The three most costly houses on the San Francisco market now
2022 was a tough year for luxury real estate in the public market. The situation is a dramatic reversal from 2021, when luxury real estate saw unprecedented demand both nationally and locally in San Francisco.
Beginning in 2020 and peaking in 2021, the pandemic shifted homebuyer priorities. The desire for retreats placed a high value on large homes on large lots, properties that could offer home offices, gyms, and outdoor spaces.
This graphic from Compass shows the fire that was San Francisco’s luxury market in 2021.
compass
Over the past year, the median selling price of US luxury homes rose 26.5% to a record $990,000 in the second quarter of 2021.
This chart shows the difference one year has made for the luxury market in San Francisco.
compass
According to these numbers, luxury home sales are down over 50% year-on-year.
“2022 marked the end of a very long, very dramatic upswing in luxury real estate in the Bay Area, which peaked in spring 2022 and then transitioned into the significant market correction that is still underway,” said Patrick Carlisle, Compass’ chief market analyst , to SFGATE .
In mid-2022, economic conditions such as rising inflation and interest rates combined with falling stock values ”deflated depressed markets,” Carlisle said. But he hastened to add that last year “wasn’t an accident on the freeway at high speed; nothing like the 2008 meltdown, but still a significant slowdown, a drop in confidence and an increase in uncertainty.”
Regarding what’s to come in 2023, Carlisle argued that San Francisco’s luxury market will remain on hold: “Wealthy homebuyers – daily readers of stock markets and financial news – tend to hold off at times like this to see how they evolve things will calm down.”
Here are the top three most expensive deals of 2022, all three of which it seems will have to wait until the new year for a new owner.
3450 Washington St. is still San Francisco’s most expensive listing.
Christopher Sturman
1. 3450 Washington St.
When this 9,578-square-foot Presidio Heights mansion by Albert Farr hit the market, the asking price was $45 million, making it the city’s most expensive single-family home. And even after a $5.5 million price cut, this opulently remodeled 1930’s home was still SF’s most expensive. After more than 80 days on the market, the $39.5 million home is also the most expensive unsold.
The 2006 Washington penthouse is still unsold in San Francisco.
SFARMLS
2. 2006 Washington St.
This three bedroom, five bathroom penthouse offers stunning panoramic views from its wraparound terrace. It’s a stock co-op that crowns a trophy tower in Pacific Heights. When this home launched, it also had bigger ideas about its price, originally asking for $45 million in October 2021. Now, more than a year later, that price has been reduced to $35 million. This house was also second on our list last year.
9 25th Ave. has history, views, and one of the few private pools in the city, all for sale for $32 million.
Brian Kitts, Brian Kitts
3. 9 25th Ave.
Our third most expensive unsold home not only overlooks the ocean but also offers direct beach access. This 7,540-square-foot mansion was the home and studio of famed interior designer Michael Taylor, whose signature “California look” is best showcased in this home. Despite its beauty, Sea Cliff location and even a private pool, the $32 million home has yet to be sold.
