August 19, 2009

Cleaned Up And Coming Soon: 2849 Pacific

2849 Pacific

If our plugged-in tipster is correct, 2849 Pacific will be hitting the market in a couple of weeks after a "big money [but no designer] redo" and with an asking price of around $13,000,000 (give or take a million).

The last recorded transfer of the property was in 2007 with a value of $6,050,000, but that "sale" appears to be intratrust and anything but arms length as the trust’s namesake passed away that year.

First Published: August 19, 2009 8:00 AM

Comments from "Plugged In" Readers

i think its a flip by an agent. should be interesting.

Posted by: Jimmy at August 19, 2009 8:38 AM

Godspeed....

Posted by: sleepiguy at August 19, 2009 9:01 AM

This has been underway for quite some time so there is a chance it is spectacular inside and it better be mind blowing. Personally, I think these people are in for a big surprise if they bring this on at $13M, or anything over $10M honestly. The house on the corner 2799 failed to produce any bids at $10M and it is mint 2x lot. Looking forward to hearing more.

Posted by: eddy at August 19, 2009 9:08 AM

Thirteen, and not on the north side of the street? I can't envision that happening.

Posted by: anonn at August 19, 2009 9:11 AM

Eddy, a question for you that I've posed to a number of folks over the past few days. You seem to have your finger on the pulse as to what prevailing rental rates are on the Gold Coast. What do you think massive, excellently located ~3500 sq ft. units would rent for? With good views, but not great. New everything? Two dollars a foot? Slightly more? Or slightly less?

Posted by: anonn at August 19, 2009 9:29 AM

Anonn... I can help a little. A 4000 sq ft SFH near me with pano views in ok condition rented for around 7k.

Posted by: sleepiguy at August 19, 2009 9:37 AM

I'm thinking "OK condition" hurts more than a little? I just had a glance at craigslist and a lot of the north side pricier units have pink ceramic tiles in the bathrooms and whatnot.

Posted by: anonn at August 19, 2009 9:56 AM

Joe Toboni was the contractor. His wife is Mary and her sister is Barbara Callan whose daughter-in-law is the sister of Newsom. It is truly a remarkable family, willing to take risks and usually winning.

They will not get $13m, but they will also not get half that for their other, ultra-modern, flip, the former Bakers Acres. Even with the south instead of north view, Pacific is a great house, assuming it has not been over-modernized.

Posted by: Conifer at August 19, 2009 1:44 PM

Annon,

Well, there is what you see on CL these days which are largely long standing rentals fishing for someone to overpay. 10k seems to be the standard fishing rate and clearly some of these do actually rent, but they are rare.

There was a great med. home on Gold Coast Vallejo that got 10k and rented fast. Not the norm. You have some great homes around 8k that are not moving, including the place in the marina with all the solar panels. That's In Escrow, but wasn't attracting any rents at 8k, but it's marina and not GC. There seems to be a floor for SFH's at $5k.

So depending on your situation it sounds like you have a realistic shot of getting between 6k to 8500 if you want to rent it quickly. What you do see on CL if you watch it closely is that fairly priced places rent in under a week. The pro's that rent up there are smart and pick a fair rent and drop price quickly and they are gone

If you have something in the 6k range, let me know!

Posted by: eddy at August 19, 2009 3:29 PM

Back to 2849, now that we know the principals, we can be sure that it will be interesting.

Posted by: eddy at August 19, 2009 3:48 PM

I agree with Eddy... The house near me was a friggin steal at 7k and rented within a few days. Some of the prices on CL are just nuts and have been available for months now, but 7 - 8k for a large place in super prime PH should fly.

Also, BC's rather intimate affiliation with SF's elite makes me wonder how "arms length" her transactions really are. I still find the lack of info regarding that North Point sale really strange. It's been totally removed from the DBI website, as though the lot doesn't even exist! - unless I'm missing something.

Posted by: sleepiguy at August 19, 2009 3:51 PM

Check out the property taxes on this place; they pay less than me. Do we really need another designer showcase? Right around the corner from ground zero of the Pacific Heights real estate implosion (Divisadero & Pacific).

Posted by: EBGuy at August 19, 2009 4:00 PM

@sleepiguy, I've been trying to figure out that North Point situation since forever. Lot's of funny things going on with that place post sale and I would love to see some disclosure on that transaction. I'm sure it's all on the up & up but knowing the parties involved it sure seems like there would be some power/influence to swing things in their personal favor. I'm willing to bet the Baker place has similar post close issues.

Posted by: eddy at August 19, 2009 4:21 PM

sleepiguy i agree with your suspicions and have voiced that here before, most recently with 2101 Baker.

the "BC" clan is too plugged into old money to do business at arms length. i think it's criminal that old, uninformed, dying, or dead owners be cajoled in to selling their homes without fully exploring their true market values. just IMO what may have happen here and with Baker St.

once again, the money was made on the "buy". doesn't matter what this sells for, a huge profit will be realized.

Posted by: resp at August 19, 2009 5:42 PM

yes, don't believe this "tipster" - likely an affiliate of the principals involved in this property - more specifically, don't be surprised if this is "tipster" "disinformation" made by an affiliate of the principals in an effort to further their goal of acquiring "another property" - it is a stretch that this property is even worth $6.5 million(half of $13 million)- what are the comps used for "$13 million"?? - putting this "information" out is a clever smokescreen though

Posted by: rocky b at August 19, 2009 6:10 PM

I 100% agree with RESP

I believe what this "clan" is doing is completely wrong, and probably illegal. I just cant believe that the department of real estate would let them steal these homes. These types of situations just really tick me off to see a group like this that's is powerful only through connections take advantage of people.

They are going to make a killing on this deal, especially because the husband was the contractor. So they did all the construction @ cost.

Posted by: Rich at August 20, 2009 12:34 AM

These folks should be able to earn a living just like anyone else; but the level of transparency and standards should be higher, that's all. Can't fault them for being savvy and leveraging their connections.

Posted by: eddy at August 20, 2009 6:02 AM

Rich, what do you mean by "steal" these homes? Was the seller deceived at $6M+ ? After all, you can have your choice of four houses within 1/2 block, much bigger and better in many ways for $10M or less, including the Dec Showcase almost directly across the street.

This house has 5400 square feet, not especially large for this top of the hill location. Which is why they will not get $13 or anything near it. At $8, they will be doing well, unless they choose to hold on for a long while.

Posted by: Conifer at August 20, 2009 9:30 PM

Isn't this the house that was on the market a couple of years ago, with all the paneled wood, original '06 kitchen and baths, Tiffany skylight... If this Joe Toboni is the one from JT Builders - he's not a Callan. They did a house down the street from me, it was gorgeous. He's been doing it for years.

Posted by: Ben There at August 21, 2009 2:49 PM

I did a double take when I saw this one, it's like the little sister of the Van Upp home (2550 Webster).

Posted by: Lori at August 24, 2009 4:12 PM

Being staged by Carol Sofer, today.
Has the asking price been determined?
Also, Bakers Acres is "sale pending."

Posted by: Conifer at September 4, 2009 11:31 AM

I'm not sure this is directly tied to BC clan based on what I know, although she may be the listing agent. Trulia has some good intel on the prior sale in 07 and some pics. See name link.

Posted by: eddy at September 12, 2009 6:36 PM

Offically on the market today and listed for.....(drumroll please)....... $14,000,000!!!!!!!!!!

Posted by: Rich at September 18, 2009 11:09 PM

Fantastic! Wrong side of street and wrong side of 10m. Rather have the 9m broadway home for 8m and save the 6m. But more importantly, You wouldn't have to forever explain why you have the most expensive home in sf with no view???

Posted by: eddy at September 19, 2009 9:00 AM

Lots of odd shaped bedrooms and one too many "sitting" rooms that have no real purpose.
The quality of finishings seems a bit less than 2935 based on the pictures. My guess is a sale over 8 million and the developer should be fine. I agree that the Broadway home is a much, much better buy.

Posted by: sleepiguy at September 19, 2009 10:21 AM

I noticed a while ago that www.2849pacific.com was registered for this listing but it's not live as of yet. It looks like a draft of the VT is posted that has some pics and floorplans over on the resident photography site. See name link.

These 2 homes on 2935 / 2849 Pacific will sell eventually and should be a good indicator of where the market is on these high end finished properties. I've learned to not underestimate the premium people will pay for a "new" home so you really never know. But for $14M you could buy the Bourne home and more than fix it. I'd say these pacific homes are 30% overpriced. There is another home a few doors down from 2935 that is going through a major renovation. Lot's of activity over there!

Normally I would have said that 2435 Broadway was a bit overpriced but with these properties coming on the market we will probably see that home sell quickly.

Posted by: eddy at September 19, 2009 12:28 PM

Seems that VT is actually for the old listing at 6m, but the floor plans look in tact.

Posted by: eddy at September 19, 2009 12:33 PM

At $14m, that is almost $2600/sq ft, which would be a new SF record I think, at least without a north view. At this price, one can buy on Fifth Avenue or South Kensington or the 7e arrondissement.

Posted by: Conifer at September 20, 2009 1:20 PM

Sold 11/21/07 for $6M, zillow estimate without renovation: $5M.

Posted by: sometech at September 21, 2009 12:03 PM

Got into contract today

Posted by: anonn at December 4, 2009 10:07 AM

Yesterday actually. ;)

Posted by: eddy at December 4, 2009 10:18 AM

does anyone know whether this property really sold? and if so, at what price? I know "12" has been mentioned, but I don't see a "12" recorded anywhere?

thanks

Posted by: jacob at March 4, 2010 8:43 AM

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