999 Green Street #2802 View

With a last list price of $1,695,000 the sale of 999 Green Street #2802 for $1,700,000 four days ago will be reported as “over asking” in industry reports and league tables versus 19 percent under its original list price of $2,099,000 this past October.

And of course as plugged-in people should know, the “over asking” sale represents a 32 percent drop in value for this Eichler Summit unit versus its “off the market” purchase for $2,500,000 in October 2008.

Still Sliding Down The Slope From The Eichler Summit (999 Green) [SocketSite]
The (Eichler) Summit Of 999 Green Street #2802 [SocketSite]
A Slippery Slope On The Eichler Summit: Number 2802 Reduced [SocketSite]

12 thoughts on ““Over Asking” (But 32 Percent Under 2008) For 999 Green #2802”
  1. Loss: $800,000
    Realtor 85,000
    PITI after tax 200,000
    HOA 25,000
    A mere $65,000 per month to live in a three bedroom condo. Two thousand dollars per day!
    Sure it’s a lot of money, but think of the happy memories they must have had there. I’ll bet they impressed all of their friends with it, as it cost them $65,000 every month for seventeen months.

  2. Yeah, but at least they got to paint walls and didn’t worry about being forced to move.
    Besides, I’m sure if they hadn’t bought this place, they would have put all their money in Lehman and Bear stock, because that’s what all the bitter renters did (FYI, you can only put money in real estate or equities – nothing else).
    So long story short, it was a great outcome, as real estate always is.
    Plus this is a busy street.

  3. Nothing shocking here. If you bought in 2006-2008, you likely lost 20%+ (though there are multiple examples of prices increasing for certain properties). If you bought in early 2000s (2000-2003), you are likely making money. Just look at the units in the building that were bought in those time periods.
    This type of post is so common, that we can take all the comments, change the address, and copy them into the next post.

  4. Nothing shocking here. If you bought in 2006-2008, you likely lost 20%+ (though there are multiple examples of prices increasing for certain properties). If you bought in early 2000s (2000-2003), you are likely making money. Just look at the units in the building that were bought in those time periods.
    This type of post is so common, that we can take all the comments, change the address, and copy them into the next post.

  5. “If you bought in early 2000s (2000-2003), you are likely making money”
    No, you are currently losing most of the money you already made in 2004-2006.

  6. Splitting hairs. How about “…you are likely making money versus your purchase price in 2000 to 2003.” or “…you are likely making money versus your purchase price in 2000 to 2003, but have lost most of the appreciation that you experienced in 2006-2008”.
    Either way, that could be written into almost every post here on SS. That along with “x% above asking, but y% below original 2008 purchase price” or “…busy street” or “I heart Stanley Saitowitz” or “…wait till its $450pst” or “Generic box in the sky” or “…this is an up and coming area, they just put in a new building”, etc.

  7. The condo that Yanni bought (and no, Yanni did not actually buy this condo, but he did help pay for it). Call it a Mysterious Semblance At The Strand Of Nightmares…

  8. @SFRE
    Yes, I’m afraid if you’re looking for the ‘congratulations to the seller and to the lucky new buyer!’ posts you are reading the wrong blog.

  9. I have less sympathy for the seller considering the October 2008 purchase date. This was at the height of the financial melt down yet they felt comfortable enough to spend $2.5MM on this pad. What were they thinking? Perhaps they weren’t…

  10. @derrysf: I don’t know why you think I’m looking for that at all. All I’m saying is that the comments are so repetitive. Seriously, we all know prices are down from around 2006-2008, and that prices are up from 2000-2003. I was just saying that most times you put a property that was bought in between 2006-2008, you can copy/paste the comments from this post there, since always the same over and over again!

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