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Luxury

We Went There: What to Expect From a $7M Fixer-Upper in San Francisco

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    Magnolia Tree in Back

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    Front View

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    Living Room

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    Breakfast Nook

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    French Doors

Even in the bonkers San Francisco housing market, the listing at 22 22nd Ave. still caused editors at realtor.com to do a double take.

This 6,500-square-foot grand dame on a triple lot was dubbed the "crown jewel" of the neighborhood by listing agent Jeffrey Silver. But even royalty must polish their tiara from time to time. And after having one owner for the past 40 years, this jewel requires a gemologist -- one with $6.99 million to spare.

The good news? "Everything's original. It hasn't been touched," Silver says.

The bad news? Nothing has been touched in decades. Silver estimates that a top-to-bottom renovation could set the new owner back by as much as $2 million. That's on top of the asking price.

Built in 1926, the Mediterranean-style estate has huge, light-filled rooms and graceful french doors that open to garden patios. From walking through the property, we can definitively say it speaks to a bygone era.

The sprawling space also includes seven bedrooms, six bathrooms, a library, a formal living room, and a dining room.

The kitchen was last updated in the '60s and comes with two pantries plus a breakfast nook. It will need a little work to bring it up to today's standards.

And even though it was built during Prohibition, the Gatsby-esque mansion features a handy wine cellar. It also has a secret space Silver thinks may have been a speak-easy, given the separate entrance, hidden staircase, and high ceiling. "It's a back party room," he says.

The owner did change the enormous backyard that overlooks the Presidio parklands, adding tiers to the sloped garden. In fact, the private setting has hosted fundraisers, parties, and several weddings.

The home is located in a quiet enclave called West Clay Park and perches at the end of a cul-de-sac.

That serenity may soon be pierced by the sounds of construction. Turnkey it's not. But that's not how to think about a place like this, according to the agent.

"This is for someone who's going to be here the next 40 to 50 years. This is the rest-of-your-life type of property," Silver says.

Or it may be a developer's dream flip. Either way, "these types of situations don't come up as often as you would think," Coldwell Banker Previews International broker associate and "Million Dollar Listing: San Francisco" star Roh Habibi says.

Large, iconic, old San Francisco homes "are a rarity," Habibi adds. And for a certain subset of buyers in the city's ultrahot market, they make for desirable targets.

A fixer-upper with ocean views in the nearby Sea Cliff neighborhood recently sold for $11 million, almost $5 million over asking.

Habibi says there's a reason. "These numbers you're seeing -- there must have been something extraordinary about the property."

And certainly nothing ordinary about the price.