May 23, 2012

Hidden From The Street And Public Records

2845 Fillmore

With a façade and size that's mostly hidden from the street, the very quiet sale of 2845 Fillmore closed escrow last month with a recorded contract price of $11,000,000, generating $275,000 in transfer tax in a deal that was mostly hidden as well.

Never officially listed, the buyer of the Pacific Heights home has been hidden behind the 2845 Fillmore Trust which is being administered by the same attorney in Palo Alto who attempted to hide the buyers of 2600 Pacific.

While tax records suggest the property is 3,681 square feet, at which the sale would have been at $2,988 per square foot and a new all-time record in San Francisco, the property has been remodeled and expanded a number of times since being built in 1939 (including a horizontal extension in 1987) and we can’t confirm the current square footage.

As best we can tell, however, it was an all cash transaction.

The Secretive Sale Of 2600 Pacific [SocketSite]
A Record $2,784 Per Square Foot In SF And Bank (Executive) Owned [SocketSite]

First Published: May 23, 2012 2:30 PM

Comments from "Plugged In" Readers

Always wondered about this house. Looks over 5k feet. Old or new money buyers?

Posted by: Jr1 at May 23, 2012 4:34 PM

At least from that aerial shot it appears to have some extraordinarily bland architecture.

Is it sitting on top of the fountain of youth??

Posted by: Mister-Olay at May 23, 2012 5:57 PM

Designed by Gardner Dailey.

I believe the client was a member of the Kent family. The interiors are likely wonderful.

Posted by: inmycountry at May 23, 2012 6:38 PM

Big tech money, and old guard gold coast money are taking down everything good right now. That Broderick fixer priced at a *not particularly ridiculous* 2.5 just got 14 offers and is gonna go for well north of 1M over. Did you like that brief two and a half year downturn, at this point out of 8 high-priced years, bears? Nope. Nothin different about SF. Never gentrified south. Never got even tonier north. Condos and D10 didn't behave differently. And we're right back at peak levels, like some predicted. Huh? From what I can see only lol put his money where his mouth is. The rest of you are now talk talk talking about the next downturn. Social media is a bubble + failure due to IPOs, etc etc and assorted other nonsense-etera. Spencer and Tipster still holding out for Pac Heights 2BRs for two bits, and whatnot. Pretending Socketsite ravings affect the market. Good luck! But once again, the internet didn't make naysaying fencesitters novel. It simply put them in your home office.

Posted by: [anon.ed] at May 23, 2012 6:40 PM

@Jr1

who cares?

Posted by: sf at May 23, 2012 7:16 PM

@ anon.ed

So what? who cares?

Posted by: futurist at May 23, 2012 7:29 PM

" Old or new money buyers?"

What is this -- east coast or europe r. estate chatter?

Slightly creepy becoming.

Posted by: Invented at May 23, 2012 8:21 PM

I think anon.ed took enough heat on here that he is allowed to blow a horn every now and again. The market is on fire right about now and things are flying off the market. I'm on record somewhere saying that we'd be slightly down to flat for a while; and on average, I still think that is more likely to be true. Lot's of uncertainty. The good news is that we're not really back to the peak; but perhaps, just perhaps, we've found a floor?

2600 Pacific is putting in a pent doormer that is gonna hurt the view of the same pent-dormer that the neighbor to the south just put in. Ouch.

Posted by: eddy at May 24, 2012 9:10 AM

Uh eddy, we are at a floor??? rents are up, inflation will increase. we are above peak in every ok hood in sf, have you noticed specifics instead of generalization graphs?

Posted by: jerry at May 24, 2012 12:03 PM

It was rebuilt completely in the late 1970s when the house caught on fire and partially burned the house next door (up the hill).

Posted by: 94123 Native at May 24, 2012 1:09 PM

As others pointed out another thread, this was Elaine McKeon's home. She passed away in January. Her Sfgate Obit

This is an unusual home, and I can understand why it's so desirable, but honestly, in all the years I've walked past it, I'd never really thought much about it... but obviously someone was really covetous of this place. What this means for view homes in Pacific Heights is anyone's guess... I thought 2600 Pacific was an anomaly, but maybe not.

Also, 2600 Lyon was just listed, but listed as In Contract, thus showing 1 day on the market. It looks to resell at 8.8 million "list" after a pretty cool renovation.

Posted by: Denis at May 24, 2012 1:24 PM

@eddy

2600 Pacific is quite literally taking the definition of "dormer" to new heights!

Surprised the neighbors are letting that one slide-through...

Posted by: Joshua at May 24, 2012 1:44 PM

@Denis

2600 Lyon had tons of work put into it -- if the buyer paid anywhere near asking, they got a great deal.

Posted by: Joshua at May 24, 2012 1:55 PM

@jerry, I think you are confusing floor with ceiling. I'm saying the floor as-in 'bottom' of the market; as-in the point where the market is fairly resiliant. I'm not suggesting we found the floor over the past few years, I'm just suggesting that the market in SF was fairly resilient (although there were more than a few slaughters) and now there is a rebound. Perhaps we'll test the bottoms again in interest rates rise, or more issues pop up in the ecnomomy. Who knows.

@Joshua, I don't think anyone was going to mess with the owners of 2600. Not exactly the people you want to start a hatfield versus mccoy war with when you are probably going to lose. But this is going to be one seriously awesome home when done. I still think they overpaid. This remodel could easily be $4M too.

2600 Lyon was featured here back in 2006:
http://www.socketsite.com/archives/2006/11/since_you_mentioned_it_2600_lyon.html

Great home.

Also, take a look at the linked article within the post on 2600, that has the editor with this quote:

"If for no other reason, keep in mind that the upper end of the market is often a leading indicator for the broader market in general."
http://www.socketsite.com/archives/2006/11/keeping_our_eyes_on_the_upper_end.html

:)

Posted by: eddy at May 24, 2012 2:20 PM

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