Purchased for a below-asking price of $4.35 million in November of 2014, the contemporary Cow Hollow home on a “coveted tree-lined block” at 2837 Greenwich Street returned to the market priced at $5.5 million this past April, a sale at which would have represented total appreciation of 26.4 percent since the fourth quarter of 2014 or roughly 4.4 percent per year.

Built in 2005, the 3,426-square-foot home was designed by Veverka Architects for “maximum light, convenience, and luxurious indoor/outdoor living,” with high ceilings and custom  maple cabinetry, walk-out terraces from every level, and a large roof deck with a built-in putting green and views.

And having been quickly reduced to $5.2 million, to $4.995 million in May and then to $4.5 million in June, the re-sale of 2837 Greenwich has now closed escrow with a contract price of $4.125 million, down $225,000 (5.2 percent) from its late 2014 value on an apples-to-apples versus “median price” or broadly indexed basis.

Comments from Plugged-In Readers

  1. Posted by Greg

    Good analysis thanks – the post 2013 froth is easing

  2. Posted by jimbo

    great location next to presidio, but the design is awful.

  3. Posted by jenofla

    Looks like back in 2014, one of the bedrooms hadn’t been turned into a closet with builtins and the backyard had a nice Japanese garden vs. astroturf. It’s still a nice place, and I believe prices have dropped to 2014 levels, but the current sellers turned a house with wider appeal to a house best for a wealthy couple that entertains. I mean, it shouldn’t be too hard to tear out the built-ins, and I guess my preference for real plants (gave the house a minimalist Zen vibe) vs artificial grass (gave the house a minimalist utilitarian vibe) is subjective, but in a high-inventory market, little things like that could be a dealbreaker.

    • Posted by Ohlone Californio

      “…and I believe prices have dropped to 2014 levels,” ?

      You do? Twenty-fourteen to 2015 was quite a gain. And it went on from there …. We are seeing some 2015 type sales here and there, that is true. But 2014?

      • Posted by sockettome

        It looks that way…This house sold for LESS than it’s 2014 price – $225,000 less to be exact.

        • Posted by Ohlone Californio

          Yes, there are some such sales taking place. As they do. I referred to the hypothetical plurality. I don’t see it.

  4. Posted by Philip

    That plastic roof deck says it all. Whoever built this was from some suburb, and had not a clue about S.F. weather. Especially in Cow Hollow. Perhaps adding a windmill would give it some pizazz.

    • Posted by jimbo

      dont understand the roof deck comment about weather. we live in the inner richmond and our roofdeck is sunny 80% of the time. it was the best addition ive ever made to a home. Cow Hollow weather in this location is slightly better than ours.

  5. Posted by Pablito

    3426 SF x$500 a SF construction cost in 2005 – a generous figure – would have been $1.7 million. So someone made money on this.

    • Posted by anon

      The author is talking about 2014 to now and you are talking about someone making money from 2005? Not sure I understand the point. And is $500/sf just for construction costs? Did they get the property for free or is that included in your estimate? Zillow just has a sale of $1.31mm in June of 2000.

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