As we wrote about 2209 Pacific Avenue a year ago, almost to the day:
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.
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.
Having been reduced to $7,950,000 and then withdrawn from the MLS after eleven months on the market last month, as a reader notes, 2209 Pacific has just returned to the market at that price but with an official one day on the market according to industry stats.
According to the new listing, however, the property is now a five-bedroom home and the cost of renovation was “over $4 million” for a total of over $9 million invested.
∙ Listing: 2209 Pacific Avenue (5/6.5) 5,900 sqft – $7,950,000 [McGuire]
∙ 2209 Pacific Returns Remodeled And Asking Three Million Per Bedroom [SocketSite]