March 31, 2010

Care To Venture Upon 207 Maple's New New Return?

207%20Maple.jpg

There’s no real story of which we know for 207 Maple other than perhaps the seller's last name of Perkins. Purchased for $1,575,000 in November 1997 the Presidio Heights house had sold nine years prior for $1,356,500 (average annual appreciation of 1.7 percent).

207 Maple: Living

Since remodeled and back on the market asking $2,950,000 in 2010.

∙ Listing: 207 Maple (3/4.5) - $2,950,000 [207maple.com] [MLS]

First Published: March 31, 2010 12:15 PM

Comments from "Plugged In" Readers

A+++ location... Is this underpriced? That seems REALLY low for a corner lot in ultra-prime Presidio Heights. Maybe it's really small. Could go over asking.

Posted by: sleepiguy at March 31, 2010 12:29 PM

The permit history on this house is odd:
~$10K dry rot repair in 1999
~$11K re-roof in 2000
$10K underpinning of west property line wall and garden in 2001

Anyone know what was remodeled?

Also, does this have wide-angle-itis or is the front door that wide?

Posted by: Anon E. Mouse at March 31, 2010 12:37 PM

I live down the street... The door is at that angle. And it's a beautiful property.

Posted by: Mimi at March 31, 2010 12:39 PM

agree with both posts. looks like a great price on the surface but the word "remodeled" was used loosely. i think most buyers in this hood have better taste. tack on a few hundred grand to gut the kitchen, baths and redo the albino hardwood at least.

Posted by: resp at March 31, 2010 12:40 PM

Looks like it's next-door neighbor on Washington St is a K-8 school - presidio hills school.

Posted by: simpma at March 31, 2010 12:46 PM

But this is one of the few semi-nice (i.e. non-fixer) SFHs I have seen in true* Pacific or Presidio Heights in a while (*e.g. excluding California, Sacramento, Gough, Franklin, etc.)

Posted by: S at March 31, 2010 12:46 PM

^meant to add to my post above, One of the nicer listings I have seen inthis area for UNDER $3m, obviously.

Posted by: S at March 31, 2010 12:48 PM

Beautiful property. Price likely reflects the somewhat outdated kitchen and baths, fact that it's next door to a school (noisy at various times during the day), and although there is outdoor space, it doesn't appear to have a yard.

Posted by: I'd Live There at March 31, 2010 12:58 PM

227 Presidio was a comp that flew off the shelf in late 2009 for $2M (see name link). I'd say this is priced about right, maybe a bit low.

Posted by: eddy at March 31, 2010 1:52 PM

It's 2,485 sf - that's almost $1200psf, hardly cheap. And it's on a relatively small 2700 square foot lot so there's not much of a yard.

Posted by: appraiser at March 31, 2010 1:56 PM

Anon E. Mouse - That front door does look like a case of wide angle correction.

Posted by: The Milkshake of Despair at March 31, 2010 1:56 PM

There are a lot of schools in Pac/PresHts, and this one is very close. The question is whether the noise here is a pleasant sound of children playing, or too much.
This is a very fine neighborhood, the western end of Presidio Heights, although often colder than central PacHts.
A lot of people will not feel the need to change these baths and kitchen immediately.
What is the square footage?
Nice property, and at this price even a better deal than 2921 Jackson.

Posted by: Conifer at March 31, 2010 1:57 PM

If you don't mind the school next door and not having more private outdoor space it's not a bad house. It's liveable, but some of the decor and baths go back to the 80's. If it had been remodeled in the past three years it probably would be asking closer to $4M. The houses on the other three corners are spectacular.

Posted by: Rocco at March 31, 2010 3:39 PM

This is going to F-L-Y off the market, over asking. It's the perfect empty nester view home. It's one of the smallest homes in the area, and the homes on the other corners at this intersection are landmark properties.

Hard to imagine why Tom Perkins is selling. It's not like Kleiner Perkins is hurting enough to make Tom sell assets.

Posted by: tipster at March 31, 2010 5:19 PM

I'll have to take a look but I would be surprised to see this home @ $1200 psf. The big draw here might be some vertical expansion but I don't see it penciling out at $1200 psf if that is the case. Great location though.

Posted by: eddy at March 31, 2010 5:53 PM

Good lord. Why do we need to see THIRTEEN photos of Sacramento Street on the property's website? Yes, thank you, we all know Sociale is located on Sacramento. And an orchid shop. And other boutiques. Really, THIRTEEN photos of Sacramento?!?!?!?

Posted by: Joshua at March 31, 2010 7:38 PM

I think there is some dubious information here. First, the owner is not Tom Perkins of Kleiner Perkins. The house was owned by a Tom Perkins, but it was most recently inhabited by Tom's son, who grew up in the house. The sales data is also erroneous, as the family has owned it for quite some time. My guess (and this is a guess with no inside info other than detailed in this post) is that there was some trust reconfiguration in the late 90s which resulted in a re-assessment.

[Editor’s Note: According to public records, the sales data is as we originally reported. First purchased by the Perkins in 1997 (with subsequent intra-family transfers and then into a family trust in 2007).]

Posted by: Copernicus at March 31, 2010 7:44 PM

I would think 227 Presidio Ave is hardly a comp. I went through 227 Presidio and that was clearly a fixer. For one, it was set up as two flats (two kitchens, etc...).

Onto this home: It looks like it doesn't have much of a yard in a neighborhood where homes have nice yards. And, yeah, I can see the school being an issue.

In any event, any home selling under $3m in this neighborhood is a big event. I think this will be bidded up....or at least grabbed up...gosh darn, if homes actually dip under $3m in this neighborhood, that means, gosh, we might be rolling back to 2005-06 prices here...gosh, darn....

Posted by: Pumpkin at April 1, 2010 5:43 AM

I know someone on the block who says the school makes her life a living hell. It brings a lot of traffic into the neighborhood and I think they doubled the size of the school a few years back.

Posted by: maryJane at April 1, 2010 6:55 AM

"a living hell" ? Properties on school blocks are good and bad. The block is free of traffic every late afternoon, and on throughout the evening. Quiet every weekend, all holidays, and all summer long. But yes, lots of San Francisco parents -- having that peculiarly SF sense of entitlement in the first place, multiplied times approximately eight jillion when it comes to their kids -- have blinders on while dropping off their progeny. They'll park anywhere they see fit. Plus if there are buses, they're of course annoying. Sounds like the person you know spends a lot of time at home during the day.

Posted by: anonn at April 1, 2010 9:25 AM

I cannot help but find that increased school traffic causing "living hell" is a little humorous. If that is someone's idea of hell then they must have a pretty sweet life.

For a real "living hell" please see Port-au-Prince.

Posted by: The Milkshake of Despair at April 1, 2010 9:30 AM

Are you kidding me? How is living close to a school "living hell"? That is the most ridiculous thing I ever heard. So there are a few buses and cars 5 days a week during the school year. Its probably before you wake up, and while most are still at work in the afternoon. Seriously, if that is "living hell" you need to get laid and relax a bit.

Posted by: SFRE at April 1, 2010 9:39 AM

Presidio Hill School doesn't use buses. If there are buses in the neighborhood they're SFUSD since Claire Lilienthal is nearby and I'm sure there's an MCDS bus stop or two in that area. I'd think that the seemingly constant renovation of homes in Presidio Heights (think months of construction, trucks, cranes, etc.) would be much more of a "living hell" to deal with than a small private school population.

Posted by: I'd live there at April 1, 2010 9:54 AM

I think the larger the house the larger the sense of entitlement:)

The school brings in people who 'don't belong there'. People who work at the hospital also park on that street. The nerve!

Posted by: maryJane at April 1, 2010 11:46 AM

I live in a condo a house down from Town School. I was concerned when we bought the place about what living near the school would be like. It definately have positives and negatives but the positives for me are much greater.

negatives are that from 3-4pm the street is a total mess and there is always a parent parked in our driveway waiting for her kid. But if we need to move our car out she will move and it is not a big deal.

Positives are that after 4pm and all weekend the street is empty and very quiet and there is a lot of parking. Also a big positive is that the school year seems to be very short. The school is deserted for a large part of the year, with summer vacation and all the seasonal holidays. So all in all, I have found Town to be a great neighbor.

Posted by: annon at April 1, 2010 12:50 PM

I work from home so living by a school would be a no-thanks deal unless they don't let the kids out for recess.

Amazing stairs on the entry, tho. So much class.

Posted by: Troy at April 1, 2010 6:40 PM

I'm a pretty laid back guy but I have to say currently I live a few doors down from one of the fancier K-8 private schools in the area. I work at home during the day. After this experience, living near a school has become a deal breaker for me.

It's insanely noisy during recess and leaving the house during drop-off and pick-up times is difficult. Also, about every fourth Saturday around 7am the fire alarm goes off for about 2 hours.

I think if you have a family with standard schedules with everyone working outside the home it's probably fine though. (except for the Saturday early morning wake up calls)

Posted by: fancy rental at April 2, 2010 3:04 AM

Great neighborhood . . . but $3M for 2,400 SQFT of 1980's remodel? Ignoring Gough, California, etc, there are newly restored homes for $900 - $1,000 sq. ft. in Pacific Heights. This home is over priced by at least $600,000. I'm often surprised by the number of price insensitive (foolish) buyers in San Francisco so this house will probably go for $600,000 over asking.

Posted by: Developer at April 2, 2010 12:40 PM

^ Not to be snarky about it, but aside from 1919 Vallejo, what other remodeled homes are currently on the market in prime Pacific/Presidio Heights for $900-1000 per foot?

There may be some coming later this spring, but right now I'm not seeing much.

Posted by: sleepiguy at April 2, 2010 2:05 PM

Seems like a fair price to me. The PH School is not precisely next door, and it is smaller than many schools. The parents are lazy, however, and can not be bothered to use the passenger zone (like most private school parents; compare how courteously the middle class parochial school parents at St. Brigid's handle things). It's not that easy to find a house in this neighborhood that is not some place where an old lady lived for 90 years with her dead cats, or some huge place for the plutocrat set. BTW 227 Presidio is being remodeled as we speak. Not as nice a location as this place, but the delta in the prices tells that story.

Posted by: Philip at April 2, 2010 2:26 PM

It shares a wall with the school.

Posted by: Conifer at April 2, 2010 2:31 PM

Genius marketing on this 207maple website. Anyone who can get you to pay over $1,200 per sq ft for a house that needs to be totally remodeled is an absolute marketing phenom! Remember, you don't get the fancy furniture when you buy the house, so you're left with a kitchen and 4 bathrooms to redo. I don't care where the house is, it's over priced! Add on top of that, paying $3 mm to hear someone else's screaming kids? You've got to be kidding me!

Posted by: anonymous at April 2, 2010 7:38 PM

Obviously this is in firm contract...

Posted by: sleepiguy at April 8, 2010 3:58 PM

Obviously driven by the proximity to the school and the new changes to admissions policy; otherwise this languishes on the market! Clearly this new policy is impacting buyer behavior ;-)

Posted by: eddy at April 8, 2010 5:58 PM

Gee, who is that 'tipster' guy? Is he some sort of permabull?

When the most bullish comment of the other posters was to wonder whether it would fetch the asking price, he was the only one to flatly declare that it would fly off the market.

Sure his prediction was the most accurate, but do we really need more real estate agents cheerleading on this site?

I looked for 'Tipster Realty Co' but couldn't find it.

Posted by: tipster at April 8, 2010 8:36 PM

Lots of people who usually get things right also got this right. Even a blind squirrel finds an acorn once in a while.

Posted by: anonn at April 9, 2010 10:20 AM

"Even a blind squirrel finds an acorn once in a while."

That was funny.

Posted by: tipster at April 9, 2010 11:39 AM

Lots of new Presidio Heights inventory on the market over the last couple of days. The insta-sale of this home probably motivated a few people. What's odd, is that most of the properties seem to be "first time on market in xx years" type homes: 37 Walnut, 3491 Pacific, 125 Presidio (ok it's in 94115). All should have relatively fast sales (the latter may need a price reduction, however).

Posted by: sleepiguy at April 23, 2010 12:22 PM

"first time on market in xx years"
I think some of the older folks hit the home ATM hard to keep with their living expenses. For example, 37 Walnut has a tax basis of $732k. It was refied in 2004 for $925k by Indymac. It also shows Wells Fargo home ATM action in late 2004, 2007 & 2008. There is another home around the corner from 207 Maple that has been on life support for the past couple of years (but appears to have gotten a reprieve from the courthouse steps -- aka NOD cancellation).

Posted by: EBGuy at April 23, 2010 1:31 PM

aka NOD cancellation

Seems like that happens more often than not. Then, [insert blank] inventory it is never.

Posted by: anonn at April 23, 2010 1:37 PM

Seems like that happens more often than not.
That's not what I usually see; I've reported this, I don't know, maybe three times on SS for the properties I've tracked (these appear as NOD->NOTS->Cancellation of NOD on the recorder's website). YMMV.

Posted by: EBGuy at April 23, 2010 5:18 PM

fyi 125 presidio "flew" off the market withmultiple offers as well?? just sayin'

Posted by: no thanks at May 7, 2010 11:52 PM

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