A foreclosure sets year’s highest price

2510 Jackson (left) fetched a record price.

Traditionally the housing market falls off significantly in the summer months, then picks up again from Labor Day through the beginning of the holiday season. This summer, however, the market is showing unusual signs of strength, due to three factors: increased inventory, a stabilizing economy and continued low interest rates.

Ironically, the highest priced home sold so far this year in San Francisco was a recent foreclosure sale at 2510 Jackson, on the north side of Alta Plaza Park.

This 10,000 square foot mansion was originally purchased by Critical Path founder David Hayden in 2000. When Hayden’s fortunes fell in the dot-com crash of 2000, the property was reportedly taken back by his investment bank or the lender of record. It was briefly listed in 2002 for $13.5 million, but didn’t sell. It was listed again in April 2008 for $14.9 million and eventually reduced to $12.5 million. It finally sold at the end of July for $11.5 million, the record price so far this year.

John Fitzgerald, Pacific Union Real Estate