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Victorian on the Verge of Renovation Drops $1M From Price

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Just a few weeks ago, a Pacific Heights' Victorian filled with period details like a tiled fireplace, stained windows, and intricate molding went on the market asking a huge $6.5 million. But the big price tag wasn't for all that detailing. Instead, it was being sold with plans for a total renovation from Huang Iboshi Architecture. Everything old is set to go, and in its place there will be glass-lined stairways, flat fireplaces, and a sleek marble kitchen. It it looks like buyers haven't jumped at the chance to finish off the gutting of this old place. It's undergone a series of two quick price chops that have left its asking price a full million dollars lower, at $5.5 million. Even if it sells at $5.5 million, the Victorian will have still added a whole heap of money onto its price since it last sold. It changed hands late last year—with no construction plans—for $4.095 million. According to its listing, the house is about to be fully entitled, and construction can begin immediately. If the renovations do go ahead, they will leave the old Victorian with five bedrooms, five-and-a-half baths, a suspended staircase, three fireplaces, and, of course, a great room.

· Pac Heights Victorian on the Verge of Being Whitewashed Goes Up for Sale for $6.5M [Curbed SF]
· 2620 Buchanan Street [Redfin]