Home of the Week – Some Perspective on a Luxury Fixer
November 20, 2008
123 Laurel is elegant and well located, but architecturally pretentious, in need of bathroom and kitchen updates and a bit cramped (especially for the maid, whose room in the basement is about 8 x 10). This French Revival jewelbox was designed by architect William Gunnison and built in in 1927. At just over 2700 square feet on a 24×67 lot, this is might be the smallest house I’ve ever seen in Presidio Heights. It is on the market for the first time in 42 years for $3.75MM. This seems like a lot compared to past homes of the week in the 3MM plus range located in Noe Valley or St. Francis Woods, but in 123 Laurel’s defense, it’s located on a desirable block in Presidio Heights, one of the most expensive subdistricts in San Francisco. 2008 average sale price is $4.8MM – and that’s with 5 out of 15 sales refusing to release the sale price publically. Generally undisclosed sale prices are a fair bit higher than asking price. Incidentally, the average sale price for this type of home in 2007 was at just $4MM with 12 out of 16 sales releasing their closing price. To see more pictures, click here.
Presidio Heights is not the only area continuing to thrive despite all the national and statewide news. I had occasion to study the much more affodable NOPA neighborhood recently and found these results for 2 bedroom/2 bath condos:
the median price in 2006 was 720,500 with six sales
In 2007 it was 745,000 with 10 sales, a 3.4% increase; and
In 2008 it was 780,000 with 4 sales, a 4.6% increase.
How about that?