like these:
55 Buana Vista Terrace is amazing. The finishes and the views are amazing. At this price point , this will fly off the shelf imediately. I wonder if the owner is interested in selling the furniture?
~Hiram Colas at September 9, 2008 2:26 PM [on this home when it was listed at 3.4MM]
Posted by: hindsight at February 25, 2009 4:42 PM
People shouldn't remodel unless they feel confident they can get the money out.
Posted by: jessep at February 25, 2009 4:42 PM
What's funny is that only one person siad they thought it would "fly off the shelf", yet that's the first post here. Most everyone just talked about the doors, that and flies.
Posted by: sparky-C at February 25, 2009 4:50 PM
Well, as a looker in the area, my two cents:
I have a small but growing family, and the small space outdoors, even if coverted to something more friendly than rocks, still isn't terribly family friendly.
In addition, the downtown and east bay views are nice, but not as special as views to the north.
We passed on a nice single family on the same block in late summer/ early fall that went for 2.2, not finished at all like this. I can't recall the sqare footage or address (editors?), but side by side, this is a slightly better buy at 2.6. Not that the last one was good buy at 2.2, mind you. I'd take ths one maybe at 2.3
Posted by: Looker at February 25, 2009 4:54 PM
"People shouldn't remodel unless they feel confident they can get the money out."
I bet they were confident at the time.
Posted by: Michael at February 25, 2009 4:56 PM
"I bet they were confident at the time."
No one goes to war because they think they're going to lose.
Posted by: diemos at February 25, 2009 5:01 PM
Wow, that first thread was filled with a bunch of shills. Yet another case of a flipper who bought at the top and bay be lucky to BE.
Posted by: eddy at February 25, 2009 5:10 PM
Anytime someone uses the (imo annoying) phrase "price point" it's probably a realtor. The "flying off the shelf" sentence sounds pretty blatant in that regard as well.
Nice place though.
Posted by: lolcat_94123 at February 25, 2009 5:15 PM
When the smoke has cleared, even this price will seem ridiculously high. However, my current favorite chuckle for an optimistic seller is:
Posted by: mortgage analyst at February 25, 2009 5:30 PM
I have to comment on 55 Buena Vista and 125 Edgewood since we were seriously looking in 2006 in this neighborhood.
First, these properties typically get people like us, which are people who could afford the bottom end of Pac Heights but, would like more for our money. We are attracted to this neighborhood (Ashbury/Parnassus Heights) because of its architecture, greenery, views and, humble personality (compared to ritzy Pac Heights). The views from this neighborhood, especially the northern views, are downright spectacular.
In 2006, I walked through some homes in this area (Cole Valley included) that were $2.3-2.8million with views. What we would have gotten for our money in this neighborhood, was much, much, much nicer than what we could have bought in Pac Heights for $3-3.2million.
High-end homes are not moving right now. All the sudden, anything that is over $3 million in Ashbury/Parnassus Heights has very serious competition from the highly sought out northern neighborhoods.
Posted by: Pumpkin Patch at February 25, 2009 7:35 PM
The issue is personal preference, and taste. If you want to live in SF, Buena Vista neighborhood, you probably want something older, warmer, more homey. These are clean lines, new, a bit vacant. The seller will have to find a relatively rich person who was brought up in a place like this, so it gives good memories. Tougher to sell this in an old fashioned, very SF, neighborhood.
Posted by: Conifer at February 26, 2009 2:17 AM
So with an acquisition cost of $2.17M it seems that this property hit the market with the,
"We're going to make a butt-load of money" price which was then cut to the,
"We're going to make a healthy profit" price and is now down to the,
"Let's get out with our skin intact" price.
If it fails to sell I forsee a new unit of rental inventory coming on-line. First at the,
"Let's cover our costs" price then cut to the,
"We can bleed a little while we wait for the market to come back" price and then finally cut to the,
"Let's get someone in there" price.
Will our intrepid heros escape in the nick of time from the clutches of the debt-deflation monster? Tune in next week.
Posted by: diemos at February 26, 2009 6:00 AM
Diemos, very true.
The next episodes still need to be written. They could go that way:
"I'm tired of subsidizing renters, let's put it back for sale in in the spring"
"I'm out of cash after 3 years losing 6K/month. Let's arrange a short sale with the bank and unload this white elephant!"
"Honey, the bank just called. They found the keys in the mail."
Posted by: San FronziScheme at February 26, 2009 7:04 AM
This house was obviously remodeled by someone for themselves, not to make a profit. Even in the best of times they would lose money on that remodel. It makes me very sad that they are probably losing a extra huge pile of money on it, and would have done better if they did the boring oak kitchen with granite counter remodel.
That said, typically only the crazy rich take on a remodel like this, so there probably doing fine. Be glad that not everyone is (has to be) motivated by 'getting the money out' -- It leads to a city of crap.
Posted by: rw at February 26, 2009 12:43 PM
Still overpriced. Keep it going down. Look at 313 Clipper. Finally down to $2.5 (ish) and finally moving.
Posted by: alex at February 26, 2009 6:08 PM
I mean 313 Duncan! Not Clipper.
Posted by: alex at February 26, 2009 6:10 PM
Really? The scuttlebut from auden on the other thread is that 313 Duncan is BOM.
Just posted 3 pm today. So what's the real scoop?
Posted by: gumby at February 26, 2009 6:40 PM
@alex: and MLS shows as active.
Posted by: gumby at February 26, 2009 6:43 PM
How did they get away with the stepped platform decks in the back yard without a railing?
Posted by: bgelldawg at February 28, 2009 9:11 AM
55 Buena Vista cut $100K down to $2.595M, 24% below its original listing price in September 2008.
Posted by: LMRiM at April 13, 2009 11:17 AM
The MLS listing for 55 Buena Vista Terrace has been withdrawn without a sale.
Posted by: SocketSite at May 26, 2009 11:41 AM
They probably hope to wait things out. I hope they have a good 5 years ahead of them.
Posted by: San FronziScheme at May 26, 2009 12:08 PM
I know we already discussed those doors ad nauseam, but if they're your cup of tea, you really need to see the super-sized versions on Slide 9 of these AIA award winning designs.
Posted by: EBGuy at May 27, 2009 10:48 AM
Posted by: gmlight at November 4, 2010 3:08 PM
2.295? Down $1.1M (about 30%) from their original ask?
Posted by: tipster at November 4, 2010 3:23 PM
I love that two shills used the "fly off" phrasing -- here's the other one who kept pushing the Edwardian + modern as the selling point:
"You're all missing the point here. The doors and views are spectacular, but have you taken a look at the renovation inside? The architect and designer have created a modern gem that still maintains the original 1905 Edwardian charm. That zebra wall media room looking out onto the garden is my absolute favorite. I can see myself working in the raised office looking out at the bay. This house will fly off the market and command top dollar without a doubt.
Posted by: tauska at September 9, 2008 8:14 AM"
Posted by: sfrenegade at November 5, 2010 11:48 AM