June 29, 2010
A Panoramic View (Of More Than Just The Bay)
As we wrote about 1219 Lombard in May (a view from which is above):
With some rather big views from the sitting area aside the top floor master suite, 1219 Lombard changed hands in 2006 for $3,150,000 and then again in 2008 for $3,189,500.
Since then the interior has been remodeled, a loft space added, the wine room has been repurposed as a laundry room (damn that utilitarian decision making), and permits have been filed to extend the square footage of the single-family home.
All that being said, the Russian Hill home has returned to the market asking $3,059,000.
This past Friday (6/25) the sale of 1219 Lombard closed escrow with a reported contract price of $2,875,000, 9.9 percent under its 2008 price (8.7 percent under 2006) not accounting for the value of its recent remodel or new loft.
First Published: June 29, 2010 5:00 PM
Comments from "Plugged In" Readers
3,189,500 - 2,875,000 = 314,500
2,875,000 * 5% = 143,750
Roughly 450K went to money heaven there (not counting holding costs, overpaying vs rent, taxes, etc...)
On the other hand, 3 sales in 4 years at an average of 3M means 450K in sales commissions. Good job!
A very Goldman-Sachs-ian outcome!
Posted by: lol at June 30, 2010 7:38 AM
Listing agent: David Bellings, Coldwell Banker
Buyer's agent: Lauren Lai-Bellings, Coldwell Banker
Posted by: Michael at June 30, 2010 4:15 PM
another example of people losing $ b/c they buy and sell but forget to hold. why does the editor highlight these cases endlessly? about as 'fair and balanced' as 'faux news' eh? i wish i knew why i keep reading this.
Posted by: anonee at July 9, 2010 9:44 PM
Nothing to see here, move along. Click your heels together three times and repeat after your friendly realtor...prices haven't fallen in san francisco you just haven't held for long enough, prices haven't fallen in san francisco you just haven't held for long enough, prices haven't fallen in san francisco you just haven't held for long enough...
Posted by: SFSal at July 9, 2010 10:02 PM