October 17, 2011

Seven Months Later And The Streamline Moderne On Sanchez Returns

849 Sanchez

Having sold for $3,200,000 ($1,032 per square foot) this past March having been purchased for $3,400,000 ($1,096 per square) in 2008, the Streamline Moderne 3,100 square foot property at 849 Sanchez has returned to the market listed for $3,300,000.

849 Sanchez Kitchen

And if a plugged-in reader is correct, the poster child Moderne home has returned to the market without any new wear or tear.

∙ Listing: 849 Sanchez (4/3.5) - $3,300,000 [849sanchezstreet.com] [MLS]
The Streamline Moderne 849 Sanchez Takes A Little Hit [SocketSite]
Mo’ Moderne Atop Liberty Hill (Or Not) [SocketSite]
San Francisco’s Modern Era Of Design And Development [SocketSite]

First Published: October 17, 2011 9:30 AM

Comments from "Plugged In" Readers

How bizarre; still one of my favorite houses in the city.

Posted by: Geo at October 17, 2011 10:22 AM

Love this house. Much better presented this go around.

Posted by: wc1 at October 17, 2011 10:40 AM

It will be interesting to see if this house performs as well as it has in the recent past.

Posted by: 94114 at October 17, 2011 10:48 AM

For those who might want some Streamline Moderne for less, you might check out the East Bay burbs. This one comes in at $290/sq.ft.

Posted by: EBGuy at October 17, 2011 11:07 AM

Why such a short hold? Buyer remorse? Trophy house hangover?

Posted by: lol at October 17, 2011 11:38 AM

Bizarre that this place is up for sale again so fast? Anyone have any intel?

Posted by: Bernie Hill at October 17, 2011 11:40 AM

I understood the Ed.'s reference to "no new wear and tear" to mean that the seller never moved in. Sounds like a job move (or a job non-move).

Posted by: shza at October 17, 2011 11:43 AM

Can someone explain the pricing strategy to me? Did they add the extra $100,000 to pay property taxes, their realtor or to test the market. Or is it that it's midway between the 2008 and 2011 prices?

Posted by: Oceangoer at October 17, 2011 12:07 PM

They actually did do some work: a June permit to,

REMODEL CLOSET & LAUNDRY ROOM. REMOVE FIREPLACE & ADD NEW WINDOW

Posted by: sparky-b at October 17, 2011 12:44 PM

Buyers were husband and wife and very established in SF. They currently own a condo on a high floor at a prestigious building in SF.

SF Court records don't show a divorce.

Records appear to show that he's late 40s, she's mid 30s. Based on all of the publicly available information, I assume (but don't know) that they had a change in plans regarding their need for more space, and will leave it at that.

Posted by: tipster at October 17, 2011 12:46 PM

@Oceangoer - I am fairly certain the pricing strategy is based on recouping some costs. $24,750 in transfer tax and $165,000 on commission (although I wouldn't be totally surprised if that been slightly negotiated down).

As tempting as it is to price based on a rough graph of where the market is overall or yoy performance percentages, it really doesn't work that way. Those metrics can serve as a helpful guide, but the reality the market doesn't move quite like that. Depends heavily on what is happening in the market that month, that week, that day. A property may be brought on with no comparable competition and threee well qualified groups of buyers ideal for the property, or two months later with three similar listings and one buyer who has time and choices.

Posted by: Longtime Lurker at October 17, 2011 12:49 PM

tipster... you're a total creeper. Ewww.

Posted by: Agent415 at October 17, 2011 1:09 PM

Another odd thing: yesterday's open house was canceled. Just a hand written sign on the door saying it was canceled.

Posted by: 94114 at October 17, 2011 1:24 PM

Agent415 wrote:

> tipster... you're a total creeper. Ewww.

Are we to assume that Agent415 has never done a Google search on anyone?

Posted by: FormerAptBroker at October 17, 2011 1:34 PM

Another case where the big bucks in SF goes to ripping out the period detail and replacing it with Dwell blandness. Compare the main staircase in the SF property to the one in the East Bay property, here:
http://www.redfin.com/CA/Berkeley/2300-Le-Conte-Ave-94709/home/1729632

Sad.

Posted by: lark at October 17, 2011 3:45 PM

Wierd looking house to me. Don't know why someone would want to pay that much for it.

Posted by: front load washer smell at October 17, 2011 3:52 PM

EB: that is a great house. wow.

Lark: on the stair -- do you know if sanxhez had an original railing like the Berkeley? If they didn't, then you cant fault them too much. some of the orignal railings from the period were simple cast iron boring.

railing code will never let you put that Berk. railing up again in SF. We tried something like that. no dice. we were able to make it interesting by keeping curves of the metal, but it is not cheap at all to do those curves.

Posted by: Geo at October 18, 2011 8:31 AM

949 Sanchez is no 2300 Le Conte. This house is just a 1940s spec house remuddled in the 2000s to try to give it some architectural character. I guess the good news is Socketsite readers are hungry for architectural character, as meager as it may be in this one.

Posted by: Jim at October 18, 2011 5:41 PM

The listing for 849 Sanchez has been withdrawn from the MLS after 112 days on the market without a reported sale.

Posted by: SocketSite at February 3, 2012 1:32 PM

849 Sanchez is back on the market at $3,150k. Current sellers definitely overpaid last year.

Posted by: El Bombero at April 13, 2012 3:33 PM

This place still hasn't sold. 62 DOM for the latest listing, although the place has basically been for sale for more than six months.

The 2008 buyers lost somewhere in the neighborhood of $400k on the 2011 sale, and it looks like the 2011 buyers will have to eat a similar loss.

I thought prices were up over last year? Must be a lousy neighborhood or house I guess.

Posted by: El Bombero at May 30, 2012 2:27 PM

It stinks being a bear these days. The would-be sellers of 849 Sanchez apparently couldn't find a greater fool to buy it at $50k under what they paid in 2011, so they withdrew it after trying to sell for basically a full year. Can't even indulge in any real schadenfreude over how much they lost, just a smile that they're still stuck with it.

Posted by: El Bombero at August 16, 2012 3:54 PM

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