As we wrote last month with respect to #2802 at the Eichler Summit:
After three months on the market the MLS listing for 999 Green #2802 was withdrawn from the MLS without a sale (last asking $1,950,000). As of yesterday, however, the listing is active again but with a price that has been reduced to $1,795,000. Once again, purchased “off the market” for $2,500,000 in October of 2008.
As we noted in November: “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.” Now 28 percent.
Make that 32 percent as the list price for 999 Green Street #2802 has just been reduced another $100,000 to $1,695,000.
At the same time, the listing for 999 Green Street #1201 is once again active at $1,279,000 and still notes, “property was appraised for 1,575,000 in May [2009] by Bob Singer at TRAC, thats 286,000 below the [appraisal]!!!” It’s been on the market for 154 days. And yes, it’s now $296,000 “below the appraisal” (and has been for three months).
∙ Listing: 999 Green Street #2802 (3/2) – $1,695,000 [MLS]
∙ Listing: 999 Green Street #1201 (2/2) – $1,279,000 [MLS]
∙ A Slippery Slope On The Eichler Summit: Number 2802 Reduced [SocketSite]
∙ The (Eichler) Summit Of 999 Green Street #2802 [SocketSite]
Tangerine Green Nightmare.
$X below a May 2009 appraisal is a pretty good sign of a weak argument. It’s a baby-step above “$X below Zillow.”
Eichler or not, I’ve always thought this was an ugly building, especially the concrete bunker base where the building meets the street… very pedestrian unfriendly in a neighborhood renowned for such. That and Charles Schultz lives in the Penthouse so there could be “security” issues from time to time as when Tony Blair visited him in his Penthouse a few years back.
Charles Schultz lives in the Penthouse
2 typos in one.
1 – Charles Schultz doesn’t live in the penthouse, George Schultz does…
2 – Charles Schultz lives? Not for almost 10 years to this day (RIP 2/12/00). Hence the “Peanuts Classics” in the daily funnies.
Em, that would be GEORGE Schultz, unless the Peanuts creator has risen from the grave and is sitting out the afterlife with a view.
“concrete bunker base where the building meets the street… very pedestrian unfriendly in a neighborhood renowned for such.”
excuse my poor grasp of the language, but i’m very curious, is this saying the neighborhood is known for being pedestrian friendly or unfriendly?
lol, oh that’s too funny, my bad. charles, jorge, whatever, u know what i meant.
and condo, that would be ped friendly. i hate the base of this building. from afar, not so bad, there are certainly worse.
Funny how the listing for #1201 says “Comp weekend for selling agent at Solage resort Calistoga!”
Don’t they have a private section for that?
These places seem decent except for the HOA fees of course.
Both these units have had such a hard time selling because anyone who has been in the building knows that stacks 1 and 2 have the least impressive views in the building, and at these prices views are what draw people to 999 Green. Not to mention that 1201 needs a complete remodel unless 80’s marble chic is your thing. 2802 is nice, but that view featured in the MLS of downtown requires almost leaning over the balcony to achieve. 999 Green is a desirable building but people who really want to buy here as a long term investment will wait for the prime units. Sad to say neither of these two really are. Just my opinion.
Version 1.1. – Not SF
Version 1.2. – Not Real SF
Version 1.3. – Not Primo SF
Version 1.4. – Not the right stack
LOL
yep, another example of the ‘collapse’. they’re only asking $983/sq.ft for a fixer.
Asking != Getting
seems like quite a few owners are selling at the Summit. i know they had to redo the retainer wall last year and there is/was a plan to build out an in-house gym and community room – guess they foresee a big rise in the already-high HOA dues!
for unit 2802. I heard the owner paid $2.5 mil in 2008, now trying to sell at $1.7 – what’s happening? someone told me the unit has water leakage problems near balcony door?? maybe that’s why!