Cruising high price neighborhoods in your local metro area can simultaneously inspire great hope and sudden depression for your current financial situation. We’ve all probably wondered what it would take to buy one of those swanky hilltop McMansion houses that require aerial photos just to view. But ignoring the possible Trading Places-style scheme for a taste of the upper crust, let’s scale that back to something more tangible:
How much would it take to purchase the most expensive house sold in San Francisco in January?
Most Expensive House Sold in San Francisco in January*:
Purchaser: Maria Peevey, according to public records
More pictures found here.
Who is Maria Peevey? Have you ever wanted to outfit your dog in cutting edge canine style? Maria Peevey’s company SimplyShe, Inc. can help you with that and more. According to an interview with the San Francisco Business Journal, the SimplyShe CEO’s lifestyle and pet fashion company made $45 million dollars in revenue in 2009 and gained major momentum when her line of dress, jackets, and necklaces for pets was picked up by PetCo and retail juggernaut Wal-Mart. She has since been featured on Oprah and The Big Idea with Donny Deutschby.
The stylish, contemporary home is a local designer’s showcase, according to listing agent Jon Taylor of Sotherby’s International Realty. The house “with a nod to classical style, melds different genres, creating a fresh and unique environment – an epitome of simple and perfectly proportioned symmetry.” Three levels, a media room, library, multiple courtyards, and a beautiful glass and wood floating staircase makes Peevey’s new residence in the Twin Peaks neighborhood a great find. The seller made a considerable profit since first purchasing the home for $1.3 million in 2003; a far cry from the home’s $450,000 price tag in 1987!
Using our mortgage calculator, let’s assume that you need a 20% down payment to stay in good shape to keep up with the payments. That’s a cool $614,000 for the down payment. With that $614,000 you could buy:
- 23,615 trips to Alcatraz Island
- 143,123 Wendy’s Baconator sandwiches
- 10,233 5-lbs Ghirardelli Milk Chocolate Bars
The remaining loan would be approximately $2,456,000. To pay off that loan amount, it would take:
- An accountant (with a median salary of $46,170) 53 years
- A lawyer (with a median salary of $110,590) 22 years
- Oracle CEO Larry Ellison (with a estimated salary of $192.9 million) 5 days
Since most of us aren’t making millions of dollars each week, it may take effort, but it’s not completely impossible to get digs like these…just persevere and eat a few less Baconators.
*Note: This is the most expensive house sold, not condo or townhome.