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November 1, 2013

Where to Spend Your $3.6M: Clay or Capp?

Let’s say you have roughly $3.6M to spend on a single-family house. Would you spend it on a home in Pacific Heights—or the Mission?

You can’t find two more different neighborhoods, quite honestly. Pacific Heights is synonymous with mansions, Bay views, well-manicured streets, and its popular Fillmore retail strip. At the other end of the spectrum is the Mission, with its edgy feel, hip restaurants and penchant for street activity.

But two homes located in each neighborhood went into contract recently with very similar selling prices, and the question I have for you is: Which was the better buy? Here’s how things shake out:

2586 Clay
Pacific Heights

Built 1900
3-car parking
List Date: 10/18/13
List Price: $2,995,000

2586 Clay last sold for $1,850,000 in June 2009. The current owners extensively renovated and expanded the home, and apparently did everything right, from modernizing the kitchen and opening it up to adding a family room and rear deck. They also added a lower floor with a large media room, master suite and laundry. This is a great location one block from Fillmore and two doors down from Alta Plaza Park. The outcome? The sellers received six offers, and the property is reportedly in contract for $3,670,000.

507 Capp
The Mission

5BR/6BA, 4869 sq ft
Built 1905
3-car pkg
List Date: 9/27/13
List Price: $3.6M

Last purchased in September 2012 for $1,275,000, 507 Capp went into Grand Edwardian renovation mode shortly thereafter. The property was completely transformed and modernized, with three expansive levels. This location is deep in the Mission, and like most blocks in the neighborhood, is a real mixed bag. (Let’s just say that 507 Capp stands out quite a bit in the landscape.) The sale closed yesterday for $3,525,000.

So what’s the better buy? The classic Pac Heights Victorian or the huge Edwardian in the gritty Mission?

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