A mansion on Billionaire’s Row in Pacific Heights changed hands in recent months and, for the second time in three years, it has set a record-high price for a home sale in San Francisco.
The property at 2920 Broadway — a seven-bedroom, seven-bath house once owned by heirs to the Hills Bros. Coffee fortune — sold in the second quarter of this year for $43.5 million, according to both Compass Real Estate and city records. As the SF Business Times reports, the 1931-built house last set a record when it changed hands in 2018 for $39 million, but it has been trying to command a $40M+ price since the Hills heirs first put it on the market in 2003 for $45 million. (It ended up selling in 2005 for $29.9 million.)
Best S.F. Realtors
The new buyer is concealed behind an LLC, known only as NARF NAS LLC, which was only incorporated in February.
From some undated MLS photos on Zillow, the house appears to have been immaculately updated throughout.
The new record price is another sign of the times when it comes to the luxury home market in San Francisco, where in other years there might have been steep price cuts before it sold. Realtors tell the Business Times that the market for properties priced over $3 million has been exploding over the last year, with demand strong almost since the pandemic began — defying the popular narrative that everyone with means was fleeing cities. Overall, luxury home sales in SF were up 46% last year over 2019.
A June report from Compass said that these luxury properties hit their highest sales volume ever this spring, 70% above the previous peak in spring 2019.
Another example from recent months was 2590 Green Street, which sold for $19.5 million in late April.
But not all properties have been this lucky in commanding such a high price. SFist reported on one spec house in Russian Hill that had an original asking price of $45M, but it ended up selling for much less than that, $27M, in December.
Find a top real estate agent in San Francisco to help you navigate Bay Area markets.