April 26, 2013

Rebuilt Piece By Piece And Back On The Market For Ten Million More

2504%20Jackson.jpg

The old Queen Anne at 2504 Jackson Street traded for $3,650,000 two years ago.

2504%20Jackson%20Dining.jpg

Having since been taken down to the studs and rebuilt "piece by piece, system by system, from the foundation to the roof," the now 7,260 square foot Pacific Heights home has just returned to the market listed for $13,750,000 with an elevator between its four floors.

2504%20Jackson%20Great%20Room.jpg

And there's not only a requisite NanaWall, but two:

2504%20Jackson%20Rec%20Room.jpg

And there's a rather nice wine cellar aside the "party kitchen" as well.

2504%20Jackson%20Party%20Kitchen.jpg

∙ Listing: 2504 Jackson (6/5.75) 7,260 sqft - $13,750,000 | Floor Plans [Neal Ward]

First Published: April 26, 2013 3:45 PM

Comments from "Plugged In" Readers

It's a beautiful renovation; tasteful and reasonably restrained. Eight figures is far too high though, of course. It's a great house and an impeccable location, but it's not on the level of 2510 Jackson next door.

Posted by: mdreaming at April 26, 2013 3:57 PM

I've been waiting on this one. Just no way was that 3.6 million in 2011 an arm's length transaction, even for a fixer that's just ridiculously cheap for that block. It was never on the MLS. I remember seeing it as having sold on the realtor's site and thinking, hmmmmm.

I don't think the 13.75 is that crazy. It's clearly superior to the Presidio Heights home that sold in the 12s. No way this sells for less than 8 figures. I say 12.5.

Posted by: Denis at April 26, 2013 4:14 PM

And I still see an enormous brick chimney,sitting there top heavy and full of unreinforced masonry.

Unless it was removed brick by brick and re-built around a new steel or concrete frame, that chimney is still a major seismic hazard WHEN the big one comes.

Oh, but wait: they have 2 Nana-walls.

Much better.

Posted by: futurist at April 26, 2013 4:32 PM

Just because it never hit the MLS doesn't mean it wasn't arms length. There are tons of properties that sell via "pocket listings", and the more expensive you go, the more common they are. Rich folks don't want the unwashed masses touring their homes.

Posted by: lyqwyd at April 26, 2013 4:34 PM

Not a Queen Ann Fan, but once inside that's irrelevant. I am blown away people are flipping homes of this caliber and price. My guess is they will net $3-4 million on the flip. And it will sell. It's magnificent work.

Posted by: brianSF at April 26, 2013 4:36 PM

I'm not sure about the brick being re-built, but it sure is nice to see it again instead of it languishing under that awful green paint that was there.

Here it was at some point (from a google search, so no idea when): http://www.flickr.com/photos/anomalous_a/4013019665/

They had even painted over the shake shingles!

Posted by: mdreaming at April 26, 2013 4:37 PM

Gorgeous renovation, and I also bet it sells for near asking.

Posted by: Mark F. at April 26, 2013 4:40 PM

I wouldn't consider this a flip, they owned it for 2 years and completed renovated the building.

Posted by: lyqwyd at April 26, 2013 4:44 PM

The MLS isn't that important, but this would've sold for at least 5 million if it had been on the open market regardless of the condition of the house. It reminds me a bit of 2507 Pacific.

The bricks on the chimney look like veneer....

Posted by: Denis at April 26, 2013 4:53 PM

The house next door is going to get its own MM renovation in short order from what I understand. This home here is done very well and I think it will sell very very fast. Maybe the nicest home on the market right now?

This would be 2k psf if it had views from more than 1 level. Personally, I've always felt this stretch of homes on the north side of Alta Plaza was a hidden gem right out in the open. I'd love to have that view of the park and the bay views from the top level of this home are sure to be great.

Agree with Denis that this is superior to the Presidio home. This one looks down on the Pacific home that sold pre-mls a few years ago for some record monster price. I'll go with $13M even +/- 250k and will be Firm in less than 30 days.

Solid architect on this home and claims of a full seismic upgrade. My guess is the fireplace was addressed and if not, its maybe the only thing that wasn't. I agree with Denis that this would / could have fetched more in an open market similar to 2507 Pacific.

Posted by: eddy at April 26, 2013 4:54 PM

"The bricks on the chimney look like veneer...."

Could be. They definitely don't look to be 100 years old. Too sharp edged, clean, and perfect.

Posted by: The Milkshake of Despair at April 26, 2013 5:24 PM

Two years ago the house went into contract while the junk was still being cleared out for staging. The seller left money on the table - probably at least 1MM.

The developer will hit a home run with this one netting 5-7MM depending on sell price.

Not a fan of Queen Anne, view only from roof deck and on bus line with wires. Otherwise very nice house across from park and close to schools.

Posted by: Jake at April 26, 2013 7:04 PM

I exercise my dog across the street in Alta Plaza Park and have been watching this renovation take place. The care that went into this place is amazing, I thought for sure this was being done for a private client. As for the fireplace, it is veneer...tiles over a stucco base.

Posted by: inmycountry at April 26, 2013 7:45 PM

I suppose veneer doesn't collapse and kill people in an earthquake.

Also, seeing that 2430 Broadway went into contract so quickly at 8 figures, maybe I'm wrong about this property being overpriced.

Posted by: mdreaming at April 26, 2013 7:58 PM

Perfection.

*runs to liquor store to buy lottery ticket*

Posted by: Lori at April 26, 2013 9:15 PM

$3.65M is probably correct. Or at least they were able to convince the assessor. Current assessed value is $3.723M.

Posted by: Schaetzer at April 26, 2013 10:05 PM

Is the mudroom/laundry room really configured to only fit stacked washer/dryer? Seems kind of silly given the size of this place. Maybe the future owners don't need to wash their clothes?

Posted by: Victor at April 27, 2013 12:22 AM

Victor, trust me. The future owners will NOT be washing their clothes.

Posted by: emanon at April 27, 2013 8:21 AM

Victor are you confusing the elevator photo with washer/dryer space? It looks like a large laundry space and can't tell where the washer is. I would have done a small stackable laundry space on the bedroom floor for quick wash and a large service laundry room on the bottom floor for the housekeeper.

Posted by: Jake at April 27, 2013 9:48 AM

I think this is this developers third project, maybe fourth?

I like to watch see the high-end projects. It's like porn to me. And as of right now, this developer is favorite porn producer. The one who did the house on 2342 Broadway a few years back is pretty good too.

Posted by: Lurks at April 29, 2013 10:56 AM

Is that not a third, smaller NanaWall in the upstairs study?

Posted by: walker at April 29, 2013 11:54 AM

Looks like this went direct to In-Escrow Firm. This seems like a good value relatively speaking.

Posted by: eddy at May 17, 2013 9:34 AM

I am told this sold at $13.7. Is that true?

Posted by: conifer at May 29, 2013 11:25 AM

Redfin says an even 13 million... Which actually isn't surprising at all...

Posted by: Denis at May 29, 2013 11:37 AM

It did not sell for asking. I believe Redfin is accurate but I don't see the MLS as updated as of yet. Must have made a killing on this place. Congrats to all.

Posted by: eddy at May 29, 2013 12:32 PM

The sale of 2504 Jackson Street closed escrow today with a reported contract price of $13,000,000 or roughly $1,791 per rebuilt square foot.

Posted by: SocketSite at May 29, 2013 2:50 PM

I'm sorry I hate these remodels, especially when they pockmark the ceiling with can lights. Overhead lighting is generally to be avoided.

Posted by: bobg at May 29, 2013 11:28 PM

Congrats to the new owners! I am jealous. One of the nicest homes in San Francisco.

Posted by: Mark F. at May 30, 2013 11:02 PM

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