A small San Francisco home painted to look like a Piet Mondrian painting sold for $500,000 above the asking price.
Originally listed for $1.495 million, the two-bedroom, one-bathroom home sold for $2.05 million in March. It has become an appealing sight for many of its neighbors because it’s facade is painted in shades of blue, red and white in homage to the iconic work of 20th century modern Dutch artist Piet Mondrian.
“I don’t think the person that bought this home bought it because of the way it’s painted, because that’s obviously easily changed,” said Compass agent Todd Wiley, who sold the home alongside his wife and colleague, Kim Wiley. But I don’t think anyone wants to see him change that, either.”
Indeed, real estate experts believe the high price tag may be attributed to more than just aesthetics. Its address, 2140 Great Highway, places it right in the middle of San Francisco’s trendy Sunset District and across the street from a beach.
According to locals and real estate experts, the west-central district has been experiencing a major hike in real estate interest in the last decade. As the city grows increasingly unaffordable, the area has started to attract a crowd of young professionals and upper middle class first-time homebuyers.
Who has time for conferences? You do!
5 five reasons why you should invest your time in industry events READ MORE
“In the last four years, it consistently has been among the strongest markets in the city or the strongest market,” real estate analyst Patrick Carlisle told the San Francisco Gate. “It’s comparatively affordable. It’s close to highways with easy access to the Peninsula. It seems a lot of younger high teach buyers are moving in and changing the demographics of the area.”
Of course, the interest has also played a role in Sunset’s prices. The average sales price has grown from $347,000 in 1998 to $1.45 million in 2018, far exceeding average inflation.
Article image credited to Courtesy of Compass.