Quietly purchased for $9.75 million in March of 2015, which was nearly 23 percent more than the home had fetched in 2012, despite the “short term hold” and it having been “used” between, the modern Cow Hollow home at 2555 Union Street returned to the market priced at $14.2 million in October of 2020, a sale at which would have represented total appreciation of 45.6 percent from 2015 to 2020, just slightly above the 39 percent increase in the widely misreported Case-Shiller Index for “San Francisco” over the same period of time.
Gutted and remodeled by Sheinholtz Associates in the 1990’s and then rebuilt in concrete, steel, aluminum and glass by Stanley Saitowitz/Natoma Architects in 2006, 2555 Union Street measures roughly 6,000 square feet across four floors, with a showpiece stainless Bulthaup kitchen at the heart of the home, which opens to the dining room, family room and terrace behind.
Having failed to sell in 2020, 2555 Union was relisted anew for $12.6 million in October of 2021, then again for $12.3 million last year, and then again for $10.2 million last month, a sale at which would now be considered to be “at asking,” and without any reductions, according to all industry stats and aggregate reports.
A sale “at asking” would also represent net appreciation of just 4.6 percent for the high-end home since the first quarter of 2015, while the Case-Shiller Index for “San Francisco,” which has already dropped nearly 20 percent over the past ten months, is “still up 58 percent!” over the same period of time.
If you think you know the market for high-end homes in established San Francisco neighborhoods, now’s the time to tell.