As we noted near the end of last year:
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.
And having been further reduced to $2.595 million in December, the sale of 1116 Greenwich Street has just closed escrow with an “over asking!” contract priced of $2.65 million, or 6.2 percent below its 2015 value on an apples-to-apples basis.
Any guesses on what an easily accessible parking spot would have added in value to this place?
My guess = $750,000
$250G
Yeah, my first thought was whos going to buy a house for 2.5, where you have to lug your groceries down an outside flight of stairs.
Someone dropping $2.5M on a place like this is getting their groceries delivered.
Hmmmm…. I wonder if any leaders [in] blue chip real estate development and operating companies took a hit in this transaction.
I think the $50,000 buyer’s agent commission bonus helped sell this
UPDATE: Apples-to-Apples-to-Index for that Russian Hill Hideaway