A few San Fran Homes get $10M price cut in a Simmering Bay Area Housing Market

A few of San Francisco’s most pricey real estate has had its original prices reduced significantly in the last month.

As reported recently in the SFGate, there are three listings, which are all in Pacific Heights, that have had price cuts of at least $10 million. This means there is no hope of record-breaking sales but rather pricing to sell in a cooling market.

The penthouse at 2006 Washington St. was the first residence to reduce its price and is still considered the city’s most expensive listing at $35 million, down from $45 million. This 10th-floor unit made its debut on the market in October 2021 and would have broken the city’s sale price and price per square foot records if it had sold. While the views are spectacular, there are only three bedrooms and three bathrooms, which may make it less desirable for San Francisco’s luxury buyers.

The 1924 co-op is a sought-after address, but a lower-floor listing at Apt 2. at the same building had an $11 million price cut listed the day after the penthouse was reduced. Going 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 large living spaces and is on the market for the first time since 1999.

And this week, 2950 Pacific Ave. returned on the market after disappearing in June at a list price of $29.5 million. It came back at $20 million, but that’s for a home that is not built yet. What is actually 2895 Broadway comes with “fully approved architectural plans and building permits” and is “shovel-ready,” using the existing home and expanding its footprint. There are renderings that showcase a contemporary design from the architecture firm that did SFMOMA. According to the listing, the finished product would include eight bedrooms and 13 bathrooms throughout the estimated 20,000 square feet.

The penthouse at 2006 Washington St. and 2950 Pacific Ave. are represented by Neal Ward of Compass. Gregg Lynn represents 2006 Washington, Apt. 2.

According to recent data from Compass, price reductions in San Francisco were up 117% year over year in August, but down 12% from July. While this is uncommon for the overall cooling of the real estate market across the country, the Bay Area’s luxury market of $3 million-plus listings does not typically coincide with these trends. Luxury home sales were down 31% in August when compared with 2021, but they’re still above pre-pandemic levels.

Luxury homes are still on the radar of luxury homebuyers, however. The historical mansion at 2790 Broadway, for instance, was reportedly bought by Manchester United owners for $34.5 million in August and is the most expensive sale of the year.

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