Spring is Finally Here, part 2

Some pictures of our next door neighbor's apple tree in full bloom.

Click here for the short slide show.

New Highest Price for Residential Property on Potrero Hill

You may recall in an earlier post I mentioned a property on the market that had negotiated an easement with their neighbor that would protect their view (something of a rarity in San Francisco).

Well, that property just closed escrow for the highest price ($3,660,000) for a residential property since records have been kept by our multiple listing service.  The property is located at 827 De Haro Street.  (Click the link for more photos and listing information).

The sales price is approximately 15% over asking.

Technically, the property is a two-unit building.  Here's the agent's public description from the MLS.  (I get a kick out of the lack of vowels.  It reminds me of when we paid for advertising by the number of characters in the ad.  Or, a more current reference, a text message version of the description.  The truth is more mundane -- our MLS still limits the description field to 750 characters -- this is just two shy of the limit).

1-of-a-kind custom Potrero Hill VIEW hm blt in 2005. 4 bdrms/3.5 baths incl 1 bdrm legal unit. Elev to every lvl, incredble VWS from every lvl & unsurpassed finishes thruout. Top lvl includes huge LR w/expansive City & Bay views, fireplac, 2 patios, open flr plan w/ dining area, all great for indoor-outdoor entertaining. Kitchen has all the bells & whistles w/ a center island. Mster ste feat a prvt patio w/ views & hot tub, huge walk-in. 3 bdrms on middle flr w/one perf suited for home office w/flr to ceiling blt-ins. Garden legl unit is an open flr plan w/2-tiered living/dining area, firepl & direct access to yd, also w/spectac views. The spectacular views north are protected by a recorded view easement restricting ht of neighbor's hm.

Although not included in the MLS, tax records say the building has over 5,000 sq. ft. of living space.  So, on a price per sq. ft. basis, this would be considered "a bargain" compared to most single family homes in this price range selling for upwards of $900/sq. ft.

Potrero Hill Vacant Land in Contract

Five vacant lots in the cul-de-sac 900 block of Kansas went into contract recently.  The list price for all five lots is $1,249,000.

According to the MLS listing, the lots are zoned RH-2 and could be developed into as many as 10 units.

In checking this out I was surprised to see there are 39 other listings for vacant land within the City ranging in price from $64,000 for a single lot on Bache St. on the southern crest of Bernal Hill to $5,000,000 on 6th Street just south of Folsom which could hold as many as 38 units.

Protected Views?

Over and over again you'll hear the mantra that views are not protected when it comes to real estate in San Francisco.  If your fabulous view of San Francisco Bay from your living room window (for which you paid a premium when you bought the house) gets blocked by the neighbor across the street who legally adds an additional story to his house, you're out of luck.

But there is an exception.

As noted in the new listing for 827 De Haro Street, "The spectacular views north are protected by a recorded view easement restricting ht of neighbor's hm."

You get an idea why this is important from this Google Street view:



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Click here to see the MLS listing.

So, if you can strike a deal with your neighbor, the potential view blocker, you can protect your view.  Unfortunately, there's no indication as to how much that view easement cost.

Crazy Season?

A modest 3 bedroom, 2 bath single family home (less than 1600 sq. ft.) on the south side of Potrero Hill with an asking price of $649,000 just closed escrow for $1,050,000 -- 62% over asking!  

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It went on the market middle of April , went into contract two weeks later and immediately went "pending" so we're assuming an all cash deal.  It was being sold "As Is" and there had been a death on the premises two years ago.

Multi Million Dollar Hill

In the last two weeks, two single family homes on Potrero Hill have each sold for over three millions dollars!

901 De Haro (immediately next door to the Potrero Hill Neighborhood House) was listed for $3,179,000 and closed escrow for $3,180,000.  The listing agent's description:  "Situated on the desirable North Slope of Potrero Hill, 901 DeHaro is a spectacular panoramic view home with careful attention to design and architectural detail. This 3 level, 4 bedroom, 4 bath home is a rare find in one of San Francisco's most popular neighborhoods and in San Francisco's warmest micro-climate. Built with a separate in-law and media room, with its own entrance and direct access to the garden, this is the perfect family home and retreat. The well landscaped level garden gives way to an additional studio that can be used as a home office, art studio, or gym. Huge pano roof area, seemless indoor and outdoor living spaces, radiant heat throughout, solid oak flooring, gourmet kitchen w/Leicht cabinetry & style."

 761 Kansas just closed escrow yesterday for a reported price of $3,195,000 -- same as the listing price in a mere 19 days and the buyer paid cash!  From the listing agent's description: "Modernism at its finest on Potrero Hill! North slope custom-designed residence by owner/architect & sculptor. Open, entertainment style floorplan ideal for displaying art, throwing parties, or just relaxing. Huge windows let in refreshing sunlight & sweeping views of SF, Bay & both bridges! 4BR/3.5BA, 2-car gar on 3 levels. Kit designed by former restauranteur w/ Italian oak cabinetry, Thermador gas range & fridge, Miele DW & huge island, Bfast bar, Broan hood, wine fridge. Casual den off kitchen w/ views. Curved staircase passes atrium w/ 37-foot tall bamboo forest. Mas suite w/ priv deck, huge views & luxe Japanese-inspired bath. Vermont maple floors thruout, two fireplaces, solar, sound sys. Yard w/stone oven. Near WholeFoods & shopping."


For the record, the most expensive single family home to sell on the hill according to MLS records was 752 Carolina which sold for $3,300,000 in May, 2011.

Update (2) on Potrero Hill Listings

It's been a month since we took a look at the four high-end listings on Potrero Hill that all hit the market at approximately the same time.  This group includes two single family homes and two condos.  Here's the current status:

The two single family homes include:

746 Kansas which has been completely remodeled from a seriously deteriorated state was originally listed for $1,675,000 or $744/sq. ft.   Six weeks later it was reduced by 5% ($80,000) to $1,595,000.  Two weeks later it went into contract.  Current status is "Active/Contingent" which would suggest that at least one of the contingencies (finance, inspection) have yet to be cleared.

531 Kansas which went through a major remodel and 3rd floor addition about 10 years ago.  Listed in the middle of September, the list price has remained at $1,799,000 or $766/sq. ft.  There has been no price reduction and, as noted in our earlier post, is $100,000 higher than it was when the house was previously listed and then withdrawn in 2009.

The two condos are:

730 Vermont St., the lower unit in a two-unit in a 10-year old building.  It was  listed in mid-September at $1,195.000 or $665/sq. ft.  and then reduced in two steps by 8% ($95,000) to $1,100,000.  After two months on the market the listing has been withdrawn.  According to the listing agent, the owner plans to rent it although it has not been posted in Craigslist.

2101 18th St., the lower unit in another two-unit building that was built just three years ago, is listed for $1,299,000 or $764/sq. ft.  After 7 days on the market the property went into contract.  It closed escrow six weeks after listing with a final sales price of $1,266,525 -- 2.5% below the list price.  However, according to a notation in the MLS, the buyers paid their agent's share of the commission which amounts to 2.5% so, effectively, the buyers paid list price.  Structuring the deal this way will save the buyers a few hundred dollars in annual real estate taxes.