REAL ESTATE | PATRICK BARBER
The recent sale of the mansion known as the Petit Trianon in Presidio Heights highlights the importance of realistic pricing and proper maintenance, while another sale just a block away underscores that today’s high-end San Francisco homebuyers gravitate toward modern architecture.
In mid-July, the 14-bedroom, 20,000-square-foot French chateau replica at 3800 Washington Street sold for $15,750,000 in a foreclosure sale — 12 percent less than the listing price. It took 442 days to find a buyer. Designated as a national historic landmark, the home sits on three lots totaling almost 29,000 square feet in one of San Francisco’s most desirable neighborhoods.
However, the grand home had not been staged to showcase its livability, its exterior and grounds were in disrepair, a squatter had taken over the guest house and skateboarders made the marble steps their personal park — all of which substantially reduced the home’s curb appeal. Additionally, the property had been overpriced in multiple sale attempts over the past few years. Despite the long marketing time, arranging tours proved difficult. And at least one offer higher than the final sale price was not accepted.
Compare that sale with neighboring 101 Maple Street, which fetched just under $10 million at the end of June. That five-bedroom home sits on a single lot about one-tenth of the size of its neighbor and sold in a relatively speedy 54 days. The Maple Street property resonated with home shoppers due to its sleek, contemporary design and open floor plan, which are favored by many of today’s younger San Francisco homebuyers.
Patrick Barber is president of Pacific Union.