The 3 most expensive homes on the San Francisco market now – SFGATE

Starting in 2020 and rising to a crescendo in 2021, the pandemic changed homebuyer priorities. The desire for sanctuary put a premium on large homes on large lots, properties that could offer work-from-home offices, gyms and outdoor amenities.

Last year, the median sale price of U.S. luxury homes jumped 26.5% to a record-breaking price of $990,000 in the second quarter of 2021. 

According to these numbers, luxury home sales are down over 50% year over year. 

“2022 saw the end of a very long, very dramatic upcycle in Bay Area luxury real estate, which peaked in spring 2022, and then moved into the significant market correction still in process,” Patrick Carlisle, Compass’ chief market analyst, told SFGATE. 

By mid-2022, economic conditions such as rising inflation and interest rates coupled with falling stock values “started to let the air out of overpressurized markets,” Carlisle said. But, he hastened to add that this past year was not “a crash on the highway at high-speed; nothing like the 2008 meltdown, but a significant slowing nonetheless, a decline in confidence and an increase in uncertainty.”

As to what’s coming in 2023, Carlisle reasoned that San Francisco’s luxury market will remain in a holding pattern: “Affluent homebuyers — daily readers of stock markets and financial news — tend to hold back during such times to see how things are going to settle out.”

Here are the three most expensive listings of 2022, all three of which, it appears, will have to wait until the new year for a new owner. 

1. 3450 Washington St.

When this 9,578-square-foot Albert Farr mansion in Presidio Heights came to market, the asking price was $45 million, which made it the most expensive single-family listing in the city. And even after a price cut of $5.5 million, this opulently remodeled 1930s home was still SF’s priciest. After more than 80 days on the market, the $39.5 million home is the priciest unsold as well. 

2. 2006 Washington St.

This three-bedroom, five-bathroom penthouse abode offers stunning panoramic views from its wrap-around terrace. It’s a stock cooperative crowning a trophy tower in Pacific Heights. When this home came to market, it too had grander ideas about its price, originally asking $45 million in October of 2021. Now, more than a year later, that price has been trimmed to $35 million. This home was also second on our list last year. 

3. 9 25th Ave.

Our third most expensive unsold home not only overlooks the sea, but also offers direct access to the beach. This 7,540-square-foot mansion was the home and studio of famous interior designer Michael Taylor, whose signature “California Look” is at its best in this home. Despite its beauty, Sea Cliff location, and even a private pool, the $32 million abode has yet to sell.