Update, 10-19-2018: What a long strange trip it’s been for this former showcase, which has gone from riches to, well, not exactly rags, but at the very least fewer riches than previously anticipated.
After originally listing for a profoundly ambitious $8.99 million in May, the circa-1930 house’s price soon crashed, reduced to $7.49 million at the beginning of October.
That kind of money is certainly not a small haul even by San Francisco standards, of course. However, according to the Planning Department, this place last sold in 2015 for just over $8 million even, meaning all the price cuts were setting it up to showcase a loss next.
And that’s precisely what’s happened, as realtor Nina Hatavny now lists 465 Marina as sold, but the final tab was $7.2 million and a six-figure loss for the now-former owner Michael P. Fillman.
Probably shouldn’t feel too bad for him though, as the city also records he sold another property over on Pine Street for a $3 million-plus windfall earlier this year. Maybe sometimes you really can win for losing.
Update: While the Decorator Showcase itself was largely a hit this year, the venue is having a little bit more trouble cashing in on that appeal.
The circa-1930 house at 465 Marina Boulevard still seeks a buyer. And although six weeks is not a long time for an eight-figure home to go without landing an offer, the sellers felt it was time to expedite the process, knocking the price down to $7.98 million.
This is, of course, still a spectacular sum of money, and there’s always the chance that the house will end up selling for more.
However, it’s worth nothing that this is less than the property’s most recent 2015 sale of $8 million. Which means that there’s a real possibility that the next thing this storied home may showcase will be a sale at a loss.
Last week we got a closeup look at the 2018 Decorator Showcase, which turns Bay Area designers loose on a Marina house to give their best shot at exploring bold new scenes of taste and aesthetics.
Homes that host the annual pageant of pageantry usually like to burnish that laurel a little bit the next time they list for sale or rent. But in the case of this year’s lordly locale, located at 465 Marina Boulevard, the owner isn’t waiting for the showcase to wrap up, listing the six-bed, five-and-a-half-bath, circa-1930 Marina pad for a whopping $8.99 million this week.
That’s not an unrealistic price given that owner Michael P. Fillman paid over $8 million for 465 Marina two and a half years ago.
Anyone who wants to see more of this place from every angle can check out the showcase photos here.
The showcase wraps up May 28. The lucky (and very wealthy) buyer will have the option to keep any of the featured decorators’ designs for permanent installation should the mood strikes.