It was almost four years ago that we first told you the tale of eight twentysomethings moving to an $8 million rental up on San Francisco’s Billionaires Row, a home that subsequently morphed into an unofficial tech incubator.
As we revealed about the property at 2712 Broadway which was purchased for $7,800,000 in 2009 and quickly landed on Craigslist asking $14,000 a month:
Purchased by a trio of investors who have either built or re-built a fair number of high-end spec homes in San Francisco, the rental route is intended as a “short-term” strategy to help with cash flow as permits and plans to redo the home are negotiated and secured.
The list price for the rental was reduced and then reduced a little bit more.
Last listed on Craigslist for $10,000, it rented for $9,250 after a bit of negotiation to a group of eight twentysomething friends who are now in the process of moving on up to Billionaires Row. But not to worry, two are a couple so everyone will effectively have their own room.
The plans to raze the existing 7,000 square foot house on the site and build a modern 12,000 square foot home in its place, as rendered below, were approved in 2011.
While the project has been quietly on the market for a bit, it’s about to be officially listed at $18,000,000 “for the lot plus entitlements” or $28,950,000 including construction of the new six-bedroom home across five floors, the permits for which were recently issued.
And yes, they’re selling the view from the back of the house:
∙ Listing: 2712 Broadway – $18,000,000/$28,950,000 | Floor Plans [2712broadway.com]
∙ Party Of
Five Eight Move To San Francisco’s Billionaires Row [SocketSite]
∙ Designs For The $8 Million “Teardown” On Billionaires Row [SocketSite]