Deja vu on $25M ask for Pacific Heights penthouse
Hits market with hope that two-story unit “has become more valuable during these past two years”
One of only two pre-war Pacific Heights penthouses with two stories returned to market this week with a new agent but the same $25-million ask as when it last listed in the fall of 2019.
Compass agents Malin Giddings and Neal Ward had the listing three years ago, but the property went off the market without a sale in 2021. The co-op unit, which has views of San Francisco Bay, Golden Gate Bridge and Alcatraz, had a lot of interest in the early days of the pandemic but never went into contract, said current listing agent Gregg Lynn of Sotheby’s.
With construction costs sky-high and renovation timelines held up by supply chain issues, Lynn believes this time around the price will be right for the recently updated view penthouse in a prestigious doorman building atop Pacific Heights.
“The actual cost of building a penthouse such as this one of the finest quality has surged from 30-35%,” Lynn said via email. “From a replacement cost perspective, the penthouse has become more valuable during these past two years.”
The redesign of the penthouse in the 1920s-era building by architect Andrew Skurman won the 2014 Julia Morgan Award from the Institute of Classical Architecture and Art. That same year it sold off-market for $16 million to a trust with a Danville mailing address, according to public record, though Lynn says the sellers “have long lived primarily in Europe and purchased the penthouse when they had substantial business interests that required them to stay at length in the Bay Area.”
The owners no longer do business locally, which is why they are selling, Lynn said.
During their time in Unit 7 on the top of 2000 Washington Street, the owners made their own improvements, in collaboration with Skurman. That includes many cosmetic changes, such as adding wood-paneling to the dining room walls, changing out the marble in the kitchen, putting in new appliances, replacing carpeting in the four bedrooms with hardwood floors and changing the foyer design. They also made infrastructure updates, adding air-conditioners in some rooms and enhancing them in others, installing new sound and electrical systems, rebuilding the upper-floor library, and adding a gym floor to create a workout room on that level, which also has a view terrace.
The owners removed carpet on the “architecturally dramatic, curvilinear staircase” that connects the two levels of the rare pre-war penthouse and replaced it with wood and a custom silk runner, Lynn said. The home is not staged but was “superbly decorated by internationally renowned interior designer Thomas Pheasant of Washington D.C.,” he added. Pheasant has his own furniture lines and redesigned the Blair House, the separate guest home at the White House.
There are several luxury high rises in Pacific Heights, but only one other pre-war penthouse with two stories, a property just down the street at 1960 Washington. That property is also on the market, asking $15 million for about 4,400 square feet.
Lynn said the 6,000-plus-square-footage in the penthouse at 2000 Washington could be attractive to buyers who left the city for Tahoe or Napa during the pandemic but now want to have a San Francisco home again, without the hassles of more upkeep.