2023 has not been an easy year for San Francisco’s elite real estate market. The most expensive homes sold this year did not survive bidding wars, with no homes receiving overbid.
While the banking crisis and the spring stock market selloff likely both had some impact, local real estate experts say the media “doom loop” image that plagued San Francisco this year has also had an impact on prime real estate. I suspect that he is giving it away. “The luxury goods industry has definitely felt a chill from the barrage of Doomloop reporting,” Compass agent Maximilian Armor told SFGATE. “Fortunately, the negative press about the city, which I can say was completely exaggerated as a San Francisco native, is improving towards the end of the year.”
Sales dipped in the first quarter, but interest picked up again in the spring and increased significantly in mid-fall. Below are the top five annual sales as reported to the San Francisco MLS. Both sold for 62.5% to 79% of asking price. (Note: There may have been other non-MLS sales that exceeded the numbers shown here. This article focuses on his MLS recorded data.)
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5. 2121 Webster St., PH 1-7: $17.5 million
This Pacific Heights property sale was notable in that the buyer effectively purchased two units, #1 and #7. The combined penthouse is huge, with five bedrooms, five-and-a-half bathrooms, and his 5,310 square feet, with walls of glass offering sweeping views of the city. Located on the top floor of Japantown’s luxury condominium, The Pacific, this unit features shared amenities including a guest suite, landscaped garden, library with fireplace, and rooftop terrace. Despite its appeal, the oversized penthouse struggled to find a buyer, and was put on the market for $24.5 million in January 2022, before finally selling in September 2023 for $17.5 million.
4. 3410 Jackson Street: $18.5 million
Just one block away from the Presidio, 3410 Jackson Street debuted in February 2023 with an asking price of $23.5 million. The 7,140-square-foot home has five bedrooms, five-and-a-half bathrooms, a gym, a guest suite, and faces south. Rooftop deck. Built in 1923, his four floors of the mansion are connected by an elevator and offer views of the bridge and bay. However, by April 2023, no buyer had been found and the listing price was reduced to $20 million. It was sold for $18.5 million in May.
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3. 9 25th Street: $20 million
This Sea Cliff mansion was the home and workplace of award-winning interior designer Michael Taylor, and a showcase for Taylor’s own “California look.” The 7,540-square-foot space includes five bedrooms, six-and-a-half bathrooms, a library, tasting room, and gym. Neutral tones, shiny wood floors, and walls of glass frame dramatic, unobstructed ocean views. A private pool, one of the few in the city, is also on site. Despite its clearly luxurious and celebrity-designed interior, the property, which was listed in September 2022 for $32 million, had to wait until April 2023 to change hands and was eventually sold for $2,000. It was sold for $1,000,000.
2. 2750 Vallejo St.: $23.5 million
Although sold on the market, the sale of 2750 Vallejo was reported to San Francisco MLS in August 2023. Built in 1905, this home is located just minutes from the Presidio and measures 7,790 square feet. Inside there are 6 bedrooms and 7 bathrooms. It was listed in May 2023 for $29.8 million, but was withdrawn from the market in June. In August, it was reported that it was sold for $23.5 million.
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1. 3450 Washington St.: $34.5 million
This historic 9,865 square foot mansion made headlines when it debuted in October 2022 for a potentially record-breaking price of $45 million. Built by Albert Farr, this residence has six bedrooms, seven full bathrooms, and three half bathrooms, and is inspired by the famed architect’s original 1930s France. It’s showing. The nearly 100-year-old Presidio Heights mansion features luxurious additions, including two luxurious kitchens, a cigar room and his 3,000-bottle temperature-controlled wine cellar. Despite its exclusive and iconic location, 3450 Washington remained on the market, and a few months later he was back in the news with a $5.5 million price cut. Even at $39.5 million, it was still poised to be one of the most expensive home sales of the year. However, 2022 has passed without finding a buyer. Finally, this home was sold for his $34.5 million in March 2023. This is the highest price for a San Francisco home sale this year, but it was a significant discount from his original asking price of $45 million.