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Showcase sells for 35% below listing

2830 Pacific was the decorator showcase home in 2009.

REAL ESTATE | John Fitzgerald

The volume of sales in the local housing market remains strong, with 38 closings during the past month, exactly the same as the previous month. Most notable among recent sales is 2830 Pacific Avenue, the 2009 decorator showcase home. 

The 7-bedroom Pacific Heights mansion was originally listed at $12.9 million in April 2009. It was reduced to just under $10 million in May, then withdrawn from the market in July when it was leased with a purchase option. That option was recently exercised, and the home closed for a sale price of $8.35 million, more than 35 percent below the original listing price.
As that closing indicates, the market is still slower for the highest-end homes and condos. But for most of the market, property that is priced right and shows well is going into contract quickly and closing within 10 percent of the listing price. Examples are 2432 Pine and 2047 Green. Both showed well, went into contract within a couple of weeks of being listed, and closed at or very close to their listing prices.