Apples-to-Apples-to-Index for that Russian Hill Hideaway

As we outlined back in November of 2018:

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.

Further reduced to $2.595 million, 1116 Greenwich Street ended up re-selling for an “over asking!” price of $2.65 million in January of 2019, down 6.2 percent on an apples-to-apples basis.

Having returned to the market priced at $2.65 million this past April, the re-re-sale of 1116 Greenwich has now closed escrow with a reported contract price of $2.8 million, representing total appreciation of 5.7 percent from January of 2019 to today on an apples-to-apples basis but effectively even versus the third quarter of 2015.

At the same time, the widely misrepresented Case-Shiller index for single-family home values in “San Francisco” is 48 percent higher than in January of 2019 and 78 percent higher than in August of 2015.