August 28, 2013
A Decade Of Data Points And New Peak For A Twin Peaks Home
Having sold for $925,000 in 2005 and then again for $899,000 in early 2008, the touched up Twin Peaks home at 243 Romain was listed for $1,195,000 this past April.
Withdrawn from the market without a sale and relisted for $995,000 in June, and then again for $975,000 in July, the sale of 243 Romain closed escrow this past Monday with a reported contract price of $1,100,000, up a little over 20 percent on an apples-to-apples basis since 2008 (or 2005).
Having also sold for $700,000 in 2003, call it total appreciation of 57 percent or average annual appreciation of 4.5 percent over the past decade for the San Francisco home, with some ups and downs between.
∙ Touched Up In Twin Peaks [SocketSite]
First Published: August 28, 2013 12:00 PM
Comments from "Plugged In" Readers
What's with all these ugly square boxes. I know there will be a rant about Victorians and questions about why we keep them, but there's got to be a better middle ground than these things.
Posted by: Oceangoer at August 28, 2013 1:12 PM
How about accepting this variety of residential styles as just "part of the mix"?
Posted by: Futurist at August 28, 2013 1:20 PM
Wow...great outcome for the seller. I was thinking maybe an at asking sale but $1189 per square foot is crazy.
Posted by: Willow at August 28, 2013 1:42 PM
Some of us really like the box shape. But also, lot size in SF is quite small compared to the suburbs. The box allows for impressive interior volumes, making the entire space feel larger. The houses on either side have living rooms, but the one highlighted in this article has a "great room."
Think of these houses as being Scion shaped with all the benefits and drawbacks that entails. (Then again, a lot of people thought the old Scions looked like toasters, so it really is a matter of taste.)
Posted by: frog at August 28, 2013 2:35 PM
Taste aside, huge $/sq ft aside...
Maybe something there I don't have visibility to, but why would someone offer a $125K premium to 'ask' when seller had just adjusted down the selling price by $20k after 30 days of no takers in this hot market? Wouldn't it seem apparent there was no bidding war or even someone willing to pay asking price much less such a huge premium? I don't think I'll ask Susan Ferry to represent me on my next purchase.
Posted by: mwsf at August 28, 2013 3:28 PM
^Agree with mwsf. Even in the context of this market I think the buyers overpaid by approximately 10%. Maybe there is some expansion potential...Of course there could have been a bidding war which often can lead to irrational behavior. I'd be interested in the perspective of an agent.
Posted by: Willow at August 28, 2013 4:57 PM
I am with the chorus of Wows!
I live 3-4 blocks away, so I was watching this one for comp purposes.
I agree with Williow - could be a play on expansion into the backyard. Unlikey they could build upwards - inconsistent with neighbors (all mostly the same height).
That said, 275 Romain sold in April for $1.4 ($1,246 psf). That could work to say 243 is worth $1.153 million. 275 has better street appeal IMHO.
Posted by: JustLooking at August 29, 2013 3:14 PM