September 11, 2013
A Former Grand Fixer Comes Roaring Back In Pacific Heights
Purchased as a "grand fixer upper" with 5,500 square feet for $2,550,000 in early 2010, the Pacific Heights home at 3150 Jackson has just returned to the market having been renovated “from top to bottom,” expanded to 6,500 square feet, and listed for $11,500,000.
Both the kitchen and top floor master suite open to outdoor decks.
There's marble in them there baths.
And of course, there's the requisite "wine storage and tasting room" and home theater below:
First Published: September 11, 2013 9:00 AM
Comments from "Plugged In" Readers
You would think for 11 mil they could've made the exterior a bit nicer. It just looks like such a cheap stucco box compared to its neighbors. If they were trying for a sleeker look, it failed completely.
Is this an example of trying to go modern, being constrained by the Planning Dept, and then getting a middle of the road mess? I'd rather have a neighborhood with Saltowitzes next to old grand Victorians than a bunch of half-assed stucco compromises.
The interiors, on the other hand, are fine. A bit bland, but just fine.
Posted by: jenofla at September 11, 2013 9:49 AM
This is some serious Real Estate Porn. There must be something really spectacular on tap for Friday!
Posted by: NoeValleyJim at September 11, 2013 9:51 AM
Will be interesting to see how this stretches the market. There is another home coming on the market in this price range / size that I think will be interesting. One will sell and the other will not.
Posted by: eddy at September 11, 2013 10:50 AM
9mil more for 1,000 more sq. ft. and reno, no way.
Posted by: Marten at September 11, 2013 11:00 AM
I hope this bubble never bursts.
That is a most modest facade for $11.5 million. No one that rich would have chosen this five years ago.
In any other part of the world, even Paris and London, one would get more for the money in a comparable neighborhood (say the 2e or 5e in Paris, or Marylebone in London).
Posted by: conifer at September 11, 2013 11:28 AM
^That there were fewer people 'that rich' (or 'that rich' and willing) 5 years ago, is part of the answer. Isn't Pac Heights more Belgravia than Marlyebone?
I saw a Chinese guy in a new Lamborghini in the Richmond yesterday.
Posted by: soccermom at September 11, 2013 12:50 PM
That's NOT a nice block. I lived around the corner for 2 years and hated it. Thanks to the Presidio gate, during tourist season, the tour buses come by regularly with amplified nonsense about the houses. Between the busline on Jackson (the buses regularly come off the overhead wires and they set the air brake ALL NIGHT LONG at the corner) and traffic on Presidio Ave, I would consider this to be a very marginal location. The other bad thing is the block is like a bowl - everyone's backyards and decks are on display to everyone else and sounds bounces around the yards horribly. Everyone had dogs at the time and if one started, it sounded like 101 Dalmatians.
Big mistake is not doing one elevator between garage and house. You're stuck servicing two elevators and any time you want to get the groceries/stroller etc in from the garage, you have to switch to get to the kitchen! You might as well just take the stairs. The garages on these houses are 2 to 2.5 stories below the main living space.
Posted by: 94123-native at September 11, 2013 1:38 PM
This block is Marylebone whIch has become a very good neighborhood.
This is a middle class house fixed up
What would the big box yellow mansion house of the Dolbys on the 3300 block be worth ?
Posted by: Conifer at September 11, 2013 1:42 PM
I can understand storing wine in the basement, but tasting down there? Why would you hang out in a cramped windowless room of a house that has so many nicer places to relax? Perhaps a wine aficionado can illuminate on the tasting cellar concept. Or maybe this is just a staging meme.
Posted by: The Milkshake of Despair at September 11, 2013 3:57 PM
I once did a barrel tasting in a 12th-century cellar in Burgundy. The ceiling was barely 6 ft. tall and it smelled like an old, musty wine cellar. It was still pretty cool though. Maybe they are trying to recreate that kind of experience? They only have to age that cellar for 7 more centuries!
Posted by: Jimmy (No Longer Bitter) at September 11, 2013 4:00 PM
The facade is strikingly plain, especially the large swaths of taupe. The interiors are lovely, although the palette is restrained, the details are still in place. I especially love the bathroom vanity. The curved inset panels and bow fronts are a higher level of detail than used elsewhere in the home.
The appeal of the wine cellar is the ability to view the bottles and discuss the collection while doing the tasting. Even with UV tinting, you generally don't want a window into the room.
Posted by: Gur at September 11, 2013 4:56 PM
What am I missing, how is this house worth 11mil?
Posted by: Butters at September 11, 2013 5:40 PM
It just proves that the Belli house on Broadway was the bargain of the year, even if it was the most expensive.
Posted by: conifer at September 12, 2013 4:08 AM
thank you @Gur for finally explaining @MOD question which i've always meant to ask! so essentially the seating in wine cellars are meant for bragging sessions . . .
Posted by: momonthego at September 12, 2013 9:31 AM
I also have to admit that the facade is really lame. It doesn't match the interiors, which are beautifully done.
But to say this isn't a nice block? That made me smirk. This isn't the heart of the Tenderloin. If noise was an issue, then obviously upgraded windows and soundproofing were in order.
If this is a middle class home, I'm a lot further away from the 1% than I thought.
Posted by: Lori at September 12, 2013 3:09 PM
+1 about the poor location and dull facade. Someone is going to be awfully sorry here, whether it is the buyer or the seller.
Posted by: Philip at September 13, 2013 9:27 AM
Sometimes the commentariat hates it when realtors price things too low. Perhaps also too high? We all have silly mental accounting games - maybe the purpose is to let a buyer knock 1mm off the ask and feel like they got a good deal?
Good luck to the developers.
Posted by: soccermom at September 13, 2013 10:07 AM
Within Pacific Heights and Presidio Heights, this historically is a marginal block and will remain as such. Given two comparable houses, would you buy here with a bus line in front, a bus stop on the corner, on a busy street next to another busy street? Or do you take that same 11.5 million (or less) and go elsewhere? I can't see any sales for more than $3 to $4 million in that micro neighborhood around University High School and Sacramento. Historically it's been a place those who want the name of Pacific Heights and Presidio Heights bought when they couldn't afford to be either west of Presidio or north of Jackson. Look at the lot divisions in a plat map of the neighborhood - the lots are smaller. And as everyone has commented, the row houses on this block are very plain. I think the sellers over-improved for the lot and location.
To me the pricing on this makes zero sense when you look at the comps and historical sales. Around the corner and on a nicer block, 2201 Lyon is selling for $1100/sqft. You could buy 2800 Pacific on a corner lot for $2 million less. 3725 Washington is less at $11 million and again $1100/sqft on a nicer block, wider lot, views, and no tandem parking. I would have priced it at $7 million or $7.5 million and thought THAT was a reach. But hey, if they get it, it's wonderful for everyone's comps. I do think everyone on this board will say in 5 or 10 years when it's for sale again that they overpaid though...
Posted by: 94123-native at September 13, 2013 11:58 AM
Great house in a solid neighborhood. Pretty kitchen and master bath. Love that master bedroom. There's another really expensive remodel on the corner of Presidio and Jackson that looks done on the outside.
Posted by: Robert94123 at September 17, 2013 4:02 AM