Speaking of high-end properties in prestigious San Francisco neighborhoods, the resale of the two-bedroom corner unit #2905 near the top of the iconic Russian Hill “Summit” at 999 Green Street, which features walls of floor-to-ceiling windows and “unparalleled, panoramic views,” has just closed escrow with a contract price of $3.8 million which is officially “within 4 percent of asking!” according to all industry stats and aggregate reports as the “asking price” for the “ultra-luxury” unit, which was listed for $6.2 million in March, was quietly reduced to $3.95 million this past May.
Having been purchased for $6.0 million in January of 2015, however, the resale represents a 36.6 percent net drop in value for the ultra-luxury unit on an apples-to-apples basis versus the first quarter of 2015 and was 17.4 percent below the $4.6 million the already “used” unit with great views, in a rather established neighborhood, fetched in 2006 as well.
2006-2008 was clearly a bad time to buy. Possibly stating the obvious, but this seems to be an equally bad time to sell.
If I lived in a non-seismically reinforced concrete high-rise structure, I would enroll in a BASE jumping class and purchase the equipment (before the next big earthquake).
Most guesses on sale price from the previous post were around $5M. Selling for $3.8 is brutal. $3,844 per month in HOA dues is similarly brutal.
5.75, 6, 5.4, “(doubt it will go over) 5”, 5, 5.1, “stunned if it didn’t go for over asking” (which at the time was 4.9)
Mean ~ 5.32
Median 5.1
of course it took so long that the next earthquake is closer…yeah THAT’s it!!”
I just want to know how they took a photo in the bathroom without being reflected in the mirror. Seriously, both Eichler’s Summit and the Royal Towers have units that were remodeled long enough ago that they are feeling dated dated, but recently and expensively enough that redoing them is not obvious. This one was in that range and priced like it (especially factoring in the NPV of the HOA dues and mortgage/foregone investment income).
There’s a bit of blurring in the area of the door frame in the reflection. Maybe some airbrushing…
Let’s just say some Real Estate Agents suck more blood than others…