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Deal of the day
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May 03, 2023Updated Top Chef Home Trades for “Over Asking!” But…
Dec 06, 2023As we outlined earlier this year:
Purchased for $3.7 million in early 2018, the very first ‘Top Chef’ home at 3159 Baker Street in San Francisco has since been updated a bit, including a refresh of its kitchen, and the "grand Marina home" returned to the market priced at $4.375 this past January, positioned as an "opportunity to own in one of the most prestigious areas" in San Francisco.
Reduced to $3.995 million [in March], the list price for 3159 Baker Street [was] further reduced to $3.499 million [in early April], a sale at which would be "at asking" but 5.4 percent below the value the home fetched in early 2018, despite the fact that the frequently misreported Case-Shiller index for "San Francisco" home values "still up 25 percent!" over the same period of time (having dropped 17 percent over the past nine months and trending down).
Withdrawn from the MLS and then relisted anew with an official "1" day on the market and an "original" list price of $3.499 million in mid-April, the re-sale of 3159 Baker Street has now closed escrow with a contract price of $3.6 million, which is officially "over asking!" and with "only 43 days on the market!" according to all industry stats and aggregate reports.
At the same time, the resale was 2.7 percent below the value the grand Marina fetched in early 2018, prior to being updated, and despite the fact that the frequently misreported Case-Shiller index for "San Francisco" home values is "still up 28 percent!" over the same period of time.
I’m far from a Marina District booster, but 2.7 percent below the 2018 sales price given the current exodus of buyers who can afford a detached SFH in this market segment sounds like a relative win for the seller to me. Could have been much, much worse.
It's also not a great location – you’re right up against Richardson Ave with very little outdoor space. Unless you really need a 5/4, $3.6M can get you a nice SFH in a much better Marina location.
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