January 8, 2010

The Banks Are Starting To Get Better Digs: 1275 Lombard

1275 Lombard Top Floor

1275 Lombard is a Russian Hill condo with three bedrooms, three and one-half baths, and an elevator which serves four of its five levels (the top two of which offer some big views).

1275 Lombard Living

Now bank-owned according to the MLS and asking $3,750,000 for its 4,637 square feet.

∙ Listing: 1275 Lombard (3/3.5) - $3,750,000 [1275lombard.com] [MLS]

First Published: January 8, 2010 11:00 AM

Comments from "Plugged In" Readers

Ha, there was a quip here a few months ago about the REO Porn that would soon be featured on SS given that the distress problems are moving up into higher levels in the RE food chain. I guess it's starting!

Posted by: anon at January 8, 2010 11:11 AM

Wow. What an amazing place. I live 2 blocks away and never even realized it was there. What would this have been 2 years ago? $5M?
$5.5M?

Posted by: jlasf at January 8, 2010 12:01 PM

Presumably, this was built as 5 levels so that both units could have the views. Do the units share an elevator? I actually wouldn't have guess this was over 4500 sqft from the shots, but could just be the staging or the angles.

Posted by: anon at January 8, 2010 12:09 PM

Just another asset -- albeit nice -- of many to see long-term devaluations, until (my prediction) Q1 2015.

http://www.nytimes.com/2010/01/10/magazine/10FOB-wwln-t.html?em

Posted by: Max2 at January 8, 2010 12:20 PM

That walkway thing in the last pic is awesome! Though, seems pointless. Still cool though.

Posted by: lolcat_94123 at January 8, 2010 12:51 PM

Wow you would never guess this place looked like this inside, from looking at the outside. Maybe that is why there is no pics of the outside on MLS.

If my RH geography serves me correctly, isn't this place right near Mr. Nunemacher's cottage demo project?

http://www.socketsite.com/archives/2009/03/1268_lombard_the_resourceful_demolition_of_a_historic_r.html

Posted by: Ryan at January 8, 2010 6:41 PM

How odd.

I was told on good authority that "the rich" only used loans as sophisticated cash flow management tools and could easily pay their mortgage and would never default.

Hoocoudanoode?

Posted by: diemos at January 9, 2010 8:56 AM

Wow diemos. Tipster-esque.

Posted by: anonn at January 9, 2010 1:06 PM

It's been fascinating to watch the evolution of the CW on this site over the years. So while I'm being tipster-esque I'll just have to ask, How much French are you hearing at open houses these days?

Posted by: diemos at January 9, 2010 1:42 PM

I'm not hearing any French lately at open houses. Therefore, every rich French person who has ever been to San Francisco must have lost all their money.

I did notice a Boulangerie opened up on 24th st, tho. That'll be a big hit I'll wager.

Posted by: anonn at January 9, 2010 2:33 PM

I'm not hearing any French lately at open houses.
They all went home.

Posted by: EBGuy at January 9, 2010 6:39 PM

I was is this house when it was completed back in 2002 (or there abouts) at the opening party. This house, and the place in front of it, were built as spec homes by G. Hauser of Cubix fame. I don't think the back home actually ever originally sold and I think was given back to the bank way back when. The layout is weird and probably the most un-child friendly place I've ever seen. Cool views from the top living room penthouse though. All in all way too "architecty" and not enough common sense, and therefore, not a great comp for the rest of Russian Hill IMHO.

Posted by: skirunman at January 10, 2010 11:47 AM

diemos wrote:

So while I'm being tipster-esque I'll just have to ask, How much French are you hearing at open houses these days?

I've said it before, and I'll say it again, keep your ears open for more and more Mandarin:

Forty-one percent of the Chinese purchases of residential property in the United States last year were in California, according to the national realtors group. In the past three years, the Chinese population in the state grew by more than 80,000 to about 1.2 million, according to the U.S. Census Bureau.
We're not even in the trickle stage yet, but it'll be a flood before you know it if prices keep falling.

Posted by: Brahma (incensed renter) at January 10, 2010 7:57 PM

Nice to know that keeping the yuan devalued is useful for something.

#1 export from the U.S. to China: the U.S.?

Posted by: crispy at January 11, 2010 10:56 AM

I lived across the street at 1320 Lombard while this place was being renovated/rebuilt 10 years ago. The house was jacked up 20 ft. in the air for the longest time, while new massive retaining walls and a new foundation went in. Considering the structural work and expenses that this project took, the listing price seems very fair to me. Just go see it on a Saturday or Sunday afternoon when the tourists burn rubber and have their rental cars catch fire as they try to make it up the hill.

Posted by: Carlitos Way at January 25, 2010 8:16 PM

The sale of 1275 Lombard closed escrow yesterday with a reported contract price of $3,325,000

Posted by: SocketSite at June 3, 2010 5:00 PM

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