November 19, 2009
Two Years And A 46 Percent Drop In Expectations For 2100 Vallejo
Listed in December 2007 for $25,000,000, reduced and then withdrawn in July 2008, 2100 Vallejo returned to the market a year later asking $15,200,000. Yesterday its asking price was reduced to $13,500,000 (which includes the adjacent buildable lot).
Call it an effective 46 percent reduction in list price over the past two years. As a plugged-in sleepiguy wrote in 2008:
Believe me, even billionaires are scared of the planning commission. It also doesn't help that the house next door has been for sale for well over a year for about 10 million less. Based on the Scott St. sales, I think this house would've sold for 18-20 earlier this year, but I'd wager that right now it's dead in the water.
And as a plugged-in eddy added earlier this year:
Honestly, in re-reading my comments and sleepiguy's…I have to think that north of $15M is a stretch at this point. 10 for the house, 5 for the lot.... And that is a big Maybe. The craze of 2007/2008 at this end of the market is gone.
That's something that shouldn’t have caught any plugged-in readers by surprise. Now about the newest competition in the eight figure realm...
UPDATE (11/21): Just to be clear, and as noted in our first paragraph above, the listing for 2100 Vallejo also includes the adjacent lot (officially known as 2110 Vallejo).
∙ Listing: 2100 Vallejo (5/5.5) - $13,500,000 [MLS]
∙ It Might Not Have A Name, But It’s A Vallejo Mansion Nonetheless [SocketSite]
∙ It’s Time For Another Industry Report Asterisk (2100 Vallejo Edition) [SocketSite]
∙ 2342 Broadway Returns Anew, "Green," And Asking $14,000,000 [SocketSite]
First Published: November 19, 2009 7:00 AM
Comments from "Plugged In" Readers
That's a lot of house and land in prime PH for $13m. Honestly, I'm surprised Sothbey's would do this to the 2342 Broadway home (also listed by S). It's very hurtful since this house has lots of desirable features and looks to be in very good condition. It's not as new / flashy but it's certainly very grand. Is 2100 capitulating? Don't know, but I do know they bought in 1995 for $2.5. Is selling for 5x return capitulating? Probably not.
The Versailles house across the street might be unsellable at any price given its finishes.
Posted by: eddy at November 19, 2009 9:03 AM
I walk past this place regularly and I've grown rather fond of it over the past few years. I think it really just needs new paint (the white has turned into sort of a dull gray) and I'd plant a privacy screen of privet or something in the front. The side yard really is pretty neat. At this point, who knows what it would actually sell for. I'm guessing the Jackson St. sale was still the highest of the year at 11 million, and, even though I haven't been in it, this seems to be the superior property. The location could be better, but it's really a unique place and deserves to sell.
[Editor's Note: 2510 Jackson is second (so far) to 300 Sea Cliff at $18 million.]
Posted by: sleepiguy at November 19, 2009 10:48 AM
I would be very surprised if this and 2342 Broadway attracts the same buyer. Their only similarity is the view.
2100 is a grand dame, while 2342 is a debutant (most likely the first in her family).
Plus 2100 has a huge yard, although 2342 is on Broadway.
Posted by: Billy at November 19, 2009 11:20 AM
What an extremely budget kitchen for $13.5M.
Posted by: cerky at November 19, 2009 11:40 AM
I forgot about the Sea Cliff sale! Oh well..
I do think it's interesting though... Developers seem hell-bent on creating this open, modern spaces, but does your typical wealthy SF buyer actually want these type spaces? Earlier this year multiple homes in Presidio Heights sold in the 6-8 range - all fairly traditional in facade and finish. Meanwhile, all the ultra-mod flips have struggled to find buyers.
The views, however, give the Broadway home the edge. They're spectacular. One block west and you lose the bridge - at least until you get to Divisadero.
Posted by: sleepiguy at November 19, 2009 11:51 AM
Location, location, kitchen? Real estate doesn't work that way.
Posted by: Mole Man at November 19, 2009 11:56 AM
^^ very good point about the flips struggling to find buyers. Developers of high-end D7 homes seem to make the same mistakes over and over. They think spending a fortune on a wine room, wrought iron, and his/her day spas will attract buyers. 2550 Lyon comes to mind as a prime example. There are many others.
Location, location, and give buyers what they actually want. In general, ignore the stagers, the cabal of real estate "pros", etc.
I've said this all before. Eventually someone will get-it out and start selling houses.
Meanwhile, good luck.
Posted by: Joshua at November 19, 2009 12:19 PM
I definitely prefer 2100 Vallejo over 2342 Broadway. Broadway can be copied but Vallejo is the real deal and cannot be duplicated. I’m not crazy about the location of Vallejo but you’re buying a part of History. You will truly have your own space, sanctuary, and park. No neighbor noise. Spas can be installed but I do love the wall windows on Broadway.
“The Versailles house across the street might be unsellable at any price given its finishes”
Funny, I would redo most of the house except for the “finished” rooms, LOL. Maybe tone it down a tiny bit. But I do love Versailles too, as long as it’s not on the people’s dime.
The House is Female and as Queen Elizabeth I would say,
“In this house, there is only One Mistress and No Masters”
Posted by: SL123 at November 19, 2009 2:52 PM
I also agree with cerky that the kitchen is inexcusable. It looks like low end Home Depot. If I were a buyer in this price range I'd expect a phenomenal kitchen.
Posted by: Lori at November 20, 2009 11:37 AM
If I were the buyer I wouldn't set foot in the kitchen; so if it aint broke don't fix it.
Posted by: Billy at November 20, 2009 12:54 PM