235 Santa Paula Ave, St Francis Wood

2,479 square foot 4 bedroom 3 bath Mediterranean built in 1922. Last sold for $930K in 1999. Current estimates value the property at about $2.2 million.

345 Santa Clara Ave, Saint Francis Wood

2,628 square foot Mediterranean style residence built in 1925. Current estimates value the property at $2.2 million.

For the 2015-2016 tax year, the city of San Francisco has assessed this property at $139K. Property taxes for the same period are $1,632. In other words, the owners are sitting on a nice pile of cash!!

2960 Broadway, Pacific Heights

13,403 square foot 8 bedroom 9 bath Willis Polk designed stucco adaptation of Spanish City Architecture built in 1913. Iconic views from this home along Billionaires Row.

Last sold for $4.782 in 1990. Current estimates value the property at about $16 million.

VINTAGE PHOTOS
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2960 Broadway St  circa 1975 ⇡ ⇣

Obviously the garage was a late edition.

835 Darien Way, Mount Davidson Manor

2,260 square foot 3 bedroom 2 bath Mediterranean style home built in 1927. Last sold for $999K in 2010. Current estimates value the property at $1.6 million. The exterior entry stairs were replaced in 2012 (see photo below)

PHOTOS CIRCA 2010
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1742 Jones St, Russian Hill

Landmarked 7,403 square foot 4 bedroom 4 bath mansion built in 1915. One of a group of seven tile-roofed Mediterranean style villas all built between 1915 and 1916. Architect Willis Polk designed the row to the north which have their entrances at 1, 3, 5, 7 Russian Hill Place. Charles F. Whittlesey designed the group to the south at 1085 Vallejo and 1740, 1742 Jones. This collection of homes represent Polk's concept of thematic architecture.

Whittlesey tried to handle three houses as a single unit, while Polk did his four as obviously separate houses of somewhat different appearance. Altogether, the development is one of the most successful of its kind attempted in San Francisco.

Renovations
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VERTICAL AND HORIZONTAL ADDITION in 1999 at a cost of $145K

EXPANSION AT BASEMENT LEVEL INTERIOR ONLY. NO CHANGE TO EXTERIOR. EXPAND BATHROOM INCLUDE SHOWER TO BE FULL BATHROOM. EXPAND ENTRY HALL. RECONFIGURE ENTRY STAIRS NEXT TO BATHROOM in 2008 at a cost of $40K

ADDITION OF A ROOF DECK ABOVE EXISTING GARAGE, ACCESSED BY A NEW DOOR AT THE BASEMENT LEVEL, ENCLOSURE OF AN EXISTING STAIR AT THE REAR OF THE BLDG, THE ENCLOSURE INCLUDES A NEW DOOR AND SKYLIGHT in 2009 at a cost of $40K

According to Trulia the median sales price for homes in Russian Hill 1/7/16 to 4/6/16 was $1.83 million based on 6 home sales. Average price per square foot for Russian Hill was $1,957, an increase of 79% compared to the same period last year.

Based on the above, this property is estimated to be worth about $14.5 million. Staggering!!! Furthermore, public records indicate that this property last sold for $790K in 1995 ($35K below asking).

Something doesn't smell quite right here!!!

1, 3, 5, 7 Russian Hill Place designed by architect Willis Polk

245 San Leandro Way, Balboa Terrace

2,182 square foot Spanish Revival style home built in 1933. Current estimates value the property at $1.4 million.

2015-2016 ASSESSMENT AND TAXES
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Assessed at $122,407 Property Taxes $1,437.43

1650 Bay St, Marina District $3,880,000 Starter Home

1,875+ square foot 3 bedroom 2 bath Mediterranean style residence built in 1925. Currently listed for $3.88 million. It is impossible to determine the cost per square foot because the exact square footage is anywhere between 1,875 and 3,800. Redfin and the MLS lists the square footage at 3,800. Curbed SF puts the square footage at 2,400 and city records indicate 1,875 square feet.

Let's take a gander at the possibilities
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3,800 sq ft = $1,021 per sq ft
2,400 sq ft = $1,583 per sq ft
1,875 sq ft = $2,026 per sq ft


Property History
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Sold for $1.275 million in 2011 (listed for $1.499 million)
Sold for $2.125 Million in 2013 (listed for $2.250 million)

I kid you not! Sales materials don't come right out and say it, but the verbiage, quite unbelievably, attempts to market this property as a starter home. The listing reads as follows, "Caviar Please! Those looking to break into a single family house with huge upside need to look no further than 1650 Bay. This one of a kind 3 bedroom house and 3 car parking comes with fully approved permits to add another level and roof deck. If you have caviar dreams but a slightly smaller budget, we have the perfect urban remedy. Unable to stretch into the $5+ million housing market? You now can acquire this dream home and start working immediately to have everything you want....There is a private backyard and the home is completely remodeled and done in case your stock-options (or babies) are coming in a couple years. Yes… you can have it all!".

A permit check indicates renovations in 2012 and 2015 as follows: REPLACE CABINETS AND APPLIANCES IN KITCHEN. REMOVING AND REPLACING FIXTURES IN BATHROOM, REPLACING SHOWER AND SHOWER PAN, CHANGING OUT TOILETS. (NO STRUCTURAL WORK). NEW LIGHTING COMPLY WITH CEC 150(K). $30K (2012)

RECONFIGURE INTERIOR SPACE AT GR FLOOR. EXPAND GARAGE INTO LIGHT WELL AND ADD BEDROOM. NEW DECK AT GRD LEVEL. ENLARGE GARAGE DOOR REPLACE WITH NEW WOOD PANEL DOOR. 2ND FL NEW PANTRY AT KITCHEN. COMPLIANCE WITH ORDINANCE #155-13 NOT REQUIRED. EXCAVATION <50 CU.YD. $150K (2015) Plans filed in 2015 for future renovation as follows: ADD NEW STORY TO (E) SINGLE FAMILY RESIDENCE, INCLUDING BEDROOM, BATHROOM, LIVING AREA, + ROOF DECK. N/A FOR MAHER ORDINANCE. Cost estimated to be $526K.

Let's recap. Use you stock options to slide into this nearly $4 million starter home and then spend another $500K+ to renovate the crap out of said starter home. All because you were too poor to "stretch into" the $5+ million housing market.

Enough said.

1650bay.com

Marina Listing Billed as a Starter Luxury Home Asks $3.88 Million (SFGate)