August 6, 2012
With A Local Whale Landed, Another Mansion Is Reduced
As we wrote about 2901 Broadway this past January:
With 1,727 days on the market, the list price for 2901 Broadway has just been reduced another $7,000,000, now asking $38,000,000 and now the second most expensive listing in San Francisco, just behind 2845 Broadway which was reduced to $38,500,000 last year.
And yes, the property tax bill for the Gold Coast mansion totaled $7,790 last year.
As plugged-in people know, the 2007 Decorator Showcase Home was initially listed for $55,000,000 in early 2007 and received a rumored four offers, all of which were countered at asking and all of which walked away.
Rumors had Mark Pincus circling the property this past April, but that didn’t happen. And now, the list price for 2901 Broadway has been reduced to $34,000,000.
∙ Now Asking $38M (And Still Contributing Under $8K In Taxes Per Year) [SocketSite]
∙ Over $50 Million Invested And Now Asking $38.5M For 2845 Broadway [SocketSite]
∙ Proposition 13 In Practice Along San Francisco’s Gold Coast [SocketSite]
∙ Your Chance To Slip Inside 2901 Broadway [SocketSite]
∙ Go Ahead And Ask: 2901 Broadway Is Listed (And Priced) [SocketSite]
∙ Rumor Has It: Four Offers On The 2007 Decorator Showcase Home? [SocketSite]
∙ While Zynga Trades Down, Pincus Trades Up [SocketSite]
First Published: August 6, 2012 10:15 AM
Comments from "Plugged In" Readers
The math on this one isn't too hard... It's worth 1/2 of a north-side home. 2950 Pacific sold for 16... this could probably move for something similar, minus a million or two.
Posted by: Denis at August 3, 2012 3:45 PM
It's hard to imagine someone paying 'even' $34,000,000 for this heap. It's one of those homes that actually NEEDS to be taken down to the studs and rebuilt. It is a spectacular piece of property but I think it would be worth more as an empty lot.
Don't you wonder what those bids in 2007 were for?
Posted by: Jane at August 6, 2012 12:19 PM
I do not fully agree with the negative comments. this property has the largest block on Billionaire Row. For Pete's sake, it's roughly 0.4 acres, 30% more than 2950 Pacific (which has an odd parking access)! You could fit a semi-olympic swimming pool on this lot and still have your house!
Its current height and massing almost ensures you'll always have the most prominent house on the block.
It's unique. Will it cost a bundle to update? Sure. But someone who can afford to buy this will not be house poor and will have the means to make it grander than it is today. If the buyer doesn't develop ADHD like the unfinished project up the street.
I am guessing 25M to 27M sale price.
Posted by: lol at August 6, 2012 12:56 PM
I posted this years ago, but I remember one of the contractors who took a look at this place with an interested party estimated the structural engineering alone needed on this place could easily cost 8 figures. It's also deceptively small. My guess is the square footage of the main three floors is only around 7k square feet, but that's just based on memory from when it was the showcase home. I stand by my earlier comment that 2950 Pacific is your comp, not 2701 Broadway because that place was in pretty much move in condition.
It does have a sort of a Vampire-chic thing going on. Lots of places in the lower catacombs for a sexy crypt. Maybe Kristen Stewart can buy it. It would be a perfect place to mope around and lip bite while she gets over R Patz.
Posted by: Denis at August 6, 2012 1:58 PM
Gotta laugh at all three agents' claims here on socketsite way back in 2006:
The seller is aware of the value of this once in a lifetime property, as will be serious buyers and their advisors.
Of course, back then people were laughing at the $75 million smackeroo (rumored but denied) asking price. Now we are at half that, and still nothing.
Sounds like serious buyers are aware of the true value, but the sellers aren't.
Posted by: gallileo at August 6, 2012 5:35 PM
I remember my old RE agent had said back in 2007 someone had made an offer of $26-$28M but was rejected. I believe at that time, they didn't even have a list price. It was tell me how much you are willing to pay for it! Fast forward to 2012.... (no 2007 pricing anymore) With the amount of work that's needed to take it to 2012 (say easily $10M), my guess is they will be lucky to get $20M. The above basement level is less than 10,000 square feet and the master bedroom isn't even facing the bay. I believe it is facing the tennis court. It's a very unique property being that it has a tennis court but it's really a gut job inside...esp. that small kitchen. Basically the whole place needs to be reconfigured. Good luck to the seller.
Posted by: jujubee at August 6, 2012 10:20 PM
I'd like to see the Jehova's Witnesses attempt to scale that staircase! Whoever designed this place, had no love for visitors, as they'll have to climb 15 minutes worth of stairs before having the opportunity to see if anyone is home. I love the street presence of this place, but would never consider living here without first completely gutting the place.
Serioulsy, why not move the front door to the very top floor? It's a joke!
Posted by: Ding-dong at August 8, 2012 3:55 PM
The rumor has been that this place was in contract for some time now, however, it officially showed up on the MLS as "In Escrow" today. My guess is that this will close by the end of the year. It does seem the capital gains tax implications are having more of an effect on San Francisco real estate then the supposed "Facebook effect". However, I think the buyer here may surprise.
Posted by: Eddy at November 29, 2012 4:55 PM
Posted by: eddy at December 6, 2012 6:11 PM