2550 Lyon Street (www.SocketSite.com)
Listed for $9,800,000 in 2007, relisted in 2008 for $7,950,000, and last listed for $6,500,000 before being withdrawn from the MLS in 2010, the sale of 2550 Lyon quietly closed escrow last month hidden behind a confidential sale price at the Recorder’s office.
That being said, if a plugged-in tipster is correct, the sale price was $5.75 million while the property is rumored to have appraised for a million dollars less, luckily it was only a $2 million note being employed for the purchase.
Rumor also has it that several offers were made on the property over the past three years, all of them passed them up waiting for a more lucrative offer to appear and during which time 2550 Lyon had been listed for rent asking $22,500 per month.
The Hanging Gardens Of San Francisco: 2550 Lyon [SocketSite]
Might $22,500 A Month In Rent Actually Make More Financial Cents? [SocketSite]

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Comments from “Plugged-In” Readers

  1. Posted by sfrenegade

    Is this the same as 2500 Lyon?
    http://www.redfin.com/CA/San-Francisco/2500-Lyon-St-94123/home/1999404
    The pictures of this place on SocketSite make it look like a cardboard building on a Hollywood studio lot.

  2. Posted by PPC

    Yes, same house SFRen. I always really liked the location and roof deck, but it is dark a lot of the time.

  3. Posted by Brahma (incensed renter)

    Someone want to take a crack at explaining how a seller gets to have the sale price listed as “confidential at the Recorder’s office”? Why wouldn’t everyone who sold for less than asking do that?
    Would an interested third party still be able to look up the assessed property tax value and infer the sale price from that? Enquiring minds want to know.
    [Editor’s Note: It’s actually not too difficult and typically involves having the transfer price and associated transfer tax reported as an attachment to the deed.
    And while the assessed value could be used to infer the sale price, keep in mind it can take years for the assessor's records to be updated and a Prop 13 tax basis transfer could also be in play.]

  4. Posted by Denis

    Waaay more than I thought it’d sell for. My last guess was 4.9. It still looks like a fake plywood facade on a movie set at Universal Studios or something..

  5. Posted by The Milkshake of Despair

    In the sense that it tries to look like stone it *is* a fake plywood facade.

  6. Posted by Catherine

    Word has it from the major brokers in San Francisco that the original and last listing agent got totally shafted by the seller and sharked by [another] realtor.

  7. Posted by ihatefatpeople

    Rumour has it that the Realtor who brought in the offer had been working with the buyer prior to the sale and now is being brought before the board of realtors for misconduct.

  8. Posted by jimmy

    ihatefatpeople; Do you mean seller (vs. agent had been working with buyer?
    I don’t see a violation otherwise.

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