The house in Presidio Heights that belonged to San Francisco most expensive listing is now the city’s best sale of the year. So did the $34.5 million sale of 3450 Washington Street ties the biggest sale of 2022.
The deal “underscores San Francisco’s continued appeal as a global city,” Compass listing agent Antoine Crumeyrolle said in an emailed statement confirming the closing price. Joseph Lucier and Stacey Caen of Sotheby’s International Realty represented the buyer.
The realtors would not identify the buyer or comment on the negotiations surrounding the six-bedroom, 8.5-bathroom home, which was renovated from the ground up by the sellers, a cloud-computing billionaire couple Mark Armenante and Young Son. According to public records, they bought the property in 2014 for $18 million from University of Phoenix founder John Sperling and his son Peter.
In a previous interview when the home was first listed for $45 million in SeptemberCrumeyrolle didn’t name the Vlocity co-founders as sellers, but said the home is on the market because the owners own a lot of property and aren’t using it.
He slashed the price by $5.5 million in late November, making the 1930s French Normandy-inspired home still the most expensive housing listing in San Francisco. The deal was finalized at the end of January and the sale closed on March 7th.
At 9,500 square feet, the deal comes in at about $3,600 per square foot.
The closing of the city’s priciest sale — at a $10 million discount off the original list price, but the same amount as last year’s priciest sale — is another indication that luxury buyers are coming out of their hibernation and sellers are now price flexible enough to capitalize on the renewed enthusiasm.
San Francisco’s The first $10 million sale of the year closed just a few weeks ago. It was listed at $13.5 million in June and closed at $11.2 million in February. Steven Mavromilhas from Compass just added the Cow Hollow home next door for $8.9 million, saying buyers and sellers are taking those first few sales of the year as an indication the market may be heading towards equilibrium. That means transactions are likely to pick up, he specifically said compared to the trickle of sales At the end of last year.
“As sellers are beginning to lower their expectations of buyers, there is now a market again,” he said.