As we outlined earlier this month:
Featuring walls of floor-to-ceiling windows with “unparalleled, panoramic views,” the two-bedroom corner unit #2905 near the top of the iconic Russian Hill “Summit” at 999 Green Street hit the market listed for $6.25 million in October of 2014 and sold for $6.0 million in January of 2015.
Having returned to the market priced at $6.2 million last month, the list price for the “ultra-luxury” unit, which was created by merging two adjacent units in the building (#2903 and #2905) decades ago, has just been dropped to “$4.9 million,” a sale above which would officially be “over asking,” perhaps “by a million dollars!” or even more, according to all industry stats, aggregate reports and post cards.
This morning, the list price for 999 Green Street #2905 was further reduced to $4.399 million, at which an “at asking” sale would be down 26.7 percent on an apples-to-apples basis from the first quarter of 2015 and 4.4 percent below the $4.6 million the unit fetched in 2006 as well.
If you think you know the market for ultra-luxury units in rather established neighborhoods and iconic San Francisco buildings, now’s another change to tell or quickly backtrack a bit (“it’s used,” “those aren’t great views,” and “Russian Hill is a passé old neighborhood.”)
it would appear that my initial guess was horrible
Looks like you were in (bad) company: the closest I saw was “not over 5″…which I guess is technically correct, but seems like a cheap win.
(The editors are probably breathing a sigh of relief, that no prizes will have to go out, tho they might need to increase the basket next time…not just a free one year subscription, but a two year!!)
$3.9
I think the only thing that might save this place’s value is if the Big One hit and it was still standing and livable. This place is completely my style and if I won the lottery…I still wouldn’t get it. After Turkey, Seaside, Sichuan…maybe I just need some serious convincing from a structural engineer that 1960’s reinforced concrete is still okay. Looking at liquefaction maps, it appears to be in the low-risk zone but with landslide risk just half a block away and moderate risk about a block away.
UPDATE: The “asking” price for 999 Green Street #2905 was just further reduced to $3.95 million. As such, an “at asking” sale for the luxury unit in a rather established neighborhood would be down 34.2 percent on an apples-to-apples basis from the first quarter of 2015 and 6.5 percent below the $4.6 million the unit fetched in 2006 as well.
UPDATE: Ultra-Luxury San Francisco Condo Finally Trades Below Its 2006 Price/Value