3 SF homes get price cut in signs of cooling Bay Area market

The penthouse at 2006 Washington St. was the first to cut its price and is still the city’s most expensive listing at $35 million, down from an original list price of $45 million. The 10th-floor unit came on the market in October 2021 and would have broken both the city’s sale price and price per square foot records if it had sold. The views are spectacular, but with just three bedrooms and three bathrooms, the price might not have been palatable to San Francisco’s luxury buyers.

The 1924 co-op is a coveted city address, but it must not be enticing enough, as a lower-floor listing at 2006 Washington St., Apt. 2, had an $11 million price cut published the day after the penthouse was reduced. Dropping from $30 million to $19 million, the 7,808-square-foot condo spans two floors and includes six terraces. It has its own private entrance, oversized windows and massive living spaces and is on the market for the first time since 1999.

 3 SF homes get price cut in signs of cooling Bay Area market

Lingering now for more than 80 days, this penthouse co-op features an opulent renovation. 


Just this week, 2950 Pacific Ave. came back on the market after disappearing in June at an original list price of $29.5 million. It reemerged for $20 million — but that’s for a home that doesn’t even exist yet. What is actually 2895 Broadway comes with “fully approved architectural plans and building permits” and is “shovel-ready,” utilizing the existing home and expanding its footprint. Renderings showcase a contemporary design from the architecture firm that created SFMOMA. The finished product would include eight bedrooms and 13 bathrooms throughout the estimated 20,000 square feet, according to the listing.

The penthouse at 2006 Washington St. and 2950 Pacific Ave. are both represented by Neal Ward of Compass. Gregg Lynn represents 2006 Washington, Apt. 2. Neither returned request for comment.

Price reductions in San Francisco were up 117% year over year in August according to recent data from Compass, but down 12% from July. While this is in line with the overall cooling of the real estate market nationwide, the Bay Area’s luxury market — defined as $3 million-plus listings — doesn’t always fall in line with these trends. Luxury home sales were down 31% in August when compared with 2021, but they’re still far above pre-pandemic levels.

That doesn’t mean there’s no appetite for luxury homes, though. The historical mansion at 2790 Broadway was reportedly bought by Manchester United owners for $34.5 million in August and is the most expensive sale of the year. So far.

Two of these homes were on our list of the most expensive unsold homes in 2021. Will they be on the list again this year?

Article source: https://www.sfgate.com/realestate/article/SF-homes-get-price-cuts-17454870.php

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