1209 Filbert 2016

Listed for $11.25 million, or just over $2,000 per square foot, in May, the asking price for the designer Russian Hill home at 1209 Filbert Street, which is LEED Platinum certified, was reduced to $9.5 million ($1,693 per listed square foot) in July.

And yesterday, the sale of the 5,610 square foot home closed escrow with a contract price of $8.288 million, or roughly $1,477 per square foot, after six months on the market.

Designed by John Maniscalco, the five-bedroom home was purchased as new for $6.888 million ($1,188 per square foot) in 2011 having been listed for $7,000,000 at the time.

The recent sale at 26 percent below original list represents total appreciation of 20.3 percent for the top-tier property since 2011, or roughly 3.4 percent per year.

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Comments from “Plugged-In” Readers

  1. Posted by soccermom

    I guess when I said 8.5mm six months ago I was off. Owners must have been led astray by an unscrupulous agent or blindsided by a crashing market. Not that they themselves had unrealistic expectations.

    • Posted by SocketSite

      Any thoughts as to how those unrealistic expectations might have been set? Keep in mind that they represented appreciation of a ‘mere’ 9 percent a year for a top-tier property.

    • Posted by WiseGuy

      How on earth is 3.4% appreciation per year representative of a crashing market?

      • Posted by Dandywhatsoever

        Absolutely. What is a stabilizing market supposed to look like?

      • Posted by SFMichael

        I believe that was sarcasm. Soccermom was suggesting that the sellers are likely to be blaming their agent for not getting there unreasonably high asking price.

        • Posted by Notcom

          Soccermom’s original remark (from 6 mos ago):

          “$8.5mm in +/- 4 months or removed from the market.Overpriced. ”

          Which would seem to win the Silver Signpost award for prescience, but was then followed up by:

          “Incidentally, this listing I think demonstrates what people with resources do when they ‘rush to the exits.’ Throw up a high listing price (based on some wishful-thinking personal net worth spreadsheet) and see if anyone salutes.”

          Which seems – by my reading – to contradict the assertion made today as to the seller’s expectations.

        • Posted by Notcom

          On rereading, I think SFM is correct: not so much a contradiction as a sarcastic “told ya so”.

        • Posted by dB

          Sarcasm/Chance to brag.

    • Posted by SFRealist

      “Crashing market?”

      3.4%/year is crashing?

      Out of curiosity, what is your definition of crashing anyway?

      • Posted by soccermom

        This was sarcasm. 11+ was never realistic for this house. Reductions from an absurd list price tell us little. The market is not crashing. However, as I was standing at Market and Van Ness today, a small chicken ran by screaming, “The sky is falling! Read my blahg”

  2. Posted by Philip

    After paying the selling commission and closing costs, that 3.4% takes a bit of a haircut…

  3. Posted by [Agent415]

    Again overpriced by a mile! Listed at 11+ million.

  4. Posted by [Agent415]

    The market is far from crashing however this agent is notorious for overpricing properties.

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