On The Market For Over A Year, These Mansions Sold At Half Price

San Francisco has seen its fair share of homes sold significantly below list price since the COVID-19 pandemic hit the brakes on its fever pitch real estate market. Starting with homes at the low- and mid-level price points — particularly those in the city’s more urban neighborhoods — the cool-down appears to have finally reached the top. Now, buyers across the board are landing some seriously major deals.

According to 2022 YTD sales data reported to SFAR MLS*, residential luxury properties trading for eight-figure sums spent an average of 90 days on market — exactly double the measure five years ago. These 15 homes that have sold were purchased for an average 4.5 percent below last published list price, and three of them received price reductions prior to sale. *It should be noted that these statistics do not include listings that were canceled or withdrawn for properties later relisted and sold, and not all homes sold off-market are included.

A deeper investigation reveals that at least four homes which eventually sold in this bracket had courted prospective buyers for more than a year (all but one of them were listed multiple times). In all, their original prices at first listing totaled $104,000,000; they sold for a combined $58,900,000 — an average discount of 43.4 percent, approximately. Among them, 3800 Washington Street, 2950 Pacific Avenue and 2828 Vallejo Street each traded for more than $10 million less than the amount originally asked.

Source: SFAR MLS

Host to the 2019 San Francisco Decorator Showcase, 3800 Washington Street (aka “Le Petit Trianon”) was listed five times at gradually reduced prices before finally selling off-market in March of this year. The storied Presidio Heights mansion initially sought $30,000,000 and was last listed at $17,300,000 before being withdrawn — marketed publicly on the MLS for 373 days in all. After nearly 3 years of searching for a buyer, it sold in March 2022 for $12,650,000.

Source: SFAR MLS

2950 Pacific Avenue perched above Billionaires Row in tony Pacific Heights was introduced on the MLS in March 2021 and offered at $29,500,000. After 468 days on market, the listing was canceled but resurfaced a short three months later at a reduced $20,000,000. The 100+ year old home with approved architectural plans for renovation then sold in October 2022 for $17,000,000 — that’s $12,500,000 and more than 40 percent below its initial list price.

Source: SFAR MLS

Most recently, 2828 Vallejo Street was purchased for $13,500,000 — less than half of its $28,000,000 original list price — after 595 days on market. This Pacific Heights single-family home with over 10,000 square feet of living space had its price cut to $19,500,000 and then $16,750,000 before finding a buyer. Compared to other homes sold in the neighborhood this year, this one was a steal considering its scale, condition, landmark views and oversized lot.

It is not uncommon for San Francisco’s priciest properties to take much longer to sell than the average home. There are a number of active luxury listings and motivated sellers eager to negotiate. Additionally, opportunities exist to purchase off-market homes that were offered for sale in recent years and never sold. The pool of qualified buyers is small, and those who will follow the expert guidance of a local REALTOR® stand to be rewarded handsomely.

You can always live chat with us to get real-time data and a qualitative take on the market. We’re actively identifying unique opportunities and making deals happen. We know what’s good!

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