July 15, 2011
2209 Pacific Returns Remodeled And Asking Three Million Per Bedroom
Purchased as a 4,960 square foot four-bedroom home for $5,150,000 in late 2005, and since remodeled to become a 5,900 square foot home with three bedrooms and seven baths, 2209 Pacific Avenue has returned to the market listed for $9,500,000 in 2011.
According to permits filed for the project and from which fees would have been billed, it was an estimated "$150,000" remodeling job, a budget that probably wouldn’t have covered the cost of the new kitchen, and perhaps not even the new theater below.
UPDATE: While the estimated remodeling costs per permits were "$150,000," according to the now live property website "close to $4 million dollars" in improvements have been made to the property. It's funny how that happens.
First Published: July 15, 2011 10:30 AM
Comments from "Plugged In" Readers
so when the boyz take a break from the football game one person has to stand in line for the bathroom?
Posted by: bernalkid at July 15, 2011 10:52 AM
I guess its worth a shot.
Posted by: eddy at July 15, 2011 10:56 AM
I toured this house when it was on the market originally. I left sort of unimpressed. Even though had a lot of developable space behind the garage, I can't imagine why they think it's worth 9.5 million after the remodel. Unfortunately, the 3362 Jackson St. sale is going to inspire some majorly inflated price tags.
Negatives: South side of the street, east of Fillmore, and only the south side of this block contains SFRs. You're facing a lot of bland apartments and condos. Plus, Alan Pinel agents don't have the best track record in Pac Heights. Personally, I didn't love the kitchen layout; it looks the same here. There wasn't a lot of privacy because many of the west facing windows look right into main rooms of the neighboring house.
Pluses: It has a great facade and it's on a nice flat block which is an easy walk to Fillmore. I've always liked that garage door.
Anyway, I just don't get it... You could've bought a much nicer home for so much less, so I have to roll my eyes at all of this. The 3362 sale was an anomaly. A real comp is 3659 Washington. It's larger, and is situated on a gorgeous, super-exclusive block in Presidio Heights. It was also remodeled and sold for a comparatively reasonable 6.65 million.
Posted by: Denis at July 15, 2011 1:21 PM
UPDATE: While the estimated remodeling costs per the permits and from which permit fees would have been calculated were "$150,000," according to the now live property website "close to $4 million dollars" in improvements have been made to the property.
Posted by: SocketSite at July 15, 2011 2:27 PM
What's funny is that anyone would use either city data or agent comments as a basis for reality. What do the permits say for 3362 Jackson? Anyone that wants this information can just ask for a detailed list of items performed. The asking price here is very far off. the ~5900 square feet includes converted basement / attic space and there is no view. I'd be surprised if this gets $1100/psf. I'll go with an optimistic 1050 which would put this @ about $6.2ish.
The house a few doors down that sold, came back as a project, didn't sell, and is now in some continued state of development struggled here as well.
Posted by: eddy at July 15, 2011 3:32 PM
the city uses basic costs per sq ft to estimate fees, e.g. $11K to do a bathroom. if you spend $30-40K on your bathroom you still only pay the fee on the base cost. same for the kitchen and everything else.
permit fee estimates should only be used for median range housing not upper tier.
Posted by: jose at July 15, 2011 5:12 PM
$9.5 is a joke, who ever this is either has no clue or is getting extremely poor advice from Alan Pinel. It is going to be funny watching this thing just sit and rot on the market. Good luck
trying to get anywhere above $6M for just another Pac Hts edwardianish box with no views and on the WRONG side of the
Posted by: CheapMaltLiqour at July 16, 2011 12:28 AM
@jose, I really wish that were true but you are giving the minimum for people who come in and say they are going to do the bath for $2k. If you say the remodel is going to be $150k for your bath, they will use that number.
Permit fees for $4M job:
Building - $26,333
Planning - $11,290
Wow, $37,623 to pull that permit, fun!
Posted by: ryan at July 16, 2011 12:30 AM
You can always tell there is a problem with properties like this when the listing agent doesn't show a North bay view, instead they show a "lovely" shot of some dumb fountain in the backyard, no North bay views, no chance.....it ain't gonna happen for that price.
Posted by: Cindy at July 16, 2011 12:44 AM
Is that a piano room or a bedroom? Or is it a "Piano Bedroom"?
Posted by: TinyTWO at July 16, 2011 12:51 AM
May not have views, but at least its a "mansion", that ought to stroke somebody's ego.
Posted by: tim swain at July 16, 2011 11:38 AM
$4MM in improvements must be referring to the owner's salary/comp during the time they owned it.
Posted by: EH at July 16, 2011 12:31 PM
Posted by: non hater at July 16, 2011 5:05 PM
The master bedroom is fantastic two full baths!
Posted by: Marina Boy at July 16, 2011 11:54 PM
Nice place, but $9.5 million is truly absurd.
Posted by: Mark F. at July 17, 2011 10:35 PM
Whatever the price, this has one of the nicest garages on a single family home I've seen. If more garages were designed like this, the anti-car nazi's wouldn't have as much to whine about.
Posted by: squirrel at July 19, 2011 2:09 PM
Reduced to $8.6M.
Posted by: tipster at September 1, 2011 12:22 PM
I'd day about a 1/3rd the way there.
Posted by: eddy at September 1, 2011 12:44 PM
Still overpriced by 2+ million. You can buy 2424 Broadway for 5... Nice views, A+++ block... Even though it's a bit of a fixer, I'm sure it's still livable as is...
Posted by: Denis at September 1, 2011 12:47 PM
The list price for 2209 Pacific has just been reduced another $650,000, now asking $7,950,000 ($1,550,000 under original list).
Posted by: SocketSite at April 26, 2012 5:43 PM
The listing for 2209 Pacific has been withdrawn from the MLS without a reported sale.
Posted by: SocketSite at June 15, 2012 7:12 AM
Back on at $7,950,000. Maybe a year later will do the trick. Probably not. I'd guess closed to $1100/psf and that is being generous.
Posted by: eddy at July 12, 2012 10:41 PM