With a previously renovated kitchen which has since been renovated anew, along with a couple of other improvements, it’s not perfectly apples-to-apples. But having been purchased for $4.6 million in the middle of 2015 when listed for $395K more, the 4,200-square-foot Cow Hollow home at 2622 Chestnut Street returned to the market listed for $5.295 million last year.

Relisted for $5.195 million this past January, the price for the five-bedroom pad with multiple views of the Place of Fine Arts (and Golden Gate Bridge behind) was then dropped to $4.895 in February.

And having been relisted for $4.995 million in May, the asking price for 2622 Chestnut has just been dropped to $4.6 million, a sale at which would represent total appreciation of 0.0 percent for the single-family home since June of 2015.

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Comments from “Plugged-In” Readers

  1. Posted by Notcom

    “Motor Court” a.k.a. “driveway”. God I love realtor-speak (tho I’m not sure why they show it on the main level plan, since it is – functionally and physically – part of the lower). And once the fireplace [penalty] tax kicks in, I suspect we’ll hear raves about the ‘carbon delivery device’ in the Master Suite.

    • Posted by Brisket

      Reminds me of a Simpsons’ episode where Homer mentions his “garage” and Mo says – ooh la di da Mr Frenchman, I call it car-hole.

  2. Posted by Martin

    Those frosted windows in the bedrooms and bathrooms really kill the view. Gotta wonder if they had a problem with neighbors spying at the former house residents.

    • Posted by Dandywhatsoever

      I think it’s more likely a problem with Richardson Ave/Hwy 101.

  3. Posted by bass

    LOUD!! Who wants to live on that block with the noise and polution from behind. They couldn’t give this house away… well, maybe for $2-$3 mm.

    • Posted by SocketSite

      It’s no louder now than when purchased for $4.6 million in 2015 having been listed for a reduced $4.995 million at the time. Or to quote the listing, “Don’t be fooled by the Map! This gorgeous 5BR, 4.5BA Cow Hollow home is remarkably quiet, well-built, and boasts phenomenal views…”

  4. Posted by bass

    i live down the block. trust me! the guy who paid $4.6 overpaid and the listing agent is full of it. drive down that block and see/hear for yourself! classic “best house on a bad block” location.

  5. Posted by bender

    They should have bought on the other end of GG Park. 2515 Lake was bought in 2015 for 1.5 million and sold yesterday for 2.3 million. Pretty nice gain. 2008 buyers didn’t do so well, paying about the same price they sold it for in 2015, although not terrible considering they bought just before the real estate market crash.

    • Posted by SocketSite

      It certainly helps to have bought in a less expensive area, with a separate, and since refreshed, income unit below…

      • Posted by bender

        Exactly. Nice gain in less than 3 years. Much better result than this Cow Hollow place, although I guess the selling price on that remains to be seen.

  6. Posted by Denis

    I have a couple of thoughts. One: is this was, is, and always will be a poor location. The Cow Hollow blocks off Lombard/Richardson can be really problematic. If it looks like the market is great, you see some highish prices, but the second it looks like a downturn is imminent, or if things become weirdly inflated, they become difficult to unload. Sales along Greenwich usually follow this pattern.

    Meanwhile, apple-to-apple 3746 Jackson sold for 12 after selling for 8.8 in 2016 (after an initial list of 11.5 and subsequent decrease to 8.9) That’s a 30% increase in two years. 2209 Pacific, I believe, is also an apples-to-apple sale. It had a 22% increase over its 2015 sale. Similarly, the June sale of 2746 Buchanan was up 25% over its 2014 sale.

    Great for the sellers, but these increases seem a bit extreme. So when looking at homes on the periphery of A grade neighborhoods, you’d think they’d show a similar, albeit less dramatic, increase. But when that’s not the case, and it’s clearly not the case here, it’s certainly plausible to think that the frenzy for ANY d7 home in the 5 range is going to slow down as buyers take a wait and see approach when it comes to the overall health of the economy and what the local housing market will really bear.

    • Posted by SocketSite

      Great thoughts in general, with an important addendum (or two): 3756 Jackson was actually expanded and remodeled, including the addition of a new bedroom and bath(s), over the past year or two, prior to its re-sale. And permits for a conservatory addition to 2209 Pacific were issued shortly before its purchase in 2015, followed by a permit for some minor interior work which was issued in early 2016 and completed nine months later, prior to its off-market sale.

      • Posted by Denis

        I just took took a quick look at the listings photos for Jackson from this go-round and the last. Kitchen and baths remained the same. 2209 was questionable because the photos were identical to the last time I walked through that place, so they may not reflect the current state of that property (also I’m too lazy to go through permit records). 2209 is also tight lot. Curious how they define “conservatory.”

        There are a few homes (apple or not), that sold for unusually high prices, enough to make me a little uneasy. I would watch properties along the edges of d7: California and Pine, Greenwich and Chestnut, anything on Gough/Franklin.

        • Posted by SocketSite

          While not readily apparent by way of a quick listing photo comparison, the expansion and additions to the Jackson Street property were primarily across its newly remodeled ground floor. But a new bath and laundry closet, at a minimum, appear to have be added on the second floor as well.

    • Posted by hundo_p

      There’s minimal inventory in prime Presidio/Pac Heights. Most people who want to raise a family in SF would prioritize those two neighborhoods, and there remains a bunch of tech/lottery money floating around. Combine that with the current costs of to-the-studs remodels, and the prices don’t seem so extreme.

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