The five-bed, Stanley Saitowitz-designed house at 50 Oakwood (right next to Dolores Park) poses a riddle to market watchers: When is $6.8 million not a lot of money?
Technically, the answer is never. It’s $6.8 million, after all, and after wrapping up a sale for that sum late Friday, the house is bound to not only be the top dollar seller all week and may even be a record for the neighborhood in general.
And yet, this is actually the final chapter in 50 Oakwood’s six-month story of falling short. After all, the house first floated onto the market back in April for a whopping $9 million. Clearly, someone was putting a lot of stock in that brash, museum-like Saitowitz design, with its glass walls, cubist sensibilities, and no-frills interiors.
(To get a sense of how big of a change this is from the previous home on the lot, compare it side by side with its former sibling, 52 Oakwood.)
But the house didn’t sell even after a price cut, and when it reappeared a few weeks ago the asking had tumbled to just over $6.9 million. A mark that you’ll notice it squeezed just under with this sale; a final (if minor) compromise.
Still, the original home took just $1.5 million in 2013, so that leaves quite a bit of margin to play in, even with the cost of all the new construction. Indeed, the fact that it still managed to break some neighborhood records suggests that the $9 million figure was wishful thinking to begin with—or maybe an educated gamble. After all, you’ll never get if you don’t ask.
- 50 Oakwood
- Mission Dolores Home Fetches Record [SocketSite]
- Austere Saitowitz Demands Respect [Curbed SF]
- Major Price Cut For Saitowitz [Curbed SF]