March 27, 2009
The Dow Continues To Move (While 2170 Pacific Still Hasn’t)
It’s at least the fourth time a listing for 2170 Pacific Avenue has touted "On Tour as New" and "1st OPEN!" Now asking $2,995,000 with an official one day on the market according to those industry stats.
Purchased on 5/27/2004 for $2,350,000. Once again, closing price for the Dow Jones Industrial Average on that day: 9,958. On October 10, 2008 when last listed at $3,250,000: 8,174. And currently: 7,787.
∙ Listing: 2170 Pacific Avenue (3/3.5) - $2,995,000 [MLS]
∙ At Least Some Of The Photos Look To Be "New" As Well: 2170 Pacific [SocketSite]
∙ It's Deja Vu (But Not DJIA) All Over Again: 2170 Pacific Avenue Edition [SocketSite]
First Published: March 27, 2009 10:30 AM
Comments from "Plugged In" Readers
Can you find the jack'o'lantern in this picture?
Posted by: sparky-b at March 27, 2009 10:40 AM
Top of the stairs on the right.
Could this be an old picture? From a prior listing, perhaps?
Posted by: Jimmy (No Longer Bitter) at March 27, 2009 10:45 AM
This house has been on the market for over a year. Longer. The seller just isn't motivated to come down from his/her "make me move" (dream) price.
Posted by: DataDude at March 27, 2009 10:57 AM
So the Dow was very high when it closed, lower when it last was listed at a higher price, and is almost at that point again, yet it has a higher list than when it was purchased. I'm sort of not seeing any relationship there. Perhaps LMRiM can illuminate this 1:1 market correlation for all of us.
Posted by: anonn at March 27, 2009 11:05 AM
This is a condo, right? I guess I'm not the only one who thinks that this pricing is out of whack.
Posted by: scurvy at March 27, 2009 11:14 AM
This place was endlessly pimped on CraigsList as well. Along with the ugly orange house on Green that has been off/on forever.
Posted by: eddy at March 27, 2009 11:22 AM
Ornate and lovely or a bit overwrought?
Either way, $3MM for the lower unit on a block where most of the other buildings seem to be of much larger scale (ie not nearly as 'quaint') seems like a challenge.
I wish them luck, it only takes one...
Posted by: tony at March 27, 2009 11:24 AM
i think i'm being made fun of :)
but agree with annon.... bought for $712 per SqFt in a bubble mania atmosphire, now trying to get $907 a sqft.
That's 27% higher when even when those of us who don't think the end of the world is coming do think prices are down a bit and soft.
So this is a case in point of a completely unrealistic seller... they started at $1,000 SqFt last year and this is their 3rd re-listing with new lower, yet still outrageously high prices. So what's the story here?????
btw, I saw this last year with a client... overall we liked it, until you get to the "private" yard. It's not private, there's a lower unit that looks like an underground cave-like rental. It feels like you'd have 6 illegal families living in there staring out at you.
No one spending $1,000 per SqFt accepts crap like that... a yard you'd feel uncomfortable using.
And yeah, if the sellers breaks even on the sale (if they ever get realistic about price) it will have worked out better than the stock market.
Posted by: sfrob at March 27, 2009 11:28 AM
those of us who don't think the end of the world is coming
That's a pretty bold statement especially for you who are so moderate and balanced.
Most bears DO NOT think the end of the world is coming. Just that it's going to be a world where housing does not take a disproportionate place in everybody's lives. Of course for professionals this will be a different world. But the best will always make it, which is great news for everyone.
Posted by: San FronziScheme at March 27, 2009 11:48 AM
Houses that have been chopped up into units are just bad news. How many people are living in and around this place? Maybe, a few years ago when people would buy practically anything in Pac Heights, it seemed like a good idea. But now, why pay big bucks for a mess like this? You can get a full single family Victorian on Washington or Clay for 2ish.
Posted by: sleepiguy at March 27, 2009 2:11 PM
This sellers a freakin joke.
Posted by: Jake at March 27, 2009 2:51 PM
Sleepyguy is right. This single family house should have been left as built, not chopped up into condos. There are plenty of flats and small apartment buildings in this neighborhood that have been condo'd, and some that still should be.
This would have been a great house if left alone.
The problem is that there was a period from the
thirties to the fifties when large houses were treated as white elephants. Many of them have been returned to their architecturally natural use.
Including... I am pleased to report, the James Francis Dunn mansion on Vallejo, for which the Planning Commission, in a moment of unusual enlightenment, approved, Thursday, a "dwelling unit merger" of eleven to two units!
Hooray for common sense! Commissioner Borden observed that the purpose of denying mergers was to preserve affordable housing, and apartments on this street would not be affordable by any measure.
The building is owned by the Rossi family, who as they noted, contributed a Mayor to SF.
On the other hand, nearby on Green Street, the Commission spitefully refused to allow a couple to enclose a otherwise useless small courtyard of 280 square feet to create another bedroom. They told them "you get what you buy." The couple had the support of all their immediate neighbors, including Billy and Vanessa Getty (who live above on Vallejo.
The Commission took out their anger at the previous owner who had "facade-ized" the "historic resource" small house. No common sense in this decision. Only Dr. Antonini voted for this modest request; all the others stayed on their high horses, as it were, facing the wrong way.
Posted by: Conifer at March 28, 2009 11:02 PM
Holy Crap! I can't believe that unit merger went through! I thought it would be DOA so I never bothered to check the commission's decision. It was absolutely the right decision. 2250 is arguably THE most beautiful home on Vallejo St and should never have been chopped up.
Posted by: sleepiguy at March 28, 2009 11:24 PM
Available as a rental for 10,500/month.
Posted by: San FronziScheme at August 11, 2009 5:13 PM
After 238 days on the market this time around, the listing for 2170 Pacific has been withdrawn from the market without a sale.
Posted by: SocketSite at November 19, 2009 12:31 PM