REAL ESTATE | PATRICK BARBER
A pair of recent single-family home sales in Pacific Heights underscores that affluent San Francisco buyers will often pay a whole lot more for location and views than they will for size.
On the surface, 2858 Vallejo Street and 1948 Pacific Avenue are similar. Both were built around the turn of the 20th century, boast 5-plus bedrooms and sit on similar-sized lots. Both properties also needed substantial renovations. However, at 7,360 square feet, the Pacific Avenue property is more than twice the size of the Vallejo Street home. Yet 2858 Vallejo sold for $6.1 million — 30 percent more than the asking price — while 1948 Pacific sold for $5 million, or 6 percent less than the listing price. The Vallejo Street home’s stunning panoramic views and desirable location commanded a large premium.
The English Craftsman home on Vallejo stands west of Divisadero Street, a location that many Pacific Heights residents covet. It also sits about a block from the end of Vallejo, which adds privacy and seclusion. Importantly, the Vallejo Street home offers incredible vistas of the Golden Gate Bridge, Alcatraz and San Francisco Bay — a perk no buyer could ignore.
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