Happy anniversary to 1071 Vallejo St.! This 1912, stucco-exterior compound in Russian Hil has been on the market for more than a year . . . care to join us in some idle speculation as to why?
(Bonus: perhaps this property can give a li'l insight into our recent PriceSpotter?)
Price, price, price—at a listing of $5,850,000, that's the easy answer. It's a no-brainer that places worth several million may linger because there's not nearly as many people that can afford them. Funny enough, the MLS entry pitch is "Major Price Reduction!" There is certainly something appealing about the residence; after all, it changed hands four times in the '90s. Particularly noteworthy—it sold in June of 1996 for $1.15 million, then about six months later for $2.75 million! Jeezaloo! ("Cha-ching," for the city—love those change of ownership reassessments!). Most recently, it changed hands in Oct. 1998 for $3 million.
It's big—huge—at 5,174 square feet—but $1,131 per? Maybe that's why it's radioactive. At some point, when buying a large place, one hopes that an economy of scale kicks in (like the lovely Forest Hill house we spoke of the other day, albeit this is twice the size).
So, why the bloated price per square foot? Perhaps being designed by noted architect Charles Whittlesey, as are six other nearby residences. Maybe the privacy of a Russian Hill cul-de-sac, with the added bonus of a security gate to keep out the riff-raff. Ample rooms for your servants (5 bed, 4.5 bath). And, yes, those spectacular panoramic views. There really are a lot of fantastically appealing features; perhaps all that's needed is a buyer to whom price and value are no object.
· 1071 Vallejo [MLS]
· 1071 Vallejo [Redfin]
· Thursday PM Price Chopper [Curbed SF]
Images courtesy Sotheby's