As we reported this past March:
Over the past four years 1089 Chestnut has been listed for sale five times with prices ranging from $9,250,000 in 2007 to $7,980,000 last year. Today, the 5,740 square foot home returned to the MLS with a $6,000,000 price tag but without its “sensational modernistic Neo-Classical” tag and less a previously listed seventh bedroom.
Now, it’s simply a six-bedroom “spectacular…architectural masterpiece” on tour as new and with “one” day on the market in the eyes and reports of aggregate industry statistics.
Yesterday, the sale of 1089 Chestnut closed escrow with a reported contract price of $6,061,600, officially over asking with 116 days on the market and $1,056 per square.
And while we’re familiar with the numerology behind the lucky number eights, if there’s any significance to the sixes, somebody let us know.
∙ On Tour As New For The Fifth Time Since 2007 (And Three Million Less) [SocketSite]
∙ A Sensational Modernistic Neo-Classical Six Days On The Market [SocketSite]
∙ Sometimes It’s Simply The Description (1089 Chestnut) [SocketSite]
Over asking??? There is simply no excuse for this home selling over it’s asking price. None. It’s a good / fair outcome for this property but the buyer agent here most certainly could have saved their client some cash here it seems.
I think I said this in another thread, but demo it and turn it into some cool, modern townhouses.
Needs more cannons.
Faulty palindrome? $6061606 would’ve been so much cooler. This is going to bug me all day.
“but the buyer agent here most certainly could have saved their client some cash here it seems”
But then he might not have double ended the commission…
Seller’s Agent: Jean-Paul Samaha, Vanguard Properties
Buyer’s agent: Jean-Paul Samaha, Vanguard Properties
You guys are out of line, as usual. Making snap judgments other people can read about things you simply do not know the ins and outs of. If he took 3 points instead of 5, which is typical in double ending situations, then that’s 120K more to the seller.
Well that certainly explains a lot. My guess is the 61k is some sort of kickback to the buyer formula. The sale price was probably asking but the agent/seller probably kicked back 100k for the rear ending the buyer. Pun intended.
Hmmmm. 120K more you say? What a coincidence: the odd $61,606 is about half that much.
So I take it the buyer paid the 6mil, the agent rebated 1% to each, and reported the $60K as the purchase price received by the seller, and had to fudge another $1606 to make something else work out: transfer tax, commission on the 60K, etc.
Mystery number solved, and buyer did not really pay over asking.
@anon.ed, point well taken and totally plausible. And there is certainly no certainty in what went down on this deal. But I don’t think the speculation is out of line to be honest so long as at it characterized as much. Double ending a sale almost always leads to this sort of unanswered question.
And the seller most certainly paid over asking and I’m sure the SF Assessors Board will document it.
I do think this is a fair outcome for this property. $6M is a little high, I felt $5.5 was more realistic. There are 600k in immediate improvements required. Entry way, windows, exterior paint and a bunch of interior structural work to fix the flow. This has a lot of potential. So congrats to Buyer/Seller and Agent. It’s good business if you can get it!
“had to fudge another $1606”
Fudge, is it? Hardly. The words “fudge” and “account” are not synonymous.
I regretfully admit that I often work directly with the listing agent when buying because they will maul the seller on my behalf. In order to pocket that 6% they will badger the seller without pity to take the price I offer. I know anon.ed is a realtor with character but there are very few like him. The idea that the agent works for the seller is a joke. They work for me, and they’ll castrate the seller to get both ends of the deal.
@eddy. I live around the corner from this monstrosity. I don’t see how any amount of money could fix one of the ugliest and most inept facades in the city.
Could be a great photoshop contest here; but I’d change the garage door to be something more modern / translucent. I’d paint the lower portion of the home and light charcoal and potentially add some texture like the bebo house
https://f82d63.p3cdn1.secureserver.net/37%20Raycliff%20Terrace.jpg
The top portion of the house could use a more neutral color with some off setting trim.
The windows obviously need major attention starting with the elimination of the the fake separations in the glass. I’d strongly consider squaring off those arched windows as well.
The entry way needs a much grander double door with big scale; again I’d go with something a bit on the modern side.
Lose the railing on top and replace with no edge glass.
Lots to do here and very salvagable. The giant white lego block is very unappealing.
I agree with eddy. My first thought was that it looked like a canvas ready to be shaped and painted, not a monstrosity.
It needs More Cowbell