1299 Bush Street first hit the market in September 2009 dubbed “Citadine” with prices ranging from $495,000 for a 558 square foot one-bedroom to $1,669,000 for a 1,573 square foot three-bedroom on the eighth floor, pricing we dubbed aggressive at the time.
In October 2009 prices were cut between four and ten percent. In December the developers were seeking a bulk sale. Liens were filed. And this past May a Notice of Default (NOD) was filed on 1299 Bush with $14,594,856 past due on a $15,500,000 note.
Today, 1299 Bush Street has been redubbed AXIS San Francisco (“Coming Soon!”) and four second floor units have been relisted with prices starting at $445,000 for the 558 square foot #204.
Unit #203 which was listed for $795,000 when Citadine launched in 2009 has been listed as new for $675,000 at AXIS, it had been reduced to $715,000 in October 2009.
As best we can tell, prices have been cut ten to fifteen percent from the launch of Citadine.
∙ Listing: 1299 Bush Street #203 (2/2) 940 sqft – $795,000 $715,000 $675,000 [MLS]
∙ Citadine (1299 Bush): Current Pricing And A Peek Inside [SocketSite]
∙ Citadine Cuts Between Four And Ten Percent For Listed Condos [SocketSite]
∙ The Citadine (1299 Bush) Scoop: Seeking A Bulk Sale Of The Building [SocketSite]
∙ From Bulk(y) To Lien For Citadine At 1299 Bush [SocketSite]
∙ Citadine (1299 Bush): NOD Filed As Lienholders Continue To Line Up [SocketSite]
Does this development have any relationship to the its contemporary Axis in San Jose ?
I’m not understanding the rationale behind the name change except that it is less reminiscent of an acid reflux medication as well as putting a speedbump in the way of anyone finding bad news associated with Citadine.
only five pics, and one of them is of the stove? why?
Milkshake, I had the same question, but it doesn’t seem like it. Axis SF is Vanguard properties, designed by Forum Design Group, while Axis San Jose is KT Properties with Ankrom Moisan Architects.
The pricing still seems aggressive – over $700/sqft and not really up on Nob Hill.
http://www.axissf.com
The pricing is still way too aggressive for that area. End of story.
Another 20% reduction and maybe… maybe it starts to make sense. Why bother taking this over, giving it a new name (that seems more like a deodorant for men or the name of some metal band guitar player) if they’re not serious about selling these?
Could someone please explain to me the definition of a “chef’s kitchen”, at least in Realtor speak? As a former working chef, I’m genuinely confused by this term considering all I see is a stove, sink & refrigerator in the listing photos.
I think “chef’s kitchen” is realtorspeak for “European appliances.”
I like this project and seriously considered the unit 201 when it was listed last year. At the time the prices were a bit too high but now it seems to make sense. The outdoor space on the two townhomes is great!!
^You can tell how overpriced a place is by the number of exclamation points the shills use. It’s the Socketsite lazy shill indicator.
This place appears to be 20% overpriced based on the two exclamation marks.
Except for the first two purchased-by-shills units of course, which will fly off the market for an ever-so-slight discount to ask (gotta make the sale look like it was the result of a tough negotiation), as usual.
This property has NO relation to Axis in San Jose (www.axissanjose.com). It’s rather pathetic that they could not come up with a more original or appropriate name. Perhaps they should re-think their re-branding.
The list price for 1299 Bush Street #204, the lowest priced unit at “Axis” since the building returned to the market three months ago, has been reduced to $425,000.
The unit was priced at $495,000 in September 2009 when it first hit the market as the lowest priced unit at the “Citadine.”