REAL ESTATE | PATRICK BARBER
A PAIR OF recent home sales, both on Washington Street, highlight the fact that buyers are willing to sacrifice extra square footage for a highly walkable location.
The single-family homes at 2561 Washington Street and 3990 Washington Street each sold for $9.1 million during the second week of September. Though the two commanded an identical price, they differ greatly in size, with 3990 Washington boasting 10,000 square feet of living space — nearly double that of 2561 Washington, which clocks in at about 5,500 square feet. The smaller home changed hands in a brisk three days, while the larger took more than six months to sell.
A few facts explain why a substantially smaller home sold for the same price as a much larger one — and did it so much faster. First, 2561 Washington Street, which had been in the same family for decades, features beautifully proportioned rooms and a desirable open floor plan. Also, the home needs work, which offers the new owners the opportunity to re-envision it to their tastes and specifications.
Finally, there is the classic real estate mantra of location, location, location. While 3990 Washington Street sits on the far edge of Presidio Heights, which would make it necessary for owners to drive frequently, 2561 Washington is barely half a block from Fillmore Street, an easy stroll to dozens of local restaurants, boutiques and services.
Filed under: Real Estate
