Listed for $1.798 million in January of 2016, the “tastefully remodeled and…ready to occupy” two-bedroom unit #1414 in the Gramercy Towers at 1177 California Street, “a Nob Hill landmark located in one of San Francisco’s most exclusive neighborhoods,” sold for $1.713 million, or roughly $1,224 per square foot, that April.

Featuring unobstructed views to the south and west, along with a south facing balcony off the living room and a parking space in the building’s garage, the 1,399-square-foot unit returned to the market priced at $1.345 million this past September.

Reduced to $1.245 million in December, the re-sale of 1177 California Street #1414 has now closed escrow with a contract price of $1.150 million, down 32.8 percent on an apples-to-apples basis despite the fact that the widely misreported index for “San Francisco” condo values is “still up over 20 percent!” over the same period of time and Nob Hill is a rather established neighborhood.

16 thoughts on “Landmark Nob Hill Condo Drops Over 30 Percent”
    1. The building may be charmless (we could use about 20 of them to fill in parts of the city with housing), but the unit is particularly bad. Looks like a giant hotel room. And not in a good way.

    2. Which part, the location at the top of nob hill with full 24hr. service or the indoor pool with retractable top? I used to live here when sf wasn’t a collapsing hellhole, it was great.

      1. It’s irony. The comment is realtor®speak reductio ad absurdum for, “what we really meant when we said ‘real estate always goes up’ and ‘buy now or be priced out forever’ was that prices do fluctuate with economic conditions, you can lose your shirt in real estate, and you shouldn’t take what we say at face value…so, buy now or be priced out forever!”

    1. I see no wear in high traffic areas, the carpet looks brand spanking new to me.
      Safe for the bathroom, which is terrible, I can’t bring myself coming down on the place that hard – the staging is terrible, some proper furnishing will make the difference.

  1. yeah, the carpets and the HOA are the killers here
    it’s a very nice location IMHO
    no homeless, iconic views

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