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July 7, 2010

Two Years Later, Lone Mountain Rebuild Finally Sells

Once upon a time, the above house at 672 Arguello was a modest 2BR/1BA with a bonus room down. It was sold for $770,000 in 2004.

Flash forward to 2008, when the horizontal and vertical additions were completed and 6BRs/6.5BAs emerged amidst 4500 square feet. The kitchen and baths were a bit spellbinding, but had their unique appeal:

List price was a cool $2,998,000, but the property was withdrawn fairly quickly and not sold. After riding out the iffy economy, the sellers again gave it a try in March 2010 with a $2,450,000 price tag, but again ended up withdrawing the property. Finally, a pair of Pacific Union International agents took over, listing the home at $2,380,000, then reducing it from there. The sale closed last week for $1,900,000. Chalk one up for realistic expectations in the luxury home category.

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