November 7, 2012
Remembering The Heights Of 2008 And 100 Palo Alto Avenue
As we wrote this past September:
Custom built for former San Francisco Mayor Elmer E. Robinson in 1953, the Mid-Century home at 100 Palo Alto Avenue hit the market in March 2008 listed for $4,000,000 and closed escrow that April with a recorded contract price of $5,625,000.
Returned to the market listed for $6,400,000 in 2010, after 341 days on the MLS and a couple of reductions, the Clarendon Heights home was withdrawn from the market in early 2011, last asking $4,950,000.
The four-bedroom home is now back on the market, listed anew for $4,995,000 in 2012 and touting "formerly owned by a local real estate tycoon" whom we have yet to identify.
As a reader notes, the list price for 100 Palo Avenue has since been reduced to $4,695,000, now asking 17 percent ($930,000) less than the price that was paid for the luxury view home in early 2008, back when overbidding was the norm.
To quote Santayana, "those who cannot remember the past are condemned to repeat it."
∙ The Height Of The Heights And An Unnamed Real Estate Tycoon [SocketSite]
∙ Forget The Rock Star Lifestyle, Anybody Want To Live Like A Mayor? [SocketSite]
∙ An Ex-Mayor’s Mid-Century Clarendon Heights View Manse Returns [SocketSite]
∙ Less Great Expectations For Ex-Mayor's Mid-Century Modern Home [SocketSite]
∙ As The Market Turns: Another Quick Cut For 100 Palo Alto [SocketSite]
First Published: November 7, 2012 2:15 PM
Comments from "Plugged In" Readers
probably the result of some stickers on the cabinets.
Couldn't be the market.
Posted by: anon at November 7, 2012 2:32 PM
"overbidding was the norm" in 2008? That's not the way I remember it, but I could be wrong.
Posted by: R at November 7, 2012 2:42 PM
There's the SSwagger that's been missing for a few months. Welcome back. And the day after the election no doubt. The next four years will be interesting. Perhaps I read too much into a single line / quote. Personally, I feel many here are a little ahead of themselves with the back patting on the market. The recovery in SF housing is pretty spectacular. Enough of a bounce to withstand some depression. I'm still sticking by my relatively flat 10 year prediction that we're about 3 years into.
Despite the many risks that are still out there related to housing and the propensity for buyers to buy, one thing remains very true about this market, "habit is stronger than reason.". Always one of my favorite quotes. ;)
Also, this house has several features unbecoming of a $5M home. The kitchen is just the start.
Posted by: eddy at November 7, 2012 3:12 PM
The views are indeed wonderful and truly amazing.
For those who have been inside this house...well the price is a mystery.
p.s. (the former "tycoon" is not a mystery, nor much of a tycoon)
Posted by: Joshua at November 8, 2012 12:10 AM
I didn't notice until the other day that there is basically (if not actually) zero outside space. I guess when you're mayor you do all your entertaining elsewhere.
Posted by: EH at November 8, 2012 9:47 AM
Showing contingent on Redfin, fwiw.
Posted by: Geo at November 19, 2012 2:14 PM
100 Palo Alto has fallen out of contract and is once again available with a list price of $4,695,000 having last sold for $5,625,000 in 2008.
Posted by: SocketSite at February 5, 2013 6:07 PM
The sale of 100 Palo Alto closed escrow today with a reported contract price of $4,600,000, over a million dollars ($1,025,000) and eighteen (18) percent under its early 2008 sale price.
Posted by: SocketSite at March 22, 2013 2:30 PM
The 2008 wild overbid wasn't a winning strategy. At that time, bidding wars were looking like pissoir contests. I suspect the pratice is back in some areas today.
Our now departed permabears would have used the sentence "A lot of money died and went to money heaven". Is it time to call back these old coots? I am starting to miss them.
Posted by: lol at March 22, 2013 3:58 PM