It’s no April fooling as 3362 Jackson which was purchased out of probate for $2,500,000 in July 2009 has just returned to the market completely rebuilt and listed for $10,000,000, swinging for the fences like Pat Burrell on opening day.
The “State of the Sexy” Presidio Heights home now sports six bedrooms, big bridge views from the master suite, and a lower level with theater, wine cellar and a sweet patio perch.
∙ Listing: 3362 Jackson (6/7) – $10,000,000 [teedhaze.com] [MLS]
A $10MM house? Weird, I’d think they could have sprung for a web developer who knows what image dimensions are and/or tests with more than one browser. The richer they get, the smarter they ain’t.
No square footage mentioned on either the property-specific website or the MLS listing. Guess that means one must ‘Request the disclosure package’. No price per ft² calculations for you!
To quote Whitney, or Glee… Hell to the No.. $10 MM?? I saw this when it was first on the market and yes, it was a rotting dump, but it was also tiny. I’d be shocked if the developers were able to add on a significant amount of square footage given the envelope. It’s also more of a townhouse than a SFR. It shares a wall with the neighbor which is a mirror image of this property. I really expected it to come on in the 6-8 range, but 10 seems ridiculously high. Anyway, I’m often wrong on these things, so who knows, but this this is a ballsy pricing strategy. The developers have had major successes in the past, so I won’t underestimate them.
It’s also April Fools Day.
EH is right- for 10 million can you get a website that works ? And for 10 million could you lay off the Restoration hardware light fixtures…that is embarrassing…..
“I’d be shocked if the developers were able to add on a significant amount of square footage given the envelope.”
Denis, here’s what the two major permits having to do with remodeling (as opposed to reroofing, twice, foundation, and skylights):
Seismic upgrade, new slab grade, infill @ west side lot line 2 lower lvls.Int. remodel @ all lvls/new powder and wet bar at lower lvl. new elev.(4 sty),relocate pwdr,kitch,stairs @ 2nd, Remodel 2 baths and add 1 bath @ 3rd lvl. Reconfig. stairto 4th lv. Relocate bath @ 4th & add powder/reconfigure
SITE PERMIT TO ADD A REAR LOWER LEVEL 651.56 SQ FT. (TOTAL OF ADDITION), EXPANSION DINING & BEDROOM WITH ROOF DECK, TERRACE OVER. 3RD LEVEL BEDROOM @ 4TH STORY & SIDE ADDITION @ 3RD STORY WESTERN SIDE (SET BACK 46′-71/2″. NEW INSULATED WINDOWS THROUGHT. PATCH EXTERIOR SIDING.
It may look like a potfilleriffic mess, but the site says that this house is “State of the Sexy!!!” Surely that is worth ten million dollars.
How much are the Dolbys worth as almost next door neighbors?
For $10m you could have 2500 Divisadero, which is a grand Tudor mansion of which this is the much littler cousin.
Looks very nice, but the screen in the theater is way too high unless you plan to furnish the room with barstools…it hurts my neck just looking at it on my pc screen.
And does the gardener have to carry the grass clippings, etc through the living room to get to the front of the home?
What college teaches this form of English?
The pentfloor hosts the master ste which captures GG Bridge views beyond compare.
This wins the prize for the WORST site navigation ever. What a nightmare trying to get from picture to picture. And the next time they do a video they should hire someone professional. What a schlocky job! I got dizzy from all the bumpy camera moves.
lovely house. as nice as Normandie Place and priced similarly (give or take $1.5m). look at street view and see what a difference it makes to paint grey/white a what looked like an ugly dark tudor.
the only negative is the fact that it’s really half a house with its identical twin looking like its sharing a wall with this one.
I looked at the Google map of the property and thought: wow, indeed, a 50-foot wide lot can really justify this kind of price.
And then it struck me: it’s a 1/2 house! Some would call this a Hondo. 25 feet wide. It was designed to be the cheap seats on PH, maximizing construction costs in order to extract higher $/sf. 10M is delusional. Even if they managed to pack 5000sf in there it would not be worth $2000/sf. Heck, you are elbow-to-elbow with your mirror neighbor.
I’ll say 4.5M-5.5M. They got their 15 minutes of shock and hubris with the 10M. Now they can be more realistic.
The house next-door (on the left) sold for $3.5MM in 2010 (originally listed for $4.5MM).
http://www.redfin.com/CA/San-Francisco/3368-Jackson-St-94118/home/1090290
I LOVE the worker exiting the porta-potty at the beginning of the video! CLASSY
i think it’s a very nice makeover but not $10 million. Closer to $8 million. I think the video was very well done but it looks like i’m in the minority on that one.
They should tout the shared [wall] as a “green feature” because, unlike a lot of other “green features” you see in listings, it actually is.
Of course, a shared wall is more effective in, say, Montreal, but it’s still a savings. Even the exclusive nabes in Canadian cities have a lot of duplexes.
the house next door needed to be gutted – so its $3.5M price is as relevant as the $2.5M these guys paid for this place.
meanwhile he mentions something about the neighboring wall coming down to open up views. curious what that’s about.
video stopped about half way on me…. maybe SS crashed their site?
either way, with avg and median in the area of $4M to $5M and $1200 per sqft is doing well, so they’ll have had to double the size of the house to get to $10M.
I predict a quick price drop to $8M and a final sale in the $6’s. Still a handsome profit i’m sure
I’d rather see a video like the one for this property, than something trying to be cool that hides the actual property they are selling.
WOW! Great job, but WAY overpriced.
Funny, agent keep referring to ‘his house’ but he was just the gc; someone else owns it.
I actually love this house, but then again it’s more my style than a lot of other places on SS.
I’ll just look at it as RE pron and go from there. it has a few quirks for sure (price obviously) but I’d love to live there.
I especially love that the patio doors fully open up giving great inside/outside living… ahh refreshing!
On the east coast this is called an attached house, if I recall. What we think of as an attached house, both built to the property line, is not really attached.
Clearly going for the 2342 Broadway outcome which was a statistical anomaly in my personal opinion. There are things I like very much about this home and I give the developers a lot of credit here. I really don’t think they could have done a better job with this project other than the restoration hardware gear they threw in there.
Anyone that took the time to sit through the 10 minute video probably figured out that they also bought the property next door 3368 and are planning to lop off a big chunk of that home. This will create better views for this property and most likely create some nice views / outdoor space for 3368. Interesting strategy. Very bold as well. I seriously give these guys credit for going all-in on this block / project.
My feeling is that they could get this asking price. It is a brand new home with structural steel and superior quality. Maybe there is a buyer out there. Pricing this at $10 is no diff than the $45M, $30M and other pricing strategies out there. Crazy, but the right buyer might come along. A serious qualified buyer who throws a competitive offer Teeds way probably lands this home easily. These new developments just seem to draw out the well heeled buyers.
Should be interesting to see where this closes as it will be setting the direct comp for their neighboring project so they have some incentive to hold out for the right buyer; and may very well find a buyer for the second home in the process of marketing this home.
All of that said, I’d take 60 Normandie in a heartbeat at what will likely come in at a lower comp price that this asking price. Lastly, I find the failure to publicly disclose square footage to be sign that they are not comfortable with the following math equation $10,000,000 / X = ????
“What we think of as an attached house, both built to the property line”
Are you sure about that? I always think of this particular situation as an attached house. It’s a lot like a townhouse, as someone mentioned, or a condo. Maintenance of the shared wall has to be allocated somehow, even if the lots are distinct. I thought MLS has an attached vs. detached option, but it doesn’t seem like it was used for this listing.
Btw, this house has the same owner as 2908 Pacific, and the owner also has a place in Piedmont.
60 Normandie closed for 8.8 million, I guess.. Unfortunately, I don’t remember the most recent sale price, but it was around 11 million when it sold a few years ago off market… So down at least 20%. Anyone?
Who would spend $10m on this?
A rich modest person, who does not need to impress anyone, because no one will be much impressed, certainly not from the street.
Someone who does not care what other houses on the block have sold for.
Someone who likes gray, even if gray is the wrong color for the Tudor facade of the house.
Someone who likes fog and the cooler weather of Presidio Heights.
Someone who feels that flippers are good souls who need to be encouraged in their honorable work.
I really have to question the use of all the nanawall-esque folding doors here. It made more sense on the Broadway home because of the views. But lets be honest, the north facing part of this house is going to be in shadow most of the time, so my guess is that they’ll rarely be opened. Plus, it doesn’t seem like you can just crack them open for a little bit of fresh air. I almost never open my north facing doors or windows because it’s just too cold 90% of the time… and on warm days, all these tiny black swirling bugs fly in (and I’ve lived all over Pac/Presidio Heights). SF isn’t Napa; it’s not conducive to indoor/outdoor living.
Yeah, opening up that north face isn’t appropriate for the PH microclimate. It would be work better in Palo Alto. Though if I lived in a situation like this I’d be tempted to layer the bed with huge double down duvets and sleep with the wall open on the warmer nights.
Kudos for to the photographer for framing that view with the building. That’s the most informative way to present views in listings.
was i the only one who thought this was april fooling? $10m? really?
just curious if any of you ever stop by a property before your tongue speaks through your fingers?
Once I finish a home, I’ll often hear about the comments on SS. For fun I look…No surprise that NOT a single one of you have been in the home. How do I know?? Because you’d have to call me to get in….
Rick, in case you take a second look, I think your success speaks for itself. I am a very big fan of your work and think you have a creative team that puts together great projects. As an architect, I have come to appreciate the difficulties and risk involved in projects like this, and the fact that your projects are not just cosmetic remodels, but complete rebuilds that emphasize quality are a testament to the quality product you strive to deliver. Good Luck, and I hope this is as profitable as your previous projects. (And NO I have never meet Rick or have worked or been associated with any of his projects, just a fan)
But lets be honest, the north facing part of this house is going to be in shadow most of the time
Yes, but in those few glorious days of September they won’t be.
Nothing more pathetic than Rick lamely trying to defend the horrendous tacky redo of this house on socket site. The judges have spoken. This 25 ft condo ain’t worth half of the list price and any buyer will be the laughing stock of presidio heights
OK Bobby
lets see your home in all of its glory, let a real group of judges see your fine mind/talent in action, where you choose to live and thrive…I assume you are thirving??
my point is and always will be SEE THE PRODUCT before you speak…
talk about pathetic….
I am NOT a regular on SS, but think that Adam should provide a bus so the “outspoken” types like yourself can see the property.
The rust on the BBQ on the deck should be cleaned up. Also, I would have added those gas heaters overhead on those decks like at restaurants with outside seating.
Rick, what is the square footage of the home? Also, when is the open house. I’d love to stop by.
isn’t this type of house called a twin on the east coast? rather common in the rowhouse east coast burgs like Philly. Sometimes the waste plumbing is combined as well, which makes systemic problems more problematical. not saying that this has anything to do with this house, just nomenclature comment.
that’s the question we want answered. again, i think it’s beautiful and the video was well done (i wish ALL realtors/gc’s did this. why they don’t amazes me) but there is no mention of sq. footage. my guess is around 5500 and i do think if you get an offer for $8mill or so, you take it and run. just my opinion.
Rick
the rust on the bbq is intentional….tuesday broker tour 10-12
sq footage over 5500 bernal kid
I will place a c-note this house has two offers on it in the next 14 days!
Property Shark has 4050 SF.
Property Shark, Redfin, Zillow, et al, aren’t helpful in these scenarios. They just pull the tax records data. There was obviously a remodel here. Instead, go to: http://dbiweb.sfgov.org/dbipts/ , enter the property address, and guesstimate tax records + infill, 4th story remodel.
The property is about 5800 sq feet. An entire floor
was added. The structural work done here was amazing.
Brand new house. Just so the hecklers can do their math
correctly.
By the way, the market in Presidio Heights
is on Fire!!! 135 Locust with 6 offers, 20 Walnut.
The market is moving while I am typing this.
ps… love the peanut gallery here. Seems like the same people who said the Golden Gate Bridge could never be built,
no one will ever make it to the top of everest. Keep up the good work, you inspire us “do-ers” to keep rubbing it your faces.
Pss. I remember a lot of people last year said Giants could never win the World Series!
Hum Baby!!!
Does anyone know what happened with Nina’s house across the street from this property? It was on the market for a hot second listed at $8M but is now shown on her website as “coming soon?”
I was convinced after the TICs on Scott / Alta Plaza. Still, $10M does seem a stretch. Good luck. We hope you get it. $1725psf.
I LOVE this place. If I had $10M, I’d have a new home. Of course, I’d need more like $15M to handle the taxes and upkeep… 😉
Jackson is a tremendous home, I’m a fan too! I like your comments Butch, upward and onward!
I love Rick’s idea of a SocketSite bus to tour the properties shown here. Since it’d be for us “plugged-in” people, it’d have to be electric, of course. And just like at weddings, there could be a greeter when you board, except instead of asking “Bride’s side or groom’s side?” they could ask “Bull or Bear?”. I suppose there could even be a bench that straddles the aisle for the fence sitters. The only problem is that there might be actual live fisticuffs, instead of just the verbal barbs that are traded here.
i’m pretty sure the biggest mouths on SS are the weaklings, so i don’t see fisticuffs.
but gotta love the developer comments here…. we’ll see the final price soon enough. “hot” presidio defined as 2 properties selling for less than $1100 per Sqft when the property in question is asking over $1700 per Sqft???? i’m on board with the market being hot.. but 20 Walnut – 4000 SqFt for $4 million vs. 3362 Jackson 5800 SqFt for $10 million – is the structural work plated in gold?????
$1200 per SqFt is a great price for any luxury home. $1400 is absolutely killing it. $1700 is a pipe dream.
It showed well on tour. This place is over priced and its not worth $10m. By simple virtue that there is probably $4m of profit in this price tag. So if its cost + rehab than you are probably looking at $5.5 – 6M. But heck, LV bags are grossly overpriced as well and every day they sell them on high street. They may very well find a buyer to pay $10M. I predict it will sell for $8.8 and this will still be an outstanding outcome for the developer.
“I like your comments Butch, upward and onward!”
Really? Trying to sell this house at $10M is comparable to building the Golden Gate Bridge or climbing Everest? Somehow the so-called peanut gallery is the one that’s delusional in this scenario?
hangemhi and eddy have far more realistic views on this one. Nice views, and that might help, but this isn’t even a detached house at $1700/sqft. In some places, we call that a condo.
SFRenegade,
That comment came from a guy who works for the seller. Go figure.
In Escrow-Firm. Congrats!
It looks like the Teed/Haze strategy of concentrating on the north side of the city for their projects is going to pay off again. I am looking forward to hearing what the final price was.
Sold: $9,250,000. $1594psf. Congrats!