Originally designed by William Wurster and perched on the eastern slope of Russian Hill, the three-bedroom home at 1116 Greenwich Street, which actually fronts the Greenwich Pathway versus the street, was renovated in 2008 and sold for $2.825 million in August of 2015.
While it’s missing a garage and can only be accessed on foot, the hideaway home features panoramic views, multiple decks, a covered terrace and a potential guest suite with a secondary entrance on its lowest floor.
And touting an “ideal location in the heart of the city’s most quintessential neighborhood,” 1116 Greenwich Street returned to the market priced at $2.995 million three months ago, a price which has been reduced to $2.65 million, or roughly 6 percent below its 2015 price, with an interim reduction to $2.795 million last month.
Very quaint – a “doll house”. And, of course, the views. So, a drop in the asking. TH is prime SF real estate and one wonders is this a one-off? Is there more to the story? An adjusting variable set to hit in 2019 with the buyers needing to get out for financial reasons sooner rather than later?
And sometimes an – overpriced – cigar is just a cigar.
(and it’s RH, not TH)
Not a one off. 11 San Jacinto in SFW went from $6.25M in June 2015, dropped to $4.6M today. That has to hurt.
Nice looking place. I’m not even a RH type of beverage though this seems really appealing. Lack of a garage is not a problem for car storage, but what about everything else? One of the bedrooms would need to be sacrificed to store the stuff you don’t want on display in living areas.
I would have thought it impossible for a thing to be “most quintessential”, but maybe there are parallel universes I am unaware of?
SF real estate copy writers accede to cynosure, dontcha know?
Well-suited for an inlaw.
UPDATE: The list price for 1116 Greenwich Street has just been reduced by another 2 percent to $2.595 million, a sale at which would now represent total depreciation of 8.1 percent for the Russian Hill home on an apples-to-apples, versus “median price,” basis since the third quarter of 2015.
UPDATE: Russian Hill Hideaway Fails to Fetch its 2015 Price