When we last checked in on these fine Lewis Butler-designed specimens back in Q4 2022, one of the three residences had already been on the market for six months and another had debuted only recently. The final home in the collection was subsequently listed for sale in January 2023. And then, for a time, all three were simultaneously competing for the favor of affluent buyers.

Spoiler alert: No such buyers stepped up with any acceptable offer.

117 Telegraph Hill Boulevard is marketed and listed exclusively by cooperating broker Sotheby’s International Realty. All listing photos courtesy of SFAR MLS.

It may seem peculiar — even detrimental to a seller’s goal of getting top dollar — for an agent to saturate the market with like-kind inventory. But, to be fair, 115 Telegraph Hill Blvd, 117 Telegraph Hill Blvd and 119 Telegraph Hill Blvd are in fact each one-of-a-kind despite similarities in size, finishes, views and amenities. The sale price of one would set a precedent for the others in any event; had the first home advertised actually fetched its original $15,995,000 list price, all three would likely have become the most expensive properties ever sold on Telegraph Hill.

Those record-breaking ambitions slipped away when 117 Telegraph Hill Blvd was introduced at $12,650,000. The move set in motion a cycle of price reductions that ended with each home listed at $9,995,000. While approximately 40 percent below previous expectations, still $2,000+ per square foot is nothing to scoff at. It also, still, was evidently too much to ask. One by one, the listings were canceled or put on hold between April and May 2023. Strikeout.

119 TELEGRAPH HILL BLVD

› April 2022: Listed at $15,995,000

› July 2022: Canceled

› October 2022: Relisted at $12,995,000

› March 2023: Reduced to $11,995,000

› May 2023: Reduced to $9,995,000

› May 2023: Hold

117 TELEGRAPH HILL BLVD

› September 2022: Listed at $12,650,000

› January 2023: Reduced to $10,650,000

› March 2023: Reduced to $9,995,000

› April 2023: Canceled

115 TELEGRAPH HILL BLVD

› January 2023: Listed at $9,995,000

› May 2023: Hold

It’s a storyline all too familiar among luxury condominium, tenancy-in-common and cooperative residences for sale in San Francisco. Since the first townhome debuted in April 2022, 20 such property listings have sold for $5+ million — but more than twice as many in that bracket were canceled, expired or are on hold. There are currently 26 listings active, averaging 156 days on market. (For comparison, 3,322 properties have sold for under $5 million and 2,048 were canceled, expired or are on hold. 721 are currently active, averaging 71 days on market.) *Data reported to SFAR MLS as of 8 June 2023.

All that said, these three homes remain available for purchase. Savvy buyers stand to lock in a sweet deal if they’ll roll with dice with a reasonable offer and align themselves with an agent experienced in making off-market transactions come together. Let’s talk!