The house at 2 Sixth Avenue in San Francisco went on the market on September 17 at $7.999 million. Three weeks later, something rare happened in the real estate market. The house sold for a whopping $15 million, which is 87.5% above the asking price, the New York Post reported.Built in 1914, the 4,490-square-foot home remained in the original owner’s possession for 70 years before being sold for the first time in 1984, according to The Independent.The buyer has not been publicly identified. The listing agent, Maureen Terris of Compass, described the property as a ‘once-in-a-generation listing’. Ronda Priestner, also of Compass, represented the buyer.
A house at the edge of the Presidio
The house sits on a 9,233-square-foot lot that borders Presidio National Park. The listing describes the property as a “rare convergence of architecture, landscape, and place – a private retreat”. Most San Francisco houses are wedged shoulder to shoulder with their neighbours. But this one is fully detached and set back from the street. “This house featured well-preserved architectural elements from 1914, was fully detached and set back from the street, and was situated on an oversized lot with front and back gardens bordering the Presidio National Park,” Terris told the Post.“The residence is a beautiful expression of San Francisco’s First Bay Tradition,” the listing says.
Inside the 112-year-old house
The house spans 4,490 square feet, with four bedrooms and three bathrooms. It has original redwood trim, a coffered dining room ceiling and fireplaces in the living room and dining room, along with a butler’s pantry that provides generous workspace and storage. The redwood staircase leads to the four bedrooms on the upper level. The primary suite is spacious and comes with a bathroom, three closets and a dressing room. The dining room has French doors that open onto a terrace. The library looks out over the Presidio. The kitchen has a range set into a brick wall.“Mature front and rear gardens envelop the property in greenery, while verdant outlooks extend into the Presidio and golf course. Windows, French doors, terraces and direct garden access blur the boundary between indoors and out,” the listing says. The French doors open onto the private patio. There is also a beautiful garden at the back. The house also comes with a spacious side-by-side two-car garage and more than five driveway spaces.
Listed at nearly $8 million, sold for $15 million
In September, the house went on the market for $7.999 million. There were many prospective buyers. “We received nine strong offers,” Terris told the outlet. In less than a month, the sale closed at $15 million, which is 87.5% above the asking price. At $15 million, the sale works out to about $3,341 per square foot. The sellers were Bob and Joan McGrath, according to SFGATE. Bob McGrath founded McGrath RentCorp. The couple are in their 90s and ready to move on, Terris told the paper.The city’s housing market is quite unique, with many buyers willing to pay well above asking prices. “Much of the wealth generation, especially around real estate, as a result of the AI companies is actually already in the system,” Mike Simonsen, chief economist at real estate firm Compass, told The Independent. “These are people who have already moved into town with big salaries and go, ‘I’ll take whatever apartment is available.’”Interestingly, this sale wasn’t a record for the city, as a house in Cow Hollow sold in May for 88.7% above the asking price, also for about $15 million. Bids a million dollars or more above asking are becoming ordinary here, and a house that sells this fast tends to stand out only for how much it went for.