Record $17.5 Million Penthouse Deal Starts SF’s Fall Home Buying Season

by | Sep 13, 2023

After nearly 500 days on market, a sprawling ultra-luxury residence atop The Pacific has sold. It is the highest-price condo sale citywide this year, and all-time most expensive in Pacific Heights.

Record $17.5 Million Penthouse Deal Starts SF’s Fall Home Buying Season

by | Sep 13, 2023

After nearly 500 days on market, a sprawling ultra-luxury residence atop The Pacific has sold. It is the highest-price condo sale citywide this year, and all-time most expensive in Pacific Heights.
As we previously reported, the trophy penthouse atop The Pacific was originally seeking $24,500,000 when it landed on the market back in January 2022. This sprawling 5,300+ square foot home — one of San Francisco’s largest condominiums — is the product of a years-long no-expense-spared buildout and, needless to say, was bound to be a chart-topper. Two price reductions and nearly 500 days later, 2121 Webster Street #PH1-7 finally found its buyer, closing escrow just last week for a reported $17,500,000.

To be sure, it’s not alone in enduring such an arduous selling journey. But, it does most definitely stand apart as the year’s only eight-figure condominium sale (so far), and now the holder of numerous sales records:

› #1 Most expensive condominium at The Pacific, all-time

› #1 Most expensive condominium in Pacific Heights, all-time

› #1 Most expensive condominium in San Francisco, 2023 YTD

› #2 Most expensive home in Pacific Heights, 2023 YTD

› #3 Most expensive condominium in San Francisco, all-time

› #5 Most expensive home in San Francisco, 2023 YTD

› #21 Most expensive home in Pacific Heights, all-time
 

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And so the fall home buying season begins with a positive indicator, perhaps, for ultra-luxury properties. More generally, with for-sale inventory lagging the demand of house-hunters reentering the market, all signs point toward sustained growth well into 2024.

Assuming no unexpected shocks, this may well go down in history as the beginning of a typical 5-7 year boom cycle for residential real estate. According to sales data reported by SFAR MLS, San Francisco just marked its first year-over-year citywide median home price gain since June 2022, and a 10.8 percent rebound since hitting bottom in January 2023. This follows a rollercoaster year that saw the median reach an all-time high $1,600,000, then clobbered by interest rates and declining 24.3 percent to end 2022 in the red.

As it has so many times before, San Francisco is rising from the rubble. The momentum of a broad recovery is remarkable, highlighted in recent weeks by SF Travel’s just-launched tourism campaign in Times Square, rollout of the Vacant to Vibrant small business pop-up program, and new grassroots initiatives like Adopt-A-Block. Confidence in an emerging urban renaissance — and deals too good to pass up — meanwhile is spurring private investment in next-generation opportunities, including BH Properties’ $65 million purchase at Fisherman’s Wharf and Presidio Bay’s hugely discounted acquisition of Sixty Spear St.

The future is bright. Doom loop be damned.

 

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