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.

If you think you know the market for ultra-luxury units in established neighborhoods and buildings in San Francisco, now’s the time to tell.  Keep in mind that 999 Green Street #2905 fetched $4.6 million in 2006 as well.

18 thoughts on “Now Listed in the Red Atop The Summit on Green”
  1. Fabulous location and views, but that column in the middle of the main bedroom would kill me. Why not just make the other bedroom larger and have the wall meet the column? That seems so much more sensible. Probably not an impossible change, I guess.

  2. Spectacular property and views. However, tall concrete buildings are reportedly amongst the most dangerous in earthquakes. This is especially true for those built decades ago, using slide rules and antiquated formulas to calculate the probability of structural failure.

    Short, wood frame buildings are better value for those who keep an eye on the overdue Hayward fault (which can be seen in the East Bay from these very windows).

  3. I guess it didn’t have lights when it sold for $6.0m either, but for me “ultra-luxury” has a light in the dining room ceiling and the primary bedroom.
    I don’t know this market at all but I’ll say $5.75

  4. $6M (or however many it sells for) for what is an outdated 2B condo? Is the view and the address worth that much? Also how small were the two merged units? Unit does not look that big right now

  5. Forget about the location and views (and price): the headline is one of the cleverest ones SS has had in years.
    Subtle enough that I fear many won’t get it…but BRAVO! anyway.

  6. Ultra-luxury HOA Dues? $3,343 per month. Check. Ultra-luxury price range of ≥ $2,500 per ft.²? Well, RedFin calls the total area 1,072 ft.² so using $4.9M gives you $4,571 per ft.² Check.

    I don’t know the Russian Hill property market, but if this goes over asking I think local real estate agents will go back to saying “we’re in a bifurcated market, the ultra-luxury segment is resilient”, etc.

    1. Redfin’s reported square footage for the unit, which doesn’t reflect the merger and addition of unit #2903’s square footage, is wildly incorrect.

    1. 2902 — a 3BR on the same floor (but perhaps without the same “money shot” views) — hasn’t sold at $3.75m, so doubt this will go over $5m.

  7. Built in 1963-64 it is an Eichler designed structure of reinforced concrete. A history of the building here, EichlerNetwork.com which says there is NO freight elevator! Two elevators total.

    The one thing that scares me is that it is on the edge of the hill.

  8. Beautiful views. Love the style. BUT…bad timing. Soon after Turkish earthquake, regional economy wobbly. Is list price for real? Let’s say 5 mil.

  9. Is a dining *area* common in this price range? At nearly $5 million, I would expect the eating space to have its own walls. Also, the finishes, fixtures, and cabinetry are decent but underwhelming at this price.
    Yeah…I know. It sold for $6 million last time.
    Bonus points for Macondray Lane proximity.

    1. This is an old-timey take. People want to be able to enjoy meals and the preparation of meals in the same space. Having the culinary skills to host is cool. Having Esmerelda make the chicken in another room is not cool.

      1. Wow, sexist/racist much soccermom? Why esmerelda? Why not Roger, or Laqueesha? True colors shining through, maybe head back to Marin.

  10. Earthquake concerns all scientifically valid, but assuming the place is nevertheless insurable a-gaynst such (and I have no idea), I think I would just have to hope I wasn’t home when the big one hit.

    “Balcony” for about 50% of the exposure seems more simply a “sliding glass door”, but that’s still nice, and it does open up around towards the bedrooms. OTOH imagine the wind velocities are up there on the 29th floor.

    Column in “primary” bedroom definitely a bummer; is handled much better in other rooms, but those were the cards that were dealt. I do wonder if the approach, from the staging pics, is all wrong, as that plant stand might constantly remind one that the layout was compromised. Whereas maybe jacking some sort of suit, dress or formal-wear closet into the space, possibly even w/o a door, would take the focus *away* from it? And you’d then seem to have a “full” window wall?

    Finally, can’t imagine we see much turnover in this particular property, if one has one’s heart set on it. My $0.02 are worth $0.00 but I’d be stunned if it didn’t go for asking or above. If I had the coin to opt between paying $5M for this, or $3.4M for 124 Lily, or whatever for 3159 Baker, absolutely no contest. (Not comps I know.)

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