September 28, 2011

The "$2.8 Million Dream Home" On Mountain Spring Drops To $2.5M

65 Mountain Spring Avenue

As the new agent for 65 Mountain Spring Avenue wrote when the property returned to the market earlier this month listed for $2,675,000 having been listed by the sellers who are brokers themselves for as much as $3,950,000 in June 2010:

Many, many [sellers] with homes on the market over the past 2-3 years have been surprised by the values of their homes. Having previously appraised near the former asking price, the market has now changed.

It has changed indeed. And late yesterday, the list price for the Clarendon Heights home was reduced $180,000, now asking $2,495,000 for the "$2.8 million" dream house.

∙ Listing: 65 Mountain Spring (4/3) 3,513 sqft - $2,495,000 [65mountainspringave.com]
A Regularly Recurring Dream [SocketSite]
San Francisco Dreaming At 65 Mountain Spring Avenue [SocketSite]

First Published: September 28, 2011 8:00 AM

Comments from "Plugged In" Readers

Always nice to have that God-awful Sutro tower looking over you.

Posted by: fred at September 28, 2011 8:40 AM

Assuming a sale at asking, an approx. 37% drop in expected value just since June 2010, which isn't even going back to the market peak. Ouch.

Posted by: Brahma (incensed renter) at September 28, 2011 9:02 AM

The annual whipping / beating of the "Dream House" is becoming one of my favorite traditions. We should start a contest each year with an award for the person who finds the exact address of the dream home, who comes up with the best 'before' pics, and who guesses closest to the ultimate discount from the bloated "dream price" of these homes.

Posted by: eddy at September 28, 2011 9:33 AM

I really like this place. It shows well in pictures.

The only negative I really see is that it's a little secluded (maybe a positive for some people).
it's got a very suburban feel to it, and can't easily walk anywhere. (well... it's not far to irving shops, but by SF standards it's a long walk)

anyone know if this is above or below the fog line? that would make a big difference too. My GUESS is that it's above...but not sure.

Posted by: ex SF-er at September 28, 2011 9:58 AM

More so called "dream house" scams.

Posted by: Modernqueen at September 28, 2011 10:50 AM

(well... it's not far to irving shops, but by SF standards it's a long walk)

Ain't nobody walking to Irving from here. Haight/Clayton is probably closer, and that'd be a hike as well.

Posted by: EH at September 28, 2011 11:07 AM

Ain't nobody walking to Irving from here.

I know... but it could be walked. Like I said, it's a hike.

Haight/Clayton is probably closer, and that'd be a hike as well.

No way IMO a person living in this house will walk to Haight.

I can see Cole/Carl though.

Really, this is a home for a car-owner. Good thing it has room for 2.

Posted by: ex SF-er at September 28, 2011 11:37 AM

eddy,

I wish I could win something in your "guess the address" contest ;)

Posted by: lol at September 28, 2011 12:29 PM

We saw this house last weekend. It's pretty and European, and my wife liked it, though I found it a bit too dark. The floor plan also wasn't ideal IMHO.

I'm also not a big fan of the location. To me -- and I know others may disagree -- Mountain Spring Avenue feels a bit too removed for city life. You have to circle around Twin Peaks Blvd., which kind of kills the vibe. I prefer Belgrave Ave., which has similar views but has easier access into Cole Valley.

Posted by: NJ at September 28, 2011 12:56 PM

Here is another big place around the corner with formerly big pricing ambitions that have been dramatically scaled back -- reduced from $4.5mm in June '10 to 2.85mm today:

http://www.redfin.com/CA/San-Francisco/28-Clarendon-Ave-94114/home/677245

Aagh, we thought twitter would be public by now . . .

[Editor's Note: Behind The Remodel (And By The Numbers) For 28 Clarendon.]

Posted by: A.T. at September 28, 2011 2:31 PM

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