March 29, 2010

Big Money Returns To Broadway (With Roots Beyond Real Estate)

2342 Broadway Bed

As a plugged-in reader notes, the sale of 2342 Broadway closed escrow this past Friday with a reported contract price of $13,500,000 (asking $14,000,000).

The sale of the fully remodeled (and rather viewtastic) home represents the most expensive listed* single-family home sale in San Francisco since the middle of 2008 (displacing the $12,000,000 sale of 2849 Pacific at the end of 2009).

Thank a rebounding market (but in this case we’re not referring to real estate).

*Note: As plugged-in people know, 300 Sea Cliff sold for $18,000,000 in October of 2009 but it wasn’t officially listed at the time.

2342 Broadway Returns Anew, "Green," And Asking $14,000,000 [SocketSite]
The One With The Twelve On It: 2849 Pacific Price-ish Scoop [SocketSite]
The Captain’s House Goes For To A Cruise? [SocketSite]

First Published: March 29, 2010 4:00 PM

Comments from "Plugged In" Readers

This does not make sense! How did this sell for 13.5 when 3878 Jackson is only 3.8 million! It's all lies I tell you! Lies!!

Terrific sale price for this place. The sellers really raked it in. Great news for Pac Heights residents with remodeled homes with grand views.

My guess is that it makes the price of 2100 Vallejo seem not so out there. It doesn't have the jaw dropping views of the 2300 block of Broadway, but the massive garden is really unique.

My guess as to the 2007 sale price for 2342: 15 or 16 - with the new built homes on the 3100 block of Pacific as your comps.

Posted by: sleepiguy at March 29, 2010 3:14 PM

I hear you on the sale price on this place; thought you were @John for a second there!

Can't wait to see the buyer representation (anyone?) as well as the buyer? I'm not so sure this would have gone for much more at the Height of the market; I think this is a peak price and yet another sign that a "done" home has a major market premium. I think this sale dings 2100 Vallejo by another 10-15% IMO. The money is clearly in the finish, not the fit.

[Editor’s Note: Malin Giddings is on record as the buyer’s agent, we haven’t done any digging on the buyer(s).]

Posted by: eddy at March 29, 2010 3:38 PM

Could anyone list who the builder, architect, and stager(and/or interior designer) were?

Posted by: Morgan at March 29, 2010 4:30 PM

Thanks for the update on the buyer agent. As long as we're answering my questions... There is an off MLS $11.5M listing ON Sea Cliff that who address has yet to emerge. Anyone?

Posted by: eddy at March 29, 2010 4:59 PM

The buyer is a family with several young children.

Posted by: sleepiguy at March 29, 2010 5:13 PM

Green Couch was the interior design/staging team. The development team (troon pacific) has first class skills; we worked with them to see through their vision with regards to soft furnishings. All light finishes, fixtures, floor plans, flooring, etc. were selected by Troon Pacific and their architectural team.

A beautiful home, we're excited for the new owners too!

Posted by: jeff schlarb at March 29, 2010 6:20 PM

Thanks for the information Jeff, and as an architect myself, I can appreciate the skill and effort that went into this project. The results are fantastic, and hopefully very profitable.

Posted by: Morgan at March 29, 2010 7:00 PM

...I've said it before and I'll say it again. For high-end D7 property, merely add a lag to the S&P 500 and you'll understand price trends.

Posted by: Joshua at March 29, 2010 8:45 PM

The dreamers are the Troon Pacific. It has taken courage to provide an exceptional residence in the most challenging real estate market since??? Don't forget who brought this masterpiece to the market. Sotheby's & Val Steele.

Agents don't often get to work with a cutting edge architect & developer who can see beyond the current environment.

It's like getting to dance with Fred Astair!!

Posted by: Frederick at March 30, 2010 5:12 AM

fully supports my view that current income and multiple of income are irrelevant in discussing affordability in the "real" SF.

Posted by: resp at March 30, 2010 8:40 AM

$13.5 million isn't "real" SF but "fantasy land" SF since that is what that price range is to 99.99+% of SF'ers.

Posted by: Rillion at March 30, 2010 9:10 AM

Pay no attention to the man behind the curtain (hey, someone had to say it...) And that does bring to mind a question; Jeff, are the giant curtains part of the staging or do they come with the house?

Posted by: EBGuy at March 30, 2010 11:28 AM

The development team created the curtains and left them as part of the house.

Posted by: jeff schlarb at March 30, 2010 11:54 AM

@eddy

At the height of the market this property would have likely sold for a minimum of close to $20 million and quite possibly in excess of $20 million.

remember the old Hills Bros property up the steet at Broadway and Broderick sold for more than $20 million during 2005, and it needed work; this one does not need any work - it is in move in condition. Also, consider the property at 3277 Pacific which sold for $25 million+ during 2005.

In addition, consider the $13.5 sale price versus the Jackson property that sold for $11.5 million last summer. One may further argue that in this context, the $13.5 million is not a bullish reflection at all.

In fact, if the market were at its "peak" this particular property would have possibly sold in excess of $20 million.

bye for now

Posted by: awakeandalert at March 30, 2010 1:21 PM

What will be interesting to watch is the house on the right is being redone at the moment by O'Neill contractors, the builders of the homes on Pacific I mentioned. That's been kind of a slow remodel and it looks more cosmetic than anything else. I'm fairly certain that house will come on the market considering it's been FSBO on Zillow for about 4 years at 14 million. So, if you have 13+ million to spare and you missed out on this property, you can always buy the neighbors!

Posted by: sleepiguy at March 30, 2010 2:08 PM

by the time the property next door is done(maybe Fall?), the equity markets will have corrected substantially, and it will be lucky to fetch anything close to $13.5.

Posted by: awakeandalert at March 30, 2010 3:15 PM

@awakeandalert, thanks for your insights. I'll assume that you have some insight into Bienoff's home price since it was never formally disclosed. But I don't think comparing this sale to the top 5-10 in all of SF history is warranted. This home is not an estate nor is it a mansion with the likes of those other homes mentioned. I think it's a much better comparison to the 3100 Pacific block homes; which in retrospect I think we're under-priced (although I'm on record on that thread as stating 'over-priced'.)

The Jackson home on Alta Plaza is a good comp but the Broadway home here has a far superior view and it's 1000% finished.

Personally, I'm not sure this place could have commanded $20M. I honestly think the buyer could have scored a better deal but the one thing about real estate is that each home is truley unique and a home such as this one doesn't come along very often.

Congrat's to the buyer/seller and agents on all sides! And especially to the developers! Cheers.

Posted by: eddy at March 30, 2010 3:35 PM

Developers are Gregory and Charlot Malin I believe and that Charlot did most of the design (at least that is what my wife told me who is friends with Charlot). Pictures from JP's bash, which unfortunately I think is no more as he moved back to Argentina. I toured the home and thought it was great.

Posted by: Skirunman at March 30, 2010 5:35 PM

I saw Arthur McLaughlin going in the other day... Are they planning a re-stage and quick flip?

Posted by: anon at March 31, 2010 8:14 AM

Anon@8:14am, Do people REALLY do a "quick flip" in this price range? Is there a history of over 10 million dollar flips in San Francisco? (I know there was down in Los Angeles during the boom years, but was unaware this happened up here)

Posted by: astonished at March 31, 2010 8:47 AM

@awakeandalert

"The old Hills Bros property up the steet at Broadway and Broderick sold for more than $20 million during 2005, and it needed work"

Well yeah but that property is 12,000 square feet and on Billionaire row! This one is just 6,500 Square feet! And this is one is on Broadway/Fillmore. This people were really lucky to have gotten $13.5 M for this property ! Is probably worth what they sold it for, but no more! It could never ever sell for $20M or more. Maybe in 10 years once Obama is gone!

Posted by: george at March 31, 2010 7:45 PM

If these people had REAL money, they would have bought the property posted below (listed for for $22M, but I suspect they'd take much less). 60+ garage parking, a full size indoor pool and its own diner on 80 acres in Fairfield. Scroll through the photos: they're unreal.

http://www.sfgate.com/cgi-bin/object/article?f=/c/a/2010/08/08/REAO1EPN0G.DTL&object=%2Fc%2Fpictures%2F2010%2F08%2F05%2Fre-HOT4286suisun_0502056261.jpg

Posted by: tipster at August 8, 2010 9:07 AM

Good lord, that Fairfield mansion is a comically overblown salute to greed. It is the residential equivalent to a pimp daddy zoot suit complete with fur hat. It makes G's penthouse look like a classy humble abode. And they didn't even get the Temple of Bathing right either.

Posted by: The Milkshake of Despair at August 8, 2010 10:46 AM

Gross... It looks like Candy Spelling farted and, low, this macmansion was born. Where did they get that furniture? The Levitz liquidation sale?

Posted by: Denis at August 8, 2010 11:15 AM

Post a comment


(required - will be published)


(required - will not be published, sold, or shared)


(optional - your "Posted by" name will link to this URL)

Remember Me?

(you may use HTML tags for style)


Continue Perusing SocketSite:

« SocketSite's San Francisco Listed Housing Inventory: 3/29/10 | HOME | Polk Street Parking Lot Shuttered, Apartments Ready To Rise »