July 14, 2009
Below Over Freezing. Except For That One At Twenty-Nine...
If you read Bloomberg yesterday you learned that the past three Decorator Showcase homes in San Francisco are on the market, and that this year’s showcase (2830 Pacific) "was listed at $12.9 million in April and the price was reduced in May."
“Things reached a fever pitch two years ago when people thought they could do no wrong in real estate,” said Malin Giddings, co-listing agent for this year’s seven-bedroom, six- bathroom home. “Now the game is over.”
You were also told that the "last time a house in San Francisco fetched at least $10 million was in June 2008, according to the city assessor-recorder office."
Of course plugged-in people know that 2830 Pacific was actually asking $15,500,000 before being listed in April (and then reduced in May), and that it’s more like six out of the past ten showcase homes that are struggling to find buyers.
Oh, and 2799 Broadway (A.K.A. 37 Raycliff Terrace) sold for $29 million in September 2008. But hey, who are we to quibble with Bloomberg.
∙ Mansion Glut in Pelosi’s San Francisco Neighborhood Slows Sales [Bloomberg]
∙ Another Ex-Decorator Showcase Is Officially Listed: 2500 Divisadero [SocketSite]
∙ 2009 Decorator Showcase (2830 Pacific) Opens Its Doors And Kimono [SocketSite]
∙ Showcasing A Designer Price Cut: 2830 Pacific Sheds Another 29% [SocketSite]
∙ The SocketSite Scoop On 37 Raycliff Terrace (A.K.A. 2799 Broadway) [SocketSite]
First Published: July 14, 2009 11:30 AM
Comments from "Plugged In" Readers
A day does not go by without my thanks to Al Gore for inventing the internet. With a source like socketsite I can learn the full scoop. The Bloomberg article is old school. It's full of errors and sweepingly general.
Posted by: unwarrantedinlaw at July 14, 2009 12:50 PM
Just as a curiosity, what property went for >10 mil last June? Also, I have to wonder, even at the peak, how often homes that far in the stratosphere close.
This is also only looking at houses, right? Haven't both Millennium PHs sold for more than that quite recently?
Posted by: justme at July 14, 2009 1:08 PM
Looks like the marketing worked as the showcase home is not updated on Malin's site as "Leased w/Option".
Posted by: eddy at July 15, 2009 10:42 AM
Malin is full of it and everyone knows it ...
Posted by: realiman at July 19, 2009 3:25 PM