2420 Pacific
Ever since a plugged-in tipster tipped us off to a rumored under the radar “no reasonable offer refused” auction for 2420 Pacific Avenue two weeks ago, we’ve been keeping an extra close eye on the listing for the 10,650 square foot (per appraisal) Pacific Heights property.
As plugged-in people know, the Julius Ernest Krafft designed home was listed for $12,800,000 last June, reduced to $11,700,000 in September, and then reduced to $9,800,000 in February.
A few minutes ago the list price for 2420 Pacific was reduced to $8,700,000.
Either the aforementioned auction failed to produce a winner and we now have some additional intelligence with respect to the market’s appetite, or we now know the winning bid which will be recorded “at asking” (and rather quickly after being reduced).
∙ Listing: 2420 Pacific Avenue (10/8.5) – $8,700,000 [MLS]
A Julius (Not Julius’) Castle Of A Different Kind [SocketSite]
Room(s) To Negotiate And A Two Million Dollar Reduction [SocketSite]

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Comments from “Plugged-In” Readers

  1. Posted by Denis

    Maybe my English is slipping, but I don’t really know what that last paragraph is saying… Does the editor think the house sold at auction and the price reduced so it can be recorded at asking?
    I think it’s just a reevaluation of the price, but we’ll see. No way this could sell above 8.5, which is what I said last year when it hit the market. It’s a decent buy at that price, and I know some of you will disagree, but it’s a distressed listing and will probably sell far under its “value,” a term I use rather loosely.
    [Editor’s Note:. Your English is fine, it’s ours that’s slipping, and don’t underestimate the perceived importance of league tables for this segment of the market.]

  2. Posted by John Bay

    This house is in a world of pain. Not a chance it sells even close to 8.7. Who in their right mind spends that for a 2 Unit house without a garage, way dated renovation (or lack thereof), neighborhood association suing the owner etc?? Maybe in another 300 days and another $2mm chop…

  3. Posted by Edgar

    Utterly Failed Auction. Broker Note for the past month has effectively reduced price to 8.6mm. This is a price increase!!

  4. Posted by BrokerMan

    Is that a jail in the front yard?

  5. Posted by matlaw

    Dear Editor. A period or two. That’s all I ask.

  6. Posted by SanJoseRenter

    Whenever a Bay Area real-estate auction is mentioned, there should be an effort to see if it is a real, binding auction or a non-binding auction (ie. fishing trip to drum up offers for subsequent approval by the lender or owner.)
    I haven’t seen any binding auctions away from the courthouse steps around here.

  7. Posted by eddy

    Lot’s of potential with this home. The seller at this point has to know the value here is in the lot / location / potential. And the ask is just not getting it done. I’m surprised a few agents aren’t bringing buyers and low balling this place and putting the seller on the defense. I think an aggressive buyer could shake this place loose. At some point this gets demoralizing and the seller (+listing agent) just want it gone.

  8. Posted by Lori

    OK this place is a hot mess. Pick one genre of decorating and stick with it. Almost every room has a different style. I’m assuming the “jail” in the front is a fancy carport?
    Someone will have to come in with a real lowball offer, because taking this home out of its schizophrenic state will cost a pretty penny.
    That said, the sunroom in the back makes me swoon.

  9. Posted by conifer

    This is a solid real SF house, but is not a bargain. If it were, the listing agent would have bought it, as she did buy the famous greatest bargain in SF real estate history, across the street and half a block west.
    Still, if one has the money, and the tolerance or time to fix it up a little, this is a fine PacHts mansion.

  10. Posted by conifer

    Pending.

  11. Posted by Denis

    interesting! We’ll see if the editor was right! Will we see an “at asking” sale price? Probably..

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