Everyone knows San Francisco real estate is jaw-droppingly expensive. However, some property prices are falling.
And four particularly interesting properties ranging in value and location are now listed at prices way lower than they last sold for or were previously listed for.
Recent reporting by The Standard on the city’s coming real-estate reset points to home sales falling from a recent 2021 market peak, with reasons to look forward to an upturn after a lackluster 2022.
That said, an increasing number of property owners are filing for reductions in their assessed value in hopes of a property tax discount.
All told, 2,873 property assessment appeals in San Francisco were filed to the assessment appeals board in the year ending in July, reflecting more than $60 billion in total property values.
The number of applications during the prior fiscal year was at its highest level in nearly a decade.
Gabrielle Bunker, a broker with Compass, spoke to The Standard this week and pointed out a few homes on the market asking much less than their initial price.
Last sold for: $2,095,000
Now listed at: $1,695,000
Year built: 2016
This Hayes Valley penthouse is described as an architecturally stunning two-bedroom, two-bathroom with a private roof deck and a premium garage parking spot with a dedicated electric vehicle charging station. It also features floor-to-ceiling windows, oak wood flooring, an open floor plan, a virtual doorman, package and bicycle rooms, and access to a shared rooftop lounge with a barbecue grill. It’s also near some of the city's best restaurants, like fast-casual favorite Souvla, and boutiques.
First listed at: $879,000
Now listed at: $799,000
Year built: 2016
Perched within the ritzy Pacific Heights enclave’s southwest corner is a one-bedroom, one-bath condominium. The apartment has gated entry with a security system, a living room and chef’s kitchen with a bar island and stool seating, access to a gym, courtyard, fire pit, media room, lounge and a rooftop terrace. It's close to restaurants along the Polk and Fillmore street corridors.
Bunker told The Standard that the sellers first cut the price after just over three weeks on the market, reducing it to $848,000. They brought it down further after nearly another six weeks.
“It looks like it was bought in 2016 for $815,882,” Bunker told The Standard. “In order to clear [break-even calculations], they need to sell it for $872,993.”
Was listed at: $10,999,000
Now listed at: $5,850,000
Year built: 2020
Tucked into a quiet corner of Rincon Hill, also known as the city’s original fashionable neighborhood, is a five-story condominium with five bedrooms, six bathrooms, a primary bedroom sound system and walk-in closet, a primary bathroom with marble countertops and a soaking tub, balcony and fire pit.
“This one’s been on the market for a long time,” Bunker told The Standard. “They started off at $10,999,000. They’ve taken several reductions over time. Price reductions aren't just hitting luxury properties; they're also hitting starter homes. They tried to sell it in 2022 for $15 million.”
Last sold for: $1,200,000
Was listed for: $2,200,000
Now listed for: $1,798,000
Year built: 2008
Not far from the Guy Place address, would-be buyers can find another high-end condominium. Consider, if you will, its two bedrooms, two bathrooms, floor-to-ceiling windows with shades and hardwood floors, a Murphy bed and custom closets. Throw in access to valet parking, a fitness center, an outdoor pool and barbecue area, and you just might bet it could hold its own among other South of Market residential deals.
“They were originally listed at $2,045,000, and they’re down to $1,798,000,” Bunker told The Standard, noting it was listed at $1,427,000 and sold for $1.2 million in 2010.
“These guys tried to sell back in 2018 for $2.2 million. They created their own price reduction when they purchased it. Their break-even would be $1,284,000. So if they get their $1.8 million, they’re coming out ahead.”
George Kelly can be reached at firstname.lastname@example.org