March 10, 2009

A $3,000,000 Reduction (That Might Not Seem Like So Much To Some)

2901 Broadway

It was the 2007 Decorator Showcase Home and has been on the market for over two years (an "official" DOM of 690). It was initially listed for $55,000,000 in early 2007 and received a rumored four offers a few months later (which were all countered at asking and all walked away). And it was reduced to $48,000,000 on March 6, 2008.

2901 Broadway: Aerial

Yesterday the list price for 2901 Broadway was reduced another $3,000,000 (now asking $45,000,000). And while a $3,000,000 reduction might normally drop some jaws, do keep in mind that's a little over 6%. And since March 6, 2008 the Dow has dropped 46 (percent).

∙ Listing: 2901 Broadway (7/7.5) - $45,000,000 [2901broadwaystreet.com] [MLS]
If You Have To Ask (2901 Broadway) [SocketSite]
Your Chance To Slip Inside 2901 Broadway [SocketSite]
Go Ahead And Ask: 2901 Broadway Is Listed (And Priced) [SocketSite]
Rumor Has It: Four Offers On The 2007 Decorator Showcase Home? [SocketSite]

First Published: March 10, 2009 6:30 AM

Comments from "Plugged In" Readers

nah, still too high. I remember when it first came on the market, they didn't have an asking price. Someone offered I think $20M-$30M but was rejected. It takes at least $10M to make it current plus even though the house looks really big from outside, in reality, only the top two floors are "above grade". It's going to sit for awhile with this kind of price tag. I don't see it moving for years a la Petite Trianon at Presidio Heights.

Posted by: juju at March 10, 2009 7:56 AM

This is where the other comps on the block really hurt. 2799 "Broadway" (*cough *cough) sold for around 29 million PRE Lehman crash and that home was brand new. Likewise, 2712 Broadway looks like it may move for around $1000 per foot (there's some work going on there now - I assume to remove contingencies). That house is actually comparable in size to this one. I can't imagine 2901 having more than 8000 sq ft of real living space (excluding all the seriously subterranean rooms, halls, bat cave, etc.)

Posted by: sleepiguy at March 10, 2009 10:28 AM

The median home price in the Bay Area is $300,000. This monstrosity is reduced by 10 times that. Bah! What is the world coming to?

Posted by: Tracey Taylor at March 10, 2009 10:36 AM

I've fully discounted this property and 2845 Broadway. Simply too far off-base. I don't think Danielle Steel could sell her estate for $45mm in this market/economy; so these places certainly don't even come close to reality in terms of asking price.

I hate to even take a stab here, but I'd suggest that these properties would move at $20 and $25mm respectively considering both need between $4-8mm to get them to completion. So until these homes have a "2" in the first digit of their asking prices I don't see how these are even remotely relevant in the market. But I appreciate / understand the need to keep the SS faithful updated.

Posted by: eddy at March 10, 2009 11:44 AM

Is the tennis court on top of a giant 2-story concrete slab, or is there livable space in there?

Posted by: lolcat_94123 at March 10, 2009 1:44 PM

so what's this place really worth? that's almost a rhetorical question. i've always been fascinated by this house... it seems like it's been vacant for most of the past 20 years at least. around 1990, it seems like it would have been in the neighborhood of $4mm... then with two eras of billionaire-minting tech/internet boom, it inflated 1000%, but listed so unrealistically (why just $44mm, why not $200mm?).

i wonder if anyone will ever actually live in this place. someone is paying property taxes while it sits vacant. bizarre.

[Editor’s Note: The home was actually owner occupied up until it was listed (and even for a while after if we recall correctly). And in terms of that tax bill, keep in mind the tax assessed value (not bill) was all of $653,253 in 2008.]

Posted by: hugh at March 10, 2009 1:48 PM

$653,253 sounds about right. ;)

Posted by: lolcat_94123 at March 10, 2009 2:45 PM

Speaking of the injustice of Prop. 13, my wife and I pay almost as much in property tax for an 800-sq.ft. bungalow on the peninsula than these people pay in tax for a huge $45M mansion on outer Broadway.

Everyone who thinks that's fair, please raise your hand.

Posted by: Jimmy (No Longer Bitter) at March 10, 2009 3:15 PM

Funny, if the mansion sells around that price, new property taxes for the buyer will not be too far from the $653,253 assessed value!

Posted by: San FronziScheme at March 10, 2009 3:53 PM

Quote - "Is the tennis court on top of a giant 2-story concrete slab, or is there livable space in there?"

I like to think that is the the roof of the bat cave at the Wayne Mansion or a decommissioned Nike missle site. But the real answer I believe is that it reflects the original grade of the hill, with the street grade flattened over the decades. The older houses are well above the current street grade with mojo stairs while newer houses show major excavation to have more direct street access. Compare the backyard elevation to the houses on the street behind.

Posted by: redseca2 at March 10, 2009 4:01 PM

10,000 square feet x $3,000 per sf = $ 30 MIL.

maybe.

there needs to be a rational basis for anything right now and it is hard to see this above $ 30mm. view premium and everything else baked in.

Posted by: Louis at March 10, 2009 5:00 PM

I like to think that is the the roof of the bat cave at the Wayne Mansion ...
We've got the real bat cave on this side of the bay.

Posted by: EBGuy at March 10, 2009 5:52 PM

Funny little kitchen for such a great big house. How long does it have to stay on the market to be officially declared a white elephant?

Posted by: Salarywoman at March 10, 2009 7:24 PM

I like this place and wish I had the money to buy it and fix it up right. I'd also replace the tennis court with a nice swimming pool. As far as price... the place has great presence, location and views. It's a unique property. I'd say $35MM would get it sold. But I'm no expert.

Since other places were mentioned in these comments.... I also like La Petite Trianon juju mentioned in the first comment- enough space for a garden. 2799 Broadway... with that long wall of windows on the Broderick side looks too much like an apartment/condo complex (albeit a very nice one). I think if there was a grand entrance on Broderick St. (rather than Broadway) it would be more like a mansion. 2845 Broadway leaves me cold. 2712 Broadway doesn't do anything for me either.

The bat cave in Oakland definitely needs a couple million to spruce it up with high tech gadgets to truly make it Bat Man's cave. I can't believe it's a penthouse.

Posted by: StockBoySF at March 10, 2009 8:07 PM

It's about price, then price, then again..price. Overpricing today is a death wish and MAJOR time waster. Delusionary sellers are a waste of time...... nuff said?

Posted by: eroom at March 11, 2009 1:46 PM

Off the market. Prob just expired.

Posted by: eddy at October 3, 2009 4:29 AM

As "eddy" correctly surmised, the listing is once again active with an official 899 days on the market and counting.

Posted by: SocketSite at October 5, 2009 11:44 AM

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