Remember back in October, when we wondered what was lurking inside the long-shuttered pink mansion on the corner of Waller and Pierce?
Well, we now have an answer. Hint: not ghosts.
As it turns out, after 35 years, the property's owner finally decided to sell. But the story of how that came to pass is pretty remarkable.
John Warner works for a small private real estate investment group called Urban Green Investments. The company looks for somewhat distressed properties, renovates them, and then either looks to sell or rent those properties' units. Among the local spaces the group recently rehabilitated are apartments above the Vapor Room at 607 Haight, and on the northwest corner of Page and Webster. Warner had eyed the house at 591-595 Waller for years, as it's exactly the kind of neglected property that his company seeks. "It's right down the center of the fairway for us," he tells us. But the property's owner, Eunice Booker, who has owned it since the mid-1970s, proved difficult to get in touch with, and by all indications wasn't looking to sell. Then came a strange coincidence. One day, Warner was casually discussing the house with his 20-year-old daughter and her boyfriend. To Warner's surprise, the boyfriend was already familiar with it. As it turns out, he grew up in the house. It's owned by his grandmother. This gave Warner a connection to the property's owner that set the rest of the story in motion. Before long, he spoke with her, explained what his company does, and asked if she was interested in selling. Booker had been a 30-year employee of the fire department and this was her "legacy asset," as Warner calls it, so at first she was reluctant. But after some negotiations, Urban Green Investments officially bought the property in November 2010. So, what's in there? Squatters? Raccoons? Hella ghosts? Nope. Well, not any more, at least. The house is completely empty. Due to some contracting work that was started a few years ago but never finished, the first and second floors are effectively gutted. Fortunately though, some of the property's original features remain intact. "They kept a lot of the medallions for the lights, the original wood frames, things like that," Warner says. Warner's company plans to repaint the house and fix the historic features that can be saved. "There's no reason to change the outside. You couldn't do it if you wanted to, because of the [preservation] limitations in the area." Each of the three units is over 2,000 square feet, Warner says. His company plans to completely modernize the lower unit, because to restore it to its original state would be prohibitive, due to its current condition. But overall, they hope to renovate the three units in a "classic but modern way that's consistent with the character of the neighborhood," he says. Then, they'll be put on the market as TICs. Warner expects work on the property to begin in the next month or so, and if things go according to plan, the units will hit the market in late 2011. When that happens, of course, we'll let you know. Given its history, location, and personal connection to his family, Warner is definitely excited to bring this property back to life. "It's going to be a gem of the neighborhood, instead of a black eye on the neighborhood," he says. Stay tuned... Update 1/4/11: A little art for ya! Reader Alex N., who has lived across from the pink house for almost 20 years, sends in this painting he made in 1997:
According to Alex, back then "it was painted white, with white trim and blue sashes. I painted this view from life, standing by the window of my studio, and it shows the house in afternoon lighting, with a shadow on it from the house across the street."
Thanks Alex!
As it turns out, after 35 years, the property's owner finally decided to sell. But the story of how that came to pass is pretty remarkable.
John Warner works for a small private real estate investment group called Urban Green Investments. The company looks for somewhat distressed properties, renovates them, and then either looks to sell or rent those properties' units. Among the local spaces the group recently rehabilitated are apartments above the Vapor Room at 607 Haight, and on the northwest corner of Page and Webster. Warner had eyed the house at 591-595 Waller for years, as it's exactly the kind of neglected property that his company seeks. "It's right down the center of the fairway for us," he tells us. But the property's owner, Eunice Booker, who has owned it since the mid-1970s, proved difficult to get in touch with, and by all indications wasn't looking to sell. Then came a strange coincidence. One day, Warner was casually discussing the house with his 20-year-old daughter and her boyfriend. To Warner's surprise, the boyfriend was already familiar with it. As it turns out, he grew up in the house. It's owned by his grandmother. This gave Warner a connection to the property's owner that set the rest of the story in motion. Before long, he spoke with her, explained what his company does, and asked if she was interested in selling. Booker had been a 30-year employee of the fire department and this was her "legacy asset," as Warner calls it, so at first she was reluctant. But after some negotiations, Urban Green Investments officially bought the property in November 2010. So, what's in there? Squatters? Raccoons? Hella ghosts? Nope. Well, not any more, at least. The house is completely empty. Due to some contracting work that was started a few years ago but never finished, the first and second floors are effectively gutted. Fortunately though, some of the property's original features remain intact. "They kept a lot of the medallions for the lights, the original wood frames, things like that," Warner says. Warner's company plans to repaint the house and fix the historic features that can be saved. "There's no reason to change the outside. You couldn't do it if you wanted to, because of the [preservation] limitations in the area." Each of the three units is over 2,000 square feet, Warner says. His company plans to completely modernize the lower unit, because to restore it to its original state would be prohibitive, due to its current condition. But overall, they hope to renovate the three units in a "classic but modern way that's consistent with the character of the neighborhood," he says. Then, they'll be put on the market as TICs. Warner expects work on the property to begin in the next month or so, and if things go according to plan, the units will hit the market in late 2011. When that happens, of course, we'll let you know. Given its history, location, and personal connection to his family, Warner is definitely excited to bring this property back to life. "It's going to be a gem of the neighborhood, instead of a black eye on the neighborhood," he says. Stay tuned... Update 1/4/11: A little art for ya! Reader Alex N., who has lived across from the pink house for almost 20 years, sends in this painting he made in 1997:
