Workhorse home though it may have been since at least 1900, the duplex at 2809-2811 is clearly not worth $3.19 million. But, technically, no one is trying to sell the existing house for that much. Rather, you’re being offered the house that could be there.
Yes, the lot at Polk and Chesnut comes with a house, but it also comes with entitlements to nearly double the size of the old place to 5,500 square feet, with a sleek and chic two-level modern “penthouse” home on top of a downstairs rental and/or Airbnb cash cow (depending on your housing politics).
It’s a literal dream house for sale.
The existing home sold in 2012 for $1.7 million. That would be a return of 187 percent on this deal, which is pretty good considering they haven’t yet had to hammer a nail on the new design.
(Although they did of course usher it through the planning process, including some neighbor complaints, and that’s obviously work in itself.)
Homes of comparable size or even smaller presently list for up to $12 million in Russian Hill. Although of course without seeing the new home that may manifest on this Polk Street lot it’s hard to say whether any of them are a proper apples to apples comparison.