Comment du Jour: “‘The Greenwich’ was a ZOO” (1501 Greenwich)

Our reader, who sounds very similar to a few other readers we have ;-) was apparently at the opening of The Greenwich, a new development on the cusp of Russian Hill and Cow Hollow, and had this to say:

Was at the Grand Opening of “The Greenwich” and it was a ZOO. Maybe 500 people in 45 minutes? Lots of foreigners from Europe and Asia all clamoring for $1,000-$1,600/sqft prices. Interesting.

Don’t believe the exact number of people through, and certainly don’t picture a bunch of French or Italians crawling over each other to sign contracts (that only happens during the World Cup), but take note that it was apparently pretty busy.

thegreenwichsf.jpg

The Grand Opening was indeed this weekend, and we plan on checking them out tomorrow. For details on the property, please go to their website.

And of course, some pricing for your viewing and buying pleasure:

-#201: 2 bed/2 bath; 1131 square feet; $1,049,000

-#202: 2 bed/2 bath; 932 square feet; $929,000

-#306: 1 bed/1 bath; 615 square feet; $589,000

-#307: 2 bed/2 bath; 1104 square feet; $1,099,000

-#406: 3 bed/2.5 bath; 1421 square feet; $1,695,000

-#502: 3 bed/2.5 bath; 1533 square feet; $1,895,000

-#601 penthouse: 3 bed/2.5 bath; 1609 square feet; $1,949,000

-#603 penthouse: 3 bed/2.5 bath; 1468 square feet; $2,295,000

-All other pricing for other units pending Second Release

-HOA fees range $399-$507

thegreenwichsf1.jpg

[Picture of unit #601 priced at $1,949,000

If you are interested in viewing one of these units, or have any other questions, feel free to contact us.

[Update: Yours truly, Alex, just literally walked out of touring the entire building. I have all the information you need, but not enough time to post. If you are interested in purchasing a unit, and want my pick of units in this building, give me a shout, alexclark@gmail.com.]

[Update: Pricing is "make us an offer".]

-The Greenwich [property website with features and floorplans]

-Listing Detail #601 [Redfin]

16 thoughts on “Comment du Jour: “‘The Greenwich’ was a ZOO” (1501 Greenwich)

  1. I have another friend who went this weekend, and corroborates. What was interesting was the amount of elderly people there i.e. 50+, perhaps 60+. It makes me wonder whether there is this spigot of money from the older demographic who wants to SF property, and condos in particular with lower maintenance. This is the only new development on the North End, so I can see why there were so many people.

    I will be absolutely shocked if the 4th floor and above units get $1,000-$1,566/sqft. Supposedly they are accepting offers this Friday, and testing out the market for the remaining “second phase” units.

    If these places sell, I’d be very curious if those who bought can provide us with some color on what you do, how much you make, and why aren’t you buying into the world is coming to an end pandemonium.

    Thnx!

    BoomTime

  2. The Fontana is not visible from this building – because the view in that direction is completely blocked from the building just across Greenwich!!

  3. Fontana isn’t a factor with this building’s views. I’ll take a stand right here and state that less than 50% of the first phase condos will get offers this Friday. Goodluck Shamrock!

  4. Alex, pls provide a couple lines on your thoughts of the building. Pricing in particular and whether you think they’ll get it? I’m trying to buy a place for my son, and don’t want to pay more than $1,100/sqft for the upper two flrs.

  5. Was going to post on the front page regarding my thoughts. I was back there again with a client for a second look. Looks like he’ll pass. I think every single unit in the entire building is grossly over priced, finishes are nowhere near where they should be for those prices, the penthouse units are worse than the 5th floor units, and if I had the money to buy any one unit in the building it would be 503. Best exposure, best deck, best views, best living area, but the counter tops and flooring in the master bathroom are awful. Bedrooms are small, the “built in” closets are a clever way around real closets and the cabinetry is not my choice of color. The flooring felt cheap, there were lots of “punch list” items that need to be taken care of, the elevator didn’t appear to be working properly, the carpet in the hallways was God awful, the front door buzzer didn’t work, and the lighting fixtures in the units were marginal at best. That’s my opinion. I have some other clients who find this type of “style” appealing, and are not concerned with little things like me, so I’ll be taking them there as well. Otherwise, they’re great! ;-) Oh, and regarding pricing it’s “make us an offer”.

  6. Aggressive stance Alex! I like! I agree, the 5th flr west facing units better (double vanities, larger deck, etc). I will simply be amazed if they get the $1,500/sqft they are asking. I tried offering about 25% below that figure, and they simply said “no way that’s going to happen.”

    Well, will just have to wait until Saturday to see if they get any offers. Again, I stand consistent in saying they won’t have offers for even half the units i.e. 3 out of 7 MAYBE.

    The thing with New Construction though, is that they’ll continue to work on it. They aren’t done finishing and touching the place up.

  7. i have yet to see a developer negotiate with new units in this town. that would be a real sign of what’s going on with our market.

  8. BTW, I change my stance on The Greenwich. Now I do think #504 will sell for over $2mil at only 1,500/sqft, and #604 will get $2.295 mil, also the same size. It’s crazy. A lot of old money, older couples, rich Venture Capitalists…. it’s just silly. Let’s discuss again next week.

    I’m actually pretty pissed that these units are going to sell at these asking prices. i firmly believe they are asking 20% too much, and this is absolutely silliness.

  9. What district is this property in? 7 or 6? Heard 9 or 10 units got int contract, and the top ones over asking.

    [Editor: District 7]

  10. Why would older folks prefer to overpay @ $1563 per sq ft. to live on Van Ness with inferior finishes, service and amenities when you can overpay @ $1600+ a sq ft to live around Market and have a butler, room service, a restaurant, indoor pool, gym, valet parking and spa at one of the luxury hotel condos?

  11. Nicole – It’s b/c the north end is a rarely buildable, and highly desirable place to live. That is why prices kept going up in 2006, 2007, and now 2008 for D7. Location, location, location.

    I heard it went over $1,563 for the top flr West facing unit. Guess we’ll see.

  12. Nicole – People have come to their senses that spending over $500/sqft in SOMA aka, the trenches is not that great of a move, especially with hundreds and hundreds of new condos coming to the market.

    If I had $1.5 mil bucks lying around, I’d buy in The Greenwich vs. any SOMA condo any day. As long as SOMA condos are selling for more than $500/sqft, I will never buy there, but obviously hundreds of other people do. To each her own.

    RS

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