November 13, 2012
Before And (Two Years) After In Presidio Heights
Picked up for $3,841,000 in April of 2010, 35 percent below the asking price in 2008, the exterior and interior of 3878 Jackson Street (including the faux tortoise shell master bath above) were toned down a bit and the Presidio Heights home was returned to the market five months later listed for $4,200,000.
Withdrawn from the market at the end of 2010 without a reported sale, the 4,609 square foot property returned to the market earlier this year listed for $3,999,000.
This past Friday, the sale of 3878 Jackson Street closed escrow with a reported contract price of $3,660,000, five (5) percent under its 2010 price. And no, they didn't remove the street tree, that's simply a slightly different camera angle.
∙ Details, Details, Details (And Another Adjustment In Expectations) [SocketSite]
∙ Before, After, And Back On The Market At 3878 Jackson [SocketSite]
First Published: November 13, 2012 9:30 AM
Comments from "Plugged In" Readers
Sorry, but I prefer the exterior (not the interior) "before".
Posted by: BT at November 13, 2012 9:55 AM
Bullish on the market since spring 09, this sale at 5% below its 2010 sale beats me down, splashes me with a cold bucket of water.
Of course there's always 807 Francisco, which sold for 3.2m in 1997 and 13.5m a couple of weeks ago.
Posted by: unwarrantedinlaw at November 13, 2012 10:00 AM
@BT, my thoughts exactly. The 'before' version of the exterior has at least some style to it. The 'after' is offensively bland.
Of course almost anthing would be an improvement over the interior 'before'.
Posted by: sfmichael at November 13, 2012 10:39 AM
I also prefer the prior exterior.
It's my opinion that the market was fairly flat between '09 & '11 and strongly up through '12 to date.
Given that belief, I'm going to suggest that it was a combination of overpaying when they bought, combined with an insufficient or incompetent level of remodeling. It looks like all they did was paint / paper over some of the worst design elements. There's still some funkyness if you look at the most recent listing.
Posted by: lyqwyd at November 13, 2012 11:01 AM
And don't forget the 6% inflation since April 2010. Sounds like not a big deal until you consider that adds to the loss by another $236,000. $600,000 real loss with commissions (not even counting remodeling, etc.). Good thing they bought at the "bottom."
Posted by: anon at November 13, 2012 11:07 AM
This place has been a train wreck in waiting for quite some time. I wouldn't have paid $1k psf for this place in its before or after condition. But it is a $1k psf location if it were finished properly.
Posted by: eddy at November 13, 2012 11:17 AM
things were better in 2010 than either 2009 or 2011.
Remember the Case Shiller reported at one point prices up nearly 20% YOY in 2010, although, yes I know thats for the MSA as whole.
I think the recovery started then, with 2011 being the "bear trap", with a slight dip and subsequent recovery in 2012.
actually think we're above 2010 generally (Oct figs look REALLY good) but individual properties may differ, of course,
Posted by: REpornaddict at November 13, 2012 11:39 AM
Omg, that "before" bathroom was painfully hideous!
Posted by: OMG at November 13, 2012 3:53 PM
Dang. I should have kept a closer eye. I was hoping to snag the stair runner on its way to the dumpster.
Posted by: BobN at November 13, 2012 6:42 PM
I never saw this place in person, but I'm guessing it was terrible. I think if the owners had done a proper remodel, they would've fared a bit better. Remodeled properties on Pine are selling at close to 3.5 and there was a Divis sale at 6 and neither of those locations are really comparable to Jackson. A fixer on the south side of Jackson on the 3400 block hit 1130 per foot. I actually think this sale at $790 per foot is one of the lowest PPSF recent sales in Pac Heights, Presidio Heights, or Cow Hollow. In fact, it may be the lowest PPSF sale in prime Presidio Heights in the past year, so in that way, it's more of an anomaly than a real data point. If I'm wrong correct me...
Posted by: Denis at November 13, 2012 8:36 PM
I mean PPSF for a Presidio Heights SFR not counting Arguello, obviously!
Posted by: Denis at November 13, 2012 8:40 PM
Even 166 Arguello sold for $3.1. It was better finished but an odd property and location. This house on Jackson just has some bad mojo or something. This 'could' be a $5M property in a heartbeat if someone did the proper dwellification.
Posted by: eddy at November 14, 2012 11:35 AM