Friday is time for the High & the Low, a Curbed column chronicling the most and least expensive homes sold in San Francisco in the last seven days. Here’s this week’s pageant of extremes.
Here’s a puzzle: When is the city’s highest sale price of the week considered going low? The answer: When the sale is a loss.
The six-bed, four-and-a-half-bath house at 3149 Washington in Pacific Heights from 1902 went on the market in June as “completely restored” but also “remodeled from the foundation up.” According to the ad, it comes with “period-authentic architectural details [that blend] perfectly with a crisp contemporary aesthetic.”
So too do many remodel jobs of classic San Francisco houses these days, billing themselves as the best of both worlds. And while the whitewashed Washington wonder managed an over-the-top $9.7 million sale this week, that staggering sum is not all there is to the story.
As it turns out, when this place sold back in 2013 it was for $9.85 million, before even the cost of the many building permits issued over the last four years.
Although this is a loss of several hundred thousand dollars over four years, the owner (an anonymous LLC) must not have minded all that much, as they opted to sell fast rather than wait for a higher offer.
The original asking price of $9.95 million wasn’t even that much of an appreciation on the previous sale.
Meanwhile, the lower end of the High/Low equation drove the harder bargain this week, just a few blocks away at 2211 California, another Pac Heights property.
This very tidy (roughly 400 square feet) studio in the 1911 Beaux-Arts building at the corner of Buchanan sealed the deal this week for $474,000. While that was a significant hop down the ladder from the $499,000 it asked for back in May, it’s still quite a sum in the context of its previous sale in 1993 for (wait for it) $28,000.
With inflation factored in, that’s a surplus of more than $420,000. Sometimes slow and steady really does win the race.