It’s not quite a once in a lifetime opportunity, but close to it! The Pink Painted Lady at 714 Steiner Street — purchased in a January 2020 all-cash deal for $3,550,000 — has once again landed on the market. Essentially unchanged over the past two years, this someday-spectacular historic Alamo Square property on one of San Francisco’s most photographed blocks does however now come with approved plans for a major overhaul. Most extraordinary, and perhaps a sign of the times, is the seller looking to unload the famous home sans markup. It’s a rare second chance indeed for a visionary (and deep pocketed) home buyer.

714 Steiner Street, the third house from the right in the Postcard Row lineup, is marketed and listed exclusively by cooperating broker Compass. All listing images courtesy of SFAR MLS.

One look at the home’s interior reveals it’s a project not for the faint of heart. Originally constructed as a glorious three-level single-family residence, years of neglect and bastardization have left it terribly deficient of the amenities home buyers want today. No wide open living areas. No kitchen fit for entertaining. No spa-like baths. No tech integrations. And certainly no structural and seismic future-proofing. Moreover, a second unit carved from the main floor stands to multiply the expense and headaches involved in correcting the property’s overwhelming challenges.

Plans by David Armour Architecture aim to give 714 Steiner Street the glow-up it deserves. Designing within the constraints of a Class A Historic Resource and Historic District contributor isn’t a walk in the park — let alone expanding the property’s square footage by more than 40 percent. Estimated in 2020 to cost $3 million and take three years to complete, the SF Planning-approved scope of work includes:

› Seismic upgrades

› Interior alterations throughout

› Relocation of a dwelling unit to the ground floor

› Construction of a one-story rear addition at the ground floor with deck

› New bay window at rear

› Installation of dormer and skylights at the roof

› Rebuilding front entrance stairs and front entryway

› Rehabilitation of the building in conformance with the Secretary of the Interior’s Standards for the Treatment of Historic Properties

Renderings of existing and proposed floor plans show a transformation of 714 Steiner Street recreating a house-like 5-bed/3.5-bath dwelling in the original quarters, and preserving a 2-bed/1-bath secondary unit almost entirely within the building envelope. Take a look at the detailed plans here.

Owner Leah Culver documented her intentions for the centenarian on the dedicated @pinkpaintedlady Instagram account. Posts dating back to February 2020 — just days after closing escrow — capture ambitious ideas to restore plaster ceiling medallions and corbels, the staircase, door hardware, and tiles carefully removed from an upstairs powder room. As the saying goes: Think big, dream big, believe big, and the results will be big.

But it wasn’t meant to be.

Explaining to SFGATE that the project had “possibly the worst timing ever,” Culver points to a myriad of unforeseen challenges from pandemic-related delays in design and permitting to supply chain disruptions. And now, with growing economic uncertainty, she simply “didn’t see an end in sight.”

“I’ve come to realize that I do not have enough time or resources to dedicate to truly restoring this home with the care and attention to detail that it deserves,” Culver shared on Instagram the day that 714 Steiner Street landed on the MLS. “I would love to transition to a new owner who cares as much as I do (or more!) about this special home. That’s why I’m listing it for sale for the same price I purchased it for and am including the current building plans, permits, and social media accounts with the sale (if desired).”

Accounting for carrying costs and fees related to design, surveys, applications and the like, it’s safe to say that Culver has already sunk a six-figure sum into the property. And if a strong offer at the $3,550,000 list price is seriously considered, another $100K+ hit is in store once broker compensation is paid. Ouch.

If there is a silver lining, it’s that the labor of love poured into 714 Steiner Street may actually be carried forward by a buyer who will fix up the home and live in it as their own.

Career flippers intent on turning a profit may conclude that the numbers don’t pencil out vis-a-vis historical sales in the neighborhood. For what it’s worth, satisfying the 70% Rule would require an After-Repair Value of approximately $10 million (assuming a $3,550,000 purchase price and $3,000,000+ renovation). No single-family home or duplex in Alamo Square has traded for more than $7,830,000 (that was 711 Scott Street, across the park). Among those top sales reported by SFAR MLS, 722 Steiner Street and 850 Steiner Street sold this year for $6,000,000 and $4,600,000, respectively.

That said, there’s no requirement for the next owner to proceed with the already-approved plans. Keeping the unit configuration as-is is an option. Modifying the plans to retain garage parking for at least one vehicle is also possible. And while it’s definitely not the path of least resistance (and unlikely to be approved), the next owner could also try to merge the two units so as to return 714 Steiner Street to a proper single-family home.