3725 Washington Street Aerial

While not exactly a flop, the flip of the nearly 10,000-square-foot mansion at 3725 Washington Street doesn’t appear to have paid off quite as handsomely as initially projected.

Listed for $11 million in September of 2013, the former Presidio Heights home of Diana Dollar Hickingbotham Knowles was quietly purchased for $8,400,000 six months ago.  A permit to remodel the home’s kitchen, laundry room, and a bath and a half was issued soon thereafter, with the property then being marketed as “Coming Soon” for $9,500,000.

The permit to remodel was subsequently canceled.  And while re-staged, the mansion officially returned to the market last month in relatively the same condition in which it had been purchased in April, but listed for $8,995,000 this time around.

Yesterday, the sale of 3725 Washington closed escrow with a reported contract price of $8,900,000.

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Comments from “Plugged-In” Readers

  1. Posted by soccermom

    Great outcome for the brokers and stagers.

  2. Posted by curmudgeon

    ^ Soccermom for the win (again)

  3. Posted by JR "Bob" Dobbs

    And don’t forget the taxpayers! My back of the envelope calculation shows about $200,000 in property and transfer taxes from this six-month hold.

  4. Posted by 4Oceans

    Thats a cool 50-ft high fence.

  5. Posted by pvc

    I think I’d probably call this a flop…maybe not a disaster, but sounds like they just got out without a major hit.

  6. Posted by Jim Cox

    I would love to know what the original structure looked like, without the Michael Taylor additions.
    But gotta say, I love it. Many of the finishes are timeless, many years later. Just bastardized architecture. Yum.

  7. Posted by no thanks

    Im counting it as a loss. You have to assume the cost of capital to own this building for that period of time.

    Assuming a 5% interest only loan (yeah right) thats 400,000 just in mortgage payments made.

    Then you have the property tax for 1 full year- Around 90k.

    Figure in costs for permits, upkeep, insurance, closing costs and other shit- you have another 60k.

    So it cost them 550,000 just to own this house for the last year. Now that its sold, they will also need to pay a comission to the buying/selling agent as well. Thats going to be at least 200k- And maybe up to 400k.

    This was a total, complete, loss.

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