July 1, 2009
Is The Captain’s House (300 Sea Cliff) Preparing For Another Voyage?
As we wrote in October of 2007:
57 months (no not days) after first hitting the market for $23,500,000, and nine months after undergoing an $8,000,000 renovation (and subsequently raising its asking price by $2,400,000), the list price on the Captain's House (300 Sea Cliff) has been reduced by $3,900,000 and it’s now listed for $22,000,000. And yes, we liked the brick better as well.
As far as we know it never sold, but with new scaffolding wrapping the exterior a couple of weeks ago perhaps it’s preparing a return. Apparently those $8,000,000 renovations just don’t last like they used to.
UPDATE: A plugged-in sleepiguy confirms: "Yes, it's coming back on the market. The remodel wasn't quite 8 million. Very, very close, but not quite."
∙ Ex-Listing: 300 Sea Cliff Avenue (5/5.5) - $22,000,000 [Sotheby's]
∙ 300 Sea Cliff: $3,900,000 Reduction (After An $8,000,000 Renovation) [SocketSite]
∙ Top Five San Francisco Trophy Homes [SocketSite]
∙ The $8,000,000
Man Renovation [SocketSite]
∙ Another Chance At (For?) The Captain's House (300 Sea Cliff Ave) [SocketSite]
∙ Checking In On 300 Sea Cliff Ave [SocketSite]
First Published: July 1, 2009 1:15 AM
Comments from "Plugged In" Readers
Following the original thread, this place has been for sale since 1/13/03?
1 - Has it been sitting empty for that long?
2 - Add the renovation costs, holding costs, etc..., we are talking theoretically about 10M+ hit, right?
What a waste of a great location/property/resources.
Posted by: San FronziScheme at July 1, 2009 7:25 AM
Perhaps the goal is to keep renovating until an annoyed neighbor buys it just to stop the noise.
Posted by: Delancey at July 1, 2009 8:41 AM
At least its not as bad as that house on the 800 block of Fell St (northside between Fillmore and Steiner, approximately 838 Fell St) that has had scaffolding up and looks like it is being renovated and painted, yet has been that way for around 20 years (it had been that way when I lived next door 14 years ago).
Seriously I guess there are no laws in this city against blight. Anyone know what the deal is with this property?
Posted by: Rillion at July 1, 2009 8:53 AM
the upkeep of this place must be outrageous. the weather just pounds this house day in and day out...
Posted by: garrett at July 1, 2009 8:56 AM
I don't think there is an $8M remodeling job: a paint job inside and out, a few faucets, refinish the floors,... For $8M, you could tear down the house and completely rebuild it.
At around 8,920 SF, that would be close to a $900/sf remodeling job... you can build way nicer from scratch. There is no remodeling worth more then $50/sf from what can be seen on the photos.
Posted by: zefabes at July 1, 2009 9:32 AM
Yes, it's coming back on the market. The remodel wasn't quite 8 million. Very, very close, but not quite.
Posted by: sleepiguy at July 1, 2009 9:55 AM
This is the mother of all white elephants, isn't it? The textbook definition of delusional seller?
Posted by: Sb at July 1, 2009 10:15 AM
Rillion, it is unfortunate that the City permits these "Winchester Mystery Homes" to continue "construction" for years. This house on 453 Liberty Street has been "under renovation" since the Carter Administration:
Posted by: Solis at July 1, 2009 10:23 AM
I don't know about 453, but the house next door devouring its yard made me laugh.
Also, yikes, 8M? Did they redo the whole place structurally? Major floorplan changes? What.
That said, nice digs, but yeah, I liked the brick better too. The kitchen needs some help as well. It might work for the intended audience, but it doesn't do much for me.
Posted by: justme at July 1, 2009 12:17 PM
It would be interesting to see a timeline with the list of Realtors who thought that they would be the one to either sell this place for >$20mm or get the seller to sell it at a reasonable price.
Posted by: FormerAptBroker at July 1, 2009 12:53 PM
This place sold back in 3/00 for 13,100,000 and if history is a guide (look at an array of other high sales from that period that have recently resold well under those levels), even with the renovation we are probably not above 15MM if you can find the right buyer... if you cant, try 10-12MM...
This property has shown as being owned by BofA and now WellsFargo... are these banks really throwing their own money down the drain?
Posted by: educatedguess at July 6, 2009 10:31 PM
Ahh yes, 300 Sea Cliff... It might interest you guys to know that I was employed by Plath, the company that did the remodel. I was in charge of making sure that the interior looks like a $23,000,000 world class home. And it does, and yes it cost about $8m to do that. There were major structural issues due to the severe conditions of the location, mainly keeping the weather outside. I believe there is still an issue with weatherproofing. The reason for the "stucco", (it's actually elastomeric paint), is again the weather. With brick being so porous, Plath decided that "rubberized" paint was a better alternative to stucco. About tearing it down and rebuilding an all new house, I believe that if it was torn down you could never rebuild at that location... Location, Location.. if anyone has ever been inside and looked at where this home is actually located the $$ being asked is really not that much considering you could live at the very edge of North America. I mean it, this place is amazing!! Best location ever!! Wish I were a rock star
Posted by: hoosurdad at September 22, 2009 1:32 PM
300 Sea Cliff sold on 9-10-2009 for
Imp Value $6,982,394.00
Land Value $9,381,175.00
Total Value $16,363,569.00
Tax Amount $186,835.98
Besides 830 El Camino Del Mar, the only other home I see in Sea Cliff with comparable views would be 632 El Camino Del Mar which is not waterfront. Are there any others?
[Editor’s Note: Sorry, but we don’t think that was a sale but rather a Recorder’s Office annual adjustment of 2% on the previous tax assessed value of $16,089,041. Regardless, and as always, thank you for plugging in.]
Posted by: SL123 at October 4, 2009 1:01 PM
I have a Grant Deed recorded September 15, 2009; Wells Fargo Bank, N.A., as Successor Trustee of Trust No. 00-9174
hereby GRANTS to Tawaraya, LLC, a Delaware limited liability company.
Says Documentary Transfer Tax computed on the consideration of full value conveyed.
I'll email you the Grant Deed.
The New Owner Listed Is
300 Sea Cliff Ave
San Francisco, CA 94121
101 Ygnacio Valley Rd #310
Walnut Creek , CA 94596
Posted by: SL123 at October 5, 2009 12:40 AM