According to a plugged-in tipster, the three-bedroom Eichler Summit #2802 was purchased “off the market” (unlisted on the MLS) for $2,500,000 in October of 2008. And the sale price might have been partially based on the “comp” sale of #2804 for $2,720,000 in December of 2007 (which “was in worse condition” than #2802).
Back on the market four weeks ago asking $2,099,000, the price for 999 Green Street #2802 has been reduced to $1,950,000. Yes, the kitchen and baths could use some updating, but it’s a classic building with big views and a price 22 percent less than in 2008.
Serious question – I truly do not mean to be facetious:
Our resident RE experts tell us that prices have only fallen 10% (maybe max 15% in exceptional cases) in prime neighborhoods. And this is certainly a prime neighborhood, no?
So why in the world would any realtor list a place like this at over 28% below the 2007 price of a comp unit? Is the realtor just totally clueless? Or is s/he hoping to generate a bidding war and end up with a sale price that is way over asking? What gives here?
George Schultz, former Sec. of State for Regan, lives in the penthouse (entire two top floors I believe). Tony Blair and other such types like to visit and have caused a bit of building havoc due to security concerns for building residents.
The Shultzes have collectively owned the 32nd floor (which has always been a socialite stomping ground – half of it used to be Pat Montadon’s, the other half was Charlotte’s pre-George) for more than 10 years. Any security issues are certainly not new, and it’s not their main residence. It’s unlikely that’s the reason for any current significant price drops.
I really wish I could afford $120K in property taxes on my pied a terre. *sigh*
Bidet to you, sir.
Wonder how the owner of 999 Green #1902 feels — it’s 1 BR short (2/2.5 vs. 3/2 — apparently converted from a 3BR), 100 sq ft short, 9 floors short, but with a price $130K long ($2.08K) compared to #2802. It was bought at $1.245M in 2002 and then renovated in 2004, and was bought in 1995 at a bargain basement $577K!
http://www.redfin.com/CA/San-Francisco/999-Green-St-94133/unit-1902/home/1243046
Can I BBQ on the balcony? I can have George come down for a brewski as well…
It’s on a busy flight path.
from the listing: designed and completed in 1965 by Joseph Eichler and his protégé, Tibor Fecskes
Eichler was a businessman, not an architect, although he did have a strong sense of what he wanted. The design and construction fell entirely to Fecskes, then of Neill Smith & Associates and not an Eichler protégé. Claude Oakland, well-known for his work on most all of the Eichler SFH communities, handled the interior spaces. A good summary of the building’s history is here:
http://www.eichlernetwork.com/em_summit.html
Maybe somebody can tell me why these old building dont redo the lobby and hallways. The common spaces look like early 70’s rundown decor and cheap!! For 1500 HOA monthly fees……?? The apartment has amazing views but certainly not worth 1.95m…. perhaps 1.5?
REHAWK, you should see the lobby before you post, you don’t know what you’re talking about. In this case, the very clean mid-60’s modern lobby was re-done, some time ago, to a neo French Provincial style that defies description. And that is only the lobby. Get a clue and if you could, criticize that Louis XIV BS!
I’ve never liked 999 Green… When I first moved to SF, I thought about renting an apartment there, but after looking at a couple of units, I really hated the feel of it. I went back to look at two more rentals there a couple of years ago, and my first impression was still accurate. Maybe it’s just me, but I find the place dated (not in a good way) and slightly claustrophobic. Also the units I visited were uniformly hot and stuffy. In case you’re wondering, the rental prices in 07 were the same as they were in 99…
As someone with first hand knowledge of this building ( I grew up here ) you cannot comp a 02 and an 04 stack as they are such totally different units. Remodeled or not. And if you have never been in the PH ( few have ) here is an amazing video of the view during the last Shultz party… http://www.youtube.com/watch?v=tEHTowv9U9o
[Editor’s Note: Cheers (and yet another reason we prefer our “Apples”).]
I thought Schultz lived at that other highrise a couple of blocks south on the hill.
I have been to the building many times times. The lobby is ugly and dated – So are the common spaces on each floor.
It’s not the building , not the lobby , not even the name , or the people living there .
It’s the location , the weather , the view . the air you breathe and most importantly your imagination or state on mind .
See , what is mine today , it will not . True to anyone else’s including Mr. Schultz . We are all sitting on it for a while then we will be gone . Yes , just like ” dust in the wind ” .
30 years ago I was a poor college student making $ 2.75 an hour , I walked around in Fisherman’s Wharf during weekends and like the area and saw this building and made a wish hoping that one day I can afford it , but never really believe that I will .
Recently someone called me , said I better come down fast , I did and bought it in 24 hours . Funny , escrow closed at 9-9-09 . May be we are really living in a Matrix . I dare not to find the day I made the wish in case it was 9-9-1979 , I do know it was the end of Summer . Do I sound like Jim Carey in 23 ?
The unit is original , dated , lobby is nice but you are right , can be cleaner . Security and inconvenience may be a problem , but I am OK to that . I don’t know Mr . Schultz , but I met his boss Ron and Nancy before . Again peoples are people , buildings are buildings as long as they suit your mind , even for a moment that’s good enough for me . Ghee I probably will be there only once a month or a year .
a dying man
Can anyone share with me what kind of inconvenience with the security as I’m viewing a unit there this week. As I’m Also new to san Francisco, is this a better buy or the new developments in SOMA area.
After three months on the market the MLS listing for 999 Green #2802 was withdrawn from the market without a sale. Once again, purchased “off the market” for $2,500,000 in October of 2008, last asking $1,950,000 in 2009.
Referenced above, and after 429 days on the market, the sale of 999 Green #1902 closed escrow this past Friday with a reported contract price of $1,520,000 (33% under original asking).
Purchased for $1,245,000 in 2002, the 1,709 square foot unit at The Summit with “exciting downtown & Bridge views [had] been beautifully remodeled by Square One Interiors in 2004.”
Wow. $1.245M in 2002 is CPI-adjusted $1.511M in 2010. That means the seller of #1902 got $9K-net for that remodel. It looks like it went at the right price compared to the $1.7M of #2802.
The permit says:
REPLACE CABINETS & COUNTER TOPS & APPLIANCES IN KITCHEN,REPLACE TILE & PLUMBING ASSEMBLY IN (2)
$60K
As to the subject of the post, while I’m at DBI, #2802 claims $205K of work:
Demo (e) non-bearing walls & partitions. Replace with (n) as per drawings. one for one replacement for kitchen & bath.
#2802’s wealth destruction was detailed at https://socketsite.com/archives/2010/03/over_asking_but_32_percent_under_2008_for_999_green_280.html
Stunning renovation of 2804, which, as noted above, sold for 2.7 in an old condition in Dec ’07. Just sold for a little under 2.2 post renovation. Looks like they lost a big chunk of change. Probably a million dollars in 4 years all in.
Fortunately, it’s Russian Hill and not the real SF, or is it that only the lower end has fallen? I forget.
http://www.redfin.com/CA/San-Francisco/999-Green-St-94133/unit-2804/home/542601
Looks like they lost a big chunk of change. Probably a million dollars in 4 years all in.
Don’t worry about them; they have bigger fish to fry…