There’s a common truth in real estate: “Buy the worst house on the best street.” In doing so, buyers can reap the benefits of owning lucrative property for cheap — and have a fixer-upper to call their very own.

But the San Francisco real estate market has warped that idea quite considerably, after a decrepit Noe Valley home with zero bedrooms and two bathrooms sold for $1.97 million.

The pre-1906 fire property, sold last Friday in a conservatorship sale, is billed by sellers as a “contractors special” — real estate speak for major fixer-uppers that are a time and money sink. The property listing on Zillow makes no bones about its current state of disrepair and brands it as a diamond in the rough, going so far as to call it “the worst house on the best block” in the listing.

It sits on 2,158 square feet of land, and according to the Real Deal, which first reported on the sale, is zoned for two homes.

“Surrounded by many multimillion dollar homes; this is the best opportunity on the block and your chance to make it shine as bright as the neighbors,” reads the listing.

(They’re not entirely wrong: Properties in the same ZIP code with comparable square footage sell for more than $2 million, according to a recent Zillow search.)

It was first listed in September for just under $1 million, but was in contract for $1.4 million before the final buy.

Local real estate blog The Front Steps listed some major gripes about the structure going as far back as 2006 — with neighbors alleging that the building shed lead paint and was “blighted.” The property most likely has bedrooms, but as explained by the Front Steps, none of them are inhabitable and cannot be advertised as bedrooms.

It went viral on the Facebook page Zillow Gone Wild on Wednesday, with commenters griping about the cost of living in California and some others clamoring to fix up the place themselves.

“Never have I ever wished to be able to flip a house until this minute,” said one commenter.

Compass, the real estate agency for this property, did not immediately respond to a request for comment from SFGATE.

The post San Francisco’s ‘worst home on the most effective block’ bought for $2M appeared first on Los Gatos News And Events.

Tech companies have been shedding large amounts of San Francisco office space over the past year, and this week, another unicorn joined in on the trend. Block, formerly known as Square, said it will not renew the lease on its former headquarters in the Mid-Market neighborhood.

That puts 470,000 square feet of space at 1455 Market St. on the commercial real estate market, shrinking the company’s presence to two smaller city offices at 760 Market St. in SoMa and 2101 Mission St. in the Mission. After the lease expires in September 2023, Block’s largest Bay Area office will now be in Oakland at Uptown Station.

A Block spokesperson said the company remains committed to the Bay Area and was looking to eliminate redundant real estate costs. It is even planning to add a small South Bay office in the future.

The payment processing company run by Twitter founder Jack Dorsey announced earlier this year it would no longer have an official headquarters and it will continue to give employees the option to work from home.

The building at 1455 Market St., which was also previously the headquarters for Uber, was originally built as a Bank of America data center and housed around 2,200 of the bank’s employees.

New office leasing has been sluggish in San Francisco as tech companies continue to delay requirements for in-person work or switch to a remote-first policy. Office transaction data reflects the decline: listing rates are down 9.3% year-over-year, according to CommercialEdge, a real estate data platform. SF office vacancy hit an all-time high in April 2021, when it surpassed even the dot-com bust, and it was the first time in five years that Manhattan’s office rental market surpassed San Francisco’s.

Block also has offices in Atlanta, New York City, Seattle, St. Louis and Scottsdale.

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One of the most expensive homes listed in San Francisco features panoramic views of the North Bay, a seven-vehicle “motor court” and an elevator accessible on each of the mansion’s four floors.

With a listing price of $25.8 million, the 118-year-old corner mansion at 2698 Pacific Ave., that sits a block away from the city’s Billionaires’ Row, has only been home to fewer than a half-dozen families since it was originally built in 1904. It first belonged to a wealthy oil magnate. Decades later, the property one block north of Alta Plaza Park came into the hands of the doctor who founded orthomolecular medicine.

The mansion’s extravagant visuals — from the second-floor “green room” that features gold ceiling accents and a chandelier to the third-floor bathroom with pearl ceramic sinks — make it an “Instagram dream,” Herman Chan, the owner’s agent, said. “Every room is a different backdrop.”

The portico entrance’s ornate overhead is encrusted with detailing.

Samantha Laurey/The Chronicle

No corner of the mansion is spared from lavishness — even the dog wash in its fourth-floor laundry room is coated with navy blue marble tiles.

Yet, the nearly 11,000-square-foot mansion has been on the market since December 2019, according to Zillow. The prolonged listing shows the complexities around how the pandemic has affected the sales of high-end, luxury homes.

Throughout the nation, sales of these lavish properties increased during the pandemic, with listings site Redfin showing a 60% increase in luxury home sales from 2020 to 2021. The jump in those sales is largely attributed to people wanting more space or privacy during a pandemic , but it also illustrated how the wealthy were still spending at a time of economic uncertainty for many Americans.

Yet, in San Francisco the sale of luxury homes (defined by listings of $4.5 million or more) increased by “only” 31% during that same time frame. Meanwhile, the median sale price for luxury homes in San Francisco decreased by 3.2%, the only city among the nation’s 49 most populous with a decline in that category. (New York City was excluded in the data.)

“There has been a little bit of a reticence” from buyers, Chan said. “A lot of that can be attributed to the pandemic. For the past year, I think people who are ultra, ultra high net worth are exploring other cities.”

The grand staircase is a soaring, stately feature suitable for making a grand entrance.

Samantha Laurey/The Chronicle

Through the market fluctuations, the mansion at 2698 Pacific Ave. remained unsold — though not for lack of attention.

A video tour of the mansion by a popular real estate YouTuber has more than 1 million views with thousands of comments from viewers who admired its “breathtaking” interior designs.

The owner’s agents regularly field booking requests. Influencers drawn to the mansion’s exorbitant backdrops want it to be the site of their next photo shoot. Couples looking to celebrate their nuptials in grand fashion want to walk down the mansion’s third-floor grand staircase. Startup companies hoping for a big fundraising haul want to court donors with its palatial excess.

Most requests are turned down politely, Chan said, though a movie production company of a “major Hollywood star” is tentatively scheduled to film a scene at the mansion this summer.

About a dozen members of that film’s production crew recently toured what was once called the “Mack Mansion” — named after Julius Mack, the oil magnate and financier whom the estate was initially built for by the famed father-son team Newsom & Newsom. The film crew became enamored with the home’s top-floor views of the bay, Chan said.

The view from the roof patio of the penthouse suite at 2698 Pacific Avenue is one of the selling points of the $25.8 million mansion.

Samantha Laurey/The Chronicle

Much of the mansion’s recent fanfare came after it hosted the prestigious Decorator Showcase in the spring of 2017. A team of 28 elite interior decorators descended on the mansion, each picking a room in the home to renovate. A second-floor bathroom now features all-black walls with turquoise tiling and a marble sink with gold faucets. The library room across from the mansion’s green room includes modern, orbital-like light fixtures with a wood-beam ceiling.

The interior designs, much of which remain in place, wooed the current owners, who no longer live in the home. They purchased the mansion for $16 million in fall 2017 after attending the Decorator Showcase earlier that year.

Now, they’re asking $25.8 million for the next owner, a price Chan said is in line with another luxury mansion on the market that hosted the 2019 showcase.

A bathroom in the penthouse features a panoply of designer touches.

Samantha Laurey/The Chronicle

The Mack Mansion and its elegant backdrops have drawn a following on social media over the years. The property, however, has been on the market since before San Francisco’s first shelter-in-place orders.

Though there’s no single answer as to why, Chan said the pandemic likely has played a prominent role.

But, Chan said, “there’s still an appetite for beautiful, beautiful properties, especially for legacy families in the Bay Area.”

Ricardo Cano is a San Francisco Chronicle staff writer. Email: ricardo.cano@sfchronicle.com Twitter: @ByRicardoCano

The post This $26 million San Francisco mansion a block off Billionaires’ Row received’t promote. Why? appeared first on Los Gatos News And Events.

• 320 Day St, San Francisco (Photos courtesy: Todd Wiley/Compass)
• 320 Day St, San Francisco (Photos courtesy: Todd Wiley/Compass)
• 320 Day St, San Francisco (Photos courtesy: Todd Wiley/Compass)
• 320 Day St, San Francisco (Photos courtesy: Todd Wiley/Compass)
• 320 Day St, San Francisco (Photos courtesy: Todd Wiley/Compass)
• 320 Day St, San Francisco (Photos courtesy: Todd Wiley/Compass)
• 320 Day St, San Francisco (Photos courtesy: Todd Wiley/Compass)
• 320 Day St, San Francisco (Photos courtesy: Todd Wiley/Compass)
• 320 Day St, San Francisco (Photos courtesy: Todd Wiley/Compass)
• 320 Day St, San Francisco (Photos courtesy: Todd Wiley/Compass)

SAN FRANCISCO (KRON) — A hazardous, unlivable house in San Francisco has sold for nearly $2 million.

“The property could have fallen in on itself if there was an earthquake,” said Todd Wiley, one-half of the home’s realty team.

It was listed for $995,000 – but eventually sold during an auction for much, much more.

A conservator had taken over the property on 320 Day St, in the Noe Valley area. Conservatorship sales go through a different process compared to traditional real estate sales, said Wiley, which included court confirmation and two rounds of bidding.

“Someone had to really want this property to want to take it where they took it. There wasn’t a whole lot of data that suggested it would sell that high,” Wiley told KRON4.

A cash buyer ultimately won the bid for $1,970,000.

‘Is this real?’: San Francisco home sells for $1 million asking over price in 3 days

Todd and partner Kim Wiley, who have experience in trust and probate sales, originally expected that it would close for around $1.6 million.

“The property should have been condemned. The conservatee (original homeowner) had removed rooms downstairs. Anything that existed downstairs was completely torn out and had been that way for decades,” Wiley said. The conservatee also “physically removed chunks of the foundation and put in his own supports, it was structurally unsound.”

There were also concerns that the old, peeling paint was hazardous to the neighborhood, he added.

The first round of bidding got 11 offers, the highest being $1.5 million. But a final bidding was that attracted 38 potential buyers in court ultimately “took it to a level that no one expected,” Wiley said.

The listing called it “the worst house on the best block.” It’s surrounded by multi-million dollar homes, some next door worth between $2.8-$3.4 million. A massive, new construction nearby sold for about $9 million, Wiley said.

The Wileys said they continued to market the property before the final auction, which was managed by a judge and probate court. Wiley confirmed the buyer is a developer and will likely resell the home, whether it’s flipped or completely redeveloped.

The post ‘Worst home on the most effective block’: Unlivable San Francisco house sells for practically $2M appeared first on Los Gatos News And Events.

OAKLAND, Calif. – A decaying, 122-year-old Victorian marketed as “the worst house on the best block” of San Francisco has sold for nearly $2 million — an eye-catching price that the realtor said was the outcome of overbidding in an auction.

A developer’s $1.97 million cash offer for the 2,158-square-foot (200-square-meter) property in the Noe Valley neighborhood was finalized last week. On the social media page Zillow Gone Wild, some commenters marveled at the price while others questioned the value of a house with boarded-up windows, peeling paint and an unstable foundation.

One commenter joked: “It actually has a parking space. No wonder it sold for almost 2 million!”

The property sold at several hundred thousand dollars higher than other comparable fixer-uppers in the area as a result of a complex conservatorship sale, said Todd Wiley, who represented the seller.

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Wiley said a judge approved the sale of the house after its elderly owner was placed in a conservatorship. The man’s family, concerned about the way he was living, hired a licensed fiduciary to handle the sale with the proceeds going to pay for his continuing care, according to Wiley.

The house initially received the highest offer of about $1.4 million, and a probate judge ratified the offer, setting off a roughly 7-week process where the house stayed on the real estate market, generating intense interest.

At auction, a probate judge set bidding at $10,000 increments.

“That kept things low and kept five to six bidders in the game,” Wiley said. Two people ultimately went neck and neck, he said, “and it’s that auction environment that led it to go where it was.”

“They really wanted it but the data point didn’t support that sale. It was an anomaly,” he said.

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

The post ‘Worst home on greatest block’ of San Francisco sells for $2M appeared first on Los Gatos News And Events.

Location, location, location. A decaying, 122-year-old Victorian marketed as “the worst house on the best block” of San Francisco has sold for nearly $2 million — an eye-catching price that the realtor said was the outcome of overbidding in an auction.

A developer’s $1.97 million cash offer for the 2,158-square-foot (200-square-meter) property in the Noe Valley neighborhood was finalized last week. On the social media page Zillow Gone Wild, some commenters marveled at the price while others questioned the value of a house with boarded-up windows, peeling paint and an unstable foundation.

One commenter joked: “It actually has a parking space. No wonder it sold for almost 2 million!”

A Victorian house in San Francisco’s Noe Valley neighborhood sold for $1.97 million despite peeling paint, broken windows and an unstable foundation.

AP Photo/Jeff Chiu

The property sold for several hundred thousand dollars more than other comparable fixer-uppers in the area as a result of a complex conservatorship sale, said Todd Wiley, who represented the seller.

Wiley said a judge approved the sale of the house after its elderly owner was placed in a conservatorship. The man’s family, concerned about the way he was living, hired a licensed fiduciary to handle the sale with the proceeds going to pay for his continuing care, according to Wiley.

The house initially received the highest offer of about $1.4 million, and a probate judge ratified the offer, setting off a roughly 7-week process where the house stayed on the real estate market, generating intense interest.

Zillow projects home prices will increase 11% in 2022

04:00

At auction, a probate judge set bidding at $10,000 increments.

“That kept things low and kept five to six bidders in the game,” Wiley said. Two people ultimately went neck and neck, he said, “and it’s that auction environment that led it to go where it was.”

“They really wanted it but the data point didn’t support that sale. It was an anomaly,” he said.

trending news

The post “Worst” home on “finest block” in San Francisco fetches almost $2 million appeared first on Los Gatos News And Events.

by: Fareeha RehmanNextstar Media Wire

Posted: Jan 18, 2022 / 09:32 AM EST
/ Updated: Jan 18, 2022 / 09:32 AM EST

SAN FRANCISCO (KRON) – A hazardous, unlivable house in San Francisco has sold for nearly $2 million.

“The property could have fallen in on itself if there was an earthquake,” said Todd Wiley, one-half of the home’s realty team.

The home, located on Day St. in the city’s Noe Valley neighborhood, was listed for $995,000 — but eventually sold during an auction for much, much more.

Real estate agent uses creepy dolls to market ‘hideous and horrifying’ home in Louisiana

“Someone had to really want this property to want to take it where they took it. There wasn’t a whole lot of data that suggested it would sell that high,” Wiley told Nexstar’s KRON4.

A cash buyer ultimately won the bid for $1,970,000.

• 320 Day St, San Francisco (Photos courtesy: Todd Wiley/Compass)
• 320 Day St, San Francisco (Photos courtesy: Todd Wiley/Compass)
• 320 Day St, San Francisco (Photos courtesy: Todd Wiley/Compass)
• 320 Day St, San Francisco (Photos courtesy: Todd Wiley/Compass)
• 320 Day St, San Francisco (Photos courtesy: Todd Wiley/Compass)
• 320 Day St, San Francisco (Photos courtesy: Todd Wiley/Compass)
• 320 Day St, San Francisco (Photos courtesy: Todd Wiley/Compass)
• 320 Day St, San Francisco (Photos courtesy: Todd Wiley/Compass)
• 320 Day St, San Francisco (Photos courtesy: Todd Wiley/Compass)
• 320 Day St, San Francisco (Photos courtesy: Todd Wiley/Compass)

A conservator had taken over the property on 320 Day St. Conservatorship sales go through a different process compared to traditional real estate sales, said Wiley, which included court confirmation and two rounds of bidding.

Todd and partner Kim Wiley, who have experience in trust and probate sales, originally expected that the home would close for around $1.6 million following the sale, which, in this case, went through a different process because a conservator had taken over the property. (Wiley said the conservatorship sale included court confirmation and two rounds of bidding.)

“The property should have been condemned,” Wiley said.

The conservatee, or the original homeowner, “had removed rooms downstairs. Anything that existed downstairs was completely torn out and had been that way for decades,” he said. This person also “physically removed chunks of the foundation and put in his own supports, it was structurally unsound.”

There were also concerns that the old, peeling paint was hazardous to the neighborhood, he added.

‘Is this real?’: San Francisco home sells for $1 million asking over price in 3 days

The first round of bidding got 11 offers, the highest being $1.5 million. But a final bidding was that attracted 38 potential buyers in court and ultimately “took it to a level that no one expected,” Wiley said.

The property’s listing called it “the worst house on the best block.” It’s surrounded by multi-million dollar homes, some worth between $2.8-$3.4 million. A massive, new construction nearby sold for about $9 million, Wiley said.

The Wileys said they continued to market the property before the final auction, which was managed by a judge and probate court. Wiley confirmed the buyer is a developer and will likely resell the home, whether it’s flipped or completely redeveloped.

The post ‘Worst home on the very best block’: Unlivable San Francisco residence sells for almost $2M appeared first on Los Gatos News And Events.

There’s a common truth in real estate: “Buy the worst house on the best street.” In doing so, buyers can reap the benefits of owning lucrative property for cheap — and have a fixer-upper to call their very own.

But the San Francisco real estate market has warped that idea quite considerably, after a decrepit Noe Valley home with zero bedrooms and two bathrooms sold for $1.97 million.

The pre-1906 fire property, sold last Friday in a conservatorship sale, is billed by sellers as a “contractors special” — real estate speak for major fixer-uppers that are a time and money sink. The property listing on Zillow makes no bones about its current state of disrepair and brands it as a diamond in the rough, going so far as to call it “the worst house on the best block” in the listing.

It sits on 2,158 square feet of land, and according to the Real Deal, which first reported on the sale, is zoned for two homes.

“Surrounded by many multimillion dollar homes; this is the best opportunity on the block and your chance to make it shine as bright as the neighbors,” reads the listing.

(They’re not entirely wrong: Properties in the same ZIP code with comparable square footage sell for more than $2 million, according to a recent Zillow search.)

It was first listed in September for just under $1 million, but was in contract for $1.4 million before the final buy.

Local real estate blog The Front Steps listed some major gripes about the structure going as far back as 2006 — with neighbors alleging that the building shed lead paint and was “blighted.” The property most likely has bedrooms, but as explained by the Front Steps, none of them are inhabitable and cannot be advertised as bedrooms.

It went viral on the Facebook page Zillow Gone Wild on Wednesday, with commenters griping about the cost of living in California and some others clamoring to fix up the place themselves.

“Never have I ever wished to be able to flip a house until this minute,” said one commenter.

Compass, the real estate agency for this property, did not immediately respond to a request for comment from SFGATE.

The post San Francisco’s ‘worst home on the most effective block’ bought for $2M appeared first on Los Gatos News And Events.

OAKLAND, Calif. — A decaying 122-year-old Victorian home marketed as “the worst house on the best block” of San Francisco has sold for nearly $2 million — a striking price the realtor said it was the result of an overbid an auction.

A developer’s $1.97 million cash offer for the 2,158-square-foot lot in the Noe Valley neighborhood was closed last week. On social media page Zillow Gone Wild, some commenters admired the price, while others questioned the value of a home with boarded-up windows, peeling paint and an unstable foundation.

One commenter joked, “It actually has a parking lot. No wonder it sold for almost 2 million!”

The property sold for several hundred thousand dollars more than other comparable fixer-uppers in the area due to a complex conservator sale, said Todd Wiley, representing the seller.

Wiley said a judge approved the sale of the home after its elderly owner was placed in a conservatory. The man’s family, concerned about the way he was living, hired an approved trustee to handle the sale, with the proceeds to fund his continued care, according to Wiley.

AP

A 122-year-old Victorian home in San Francisco recently sold for nearly $2 million.

The home initially received the highest bid of about $1.4 million, and a probate judge upheld the bid, beginning a process that lasted about seven weeks, during which the home stayed on the real estate market and drew significant interest.

At an auction, a probate judge set the bid in increments of $10,000.

“That kept things low and kept five to six bidders in the game,” Wiley said. Two people ended up going head-to-head, he said, “and it’s that auction environment that made it go where it was.”

“They really wanted it, but the data point didn’t support that sale. It was an anomaly,” he said.

The post Decaying fixer-upper on ‘greatest block’ in San Francisco sells for $2M appeared first on Los Gatos News And Events.

SANTA CLARA (CBS SF / AP) – As the San Francisco 49ers’ training camp went into high gear, many eyes were on star defender Nick Bosa as he missed most of the 2020 season with a serious knee injury.

Although optimism is high, head coach Kyle Shanahan remains cautious about when the defensive star will return to full contact.

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“We’re really taking it one block at a time,” Shanahan said. “We didn’t set a date where, hey, today is the day you start … That’s what I rely on Nick the most. I know Nick, we don’t have to make a lot of decisions for him when it comes to football. He thinks about his body and what’s right around the clock. I think it’s tough when you have younger people who you have to develop and protect a lot. But as I joked with Nick, I feel like he was developed as a pass rusher since he was three, so that’s what he’s focused on. It’s a little easier with him. “

The San Francisco defensive end was a limited participant in the training camp’s team’s first two workouts, followed by a maintenance day on Friday. The knee has held up well up to this point and has put Bosa on the right track to face the Detroit Lions in the season opener on September 12th.

“I knew when it was an early injury (last season) that I would probably be ready for the most part to go into Week 1 and everything is leaning in that direction right now,” he said. “So I hope to step it up over time and be ready to give all I have for Week 1.”

Bosa took the league by storm in 2019, posting 47 tackles, nine sacks and 16 tackles for the loss. For his efforts, he was named Defensive Rookie of the Year for the NFL.

But in just week 2 of the ’20 season, Bosa tore the cruciate ligament in his left knee.

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“You come out in 2019 and you are at the top of the world, and then you start your next season well and everything is gone very quickly,” he said. “It was difficult. Mentally it’s really rough and when your body feels awful your mind kind of goes to this place.”

Bosa, 23, found a way to stay positive throughout the rehab process and his hard work has paid off. He says the knee reacted even better than he could have imagined.

“I’m moving better than ever right now,” said Bosa. “I am very confident about how I will feel on the field this year.”

Bosa’s return, along with that of Dee Ford, who missed the last 15 games with a back injury last season, already brings back memories of San Francisco’s dominant defensive line in ’19. That session led the team to a 13-3 record and a trip to the Super Bowl.

“You will be nice,” smiled Security Jimmie Ward. “I think they will have their own identity. You will be a great unit. “

Linebacker Fred Warner repeated that feeling.

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“It’s just good to have (Bosa and Ford) back,” he said. “Having them back not only gives a boost to the entire defense, it gives the entire team a boost.”

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