A sprawling, two-level penthouse with sweeping views of the Golden Gate Bridge, Alcatraz and Russian Hill has slashed its list price by a whopping $5 million in an apparent effort to finally close its sale after more than a year on the market.
The news of the listing's price cut comes as Redfin recently released data that shows San Francisco homeowners are selling their properties at a loss at the highest rate of any major metro in the country.
Data from the residential real estate firm shows that 13.57% of San Francisco metro home sellers sold their properties at a loss—nearly double the 6.92% figure in Detroit, the city in second place.
Among those who lost money selling their homes in San Francisco, the average loss was $122,500.
The Pacific Heights penthouse was first listed at $25 million in May last year by Sotheby’s International Realty–San Francisco Brokerage. It was re-listed on Oct. 17 at $19.9 million and drew attention in Robb Report this week.
The two-level, four-bedroom, six-bathroom property built in 1922 ranked third among the city's most expensive properties when The Standard wrote about it in July 2022.
Both listings note an award-winning design by architect Andrew Skurman, describing it as "a sweeping suite of grand yet elegant entertaining rooms from entrance gallery to living room, family room, expansive kitchen & formal dining room" with "white fluted pilasters, rosettes, high ceilings, and arches in enfilade make a definitively classical statement, yet convey a modern feeling of openness."
The main and three guest bedrooms each come with marble baths. The listing describes a staircase leading to an upper home-office space with "soaring ceilings, a wet bar, powder bath, fitness room and large, landscaped North Bay view terrace."
The property also features "two-car parking, an attended lobby, and professional residential management."
In other notable recent San Francisco real estate price cuts, a two-bedroom, two-bath condo at 900 Bush St., just blocks north of the city’s notorious Tenderloin neighborhood, could have been yours for $399,000. That’s 47% less than when it was first listed just four months ago at $758,000—the sale is now listed as pending. That listing went viral on X.
In October, the value of a high-rise luxury Downtown San Francisco apartment building also dropped by half.