As the calendar flipped to the new year, San Francisco's real estate scene was left staring at some particularly lavish castles in the air – a quintet of high-end homes stubbornly lingering without buyers, despite their luxury and lineage. According to an SFGate report, the city's most costly unsold properties faced a tough sale in 2023, with the first three quarters proving particularly challenging for luxury sales, agents blaming both the rocky economic start to the year and San Francisco’s negative media spiral for scaring off potential multi-millionaire buyers.
Economic factors, it seems, trump aesthetics in this segment of the market, Compass's chief data analyst Patrick Carlisle mentioned in an email to SFGATE, saying "General economic conditions and confidence, such as stock market performance, are much more important to this segment," – a sentiment echoed by Sotheby’s International Realty’s Herman Chan who pondered the commitment required from buyers pondering where to "park $20 million." Proving that even homes with histories and amenities fit for royalty can't escape the market realities, these listings range from a $20 million historic Sea Cliff home, once the abode of Robin Williams, now frustratingly amended with a $5 million discount as noted on its dedicated website, to a stately $36 million Julia Morgan-designed mansion with a dog washing station and speakeasy, as chronicled by its online showcase.
Not far behind is 21 Everson St., a modern Glen Park mansion described as a "fortress" with its vast glass walls offering spectacular city views, maintaining its grand $22 million price tag despite the spotlight on its website listing. Then there's 2799 Broadway, a Gold Coast marvel with interiors by SF's Ken Fulk, which after initially attempting a $39 million sale in 2019, is standing firm at $32 million according to the property's Sotheby's listing. In the same prestigious neighborhood, 2898 Broadway, a historic residence and film location veteran remains hopeful at its record-seeking price point, highlighted on the agent's website.
Experts remain optimistic about these high-flyers as they transition into 2024, a year that could see them return to their once-coveted status amidst an upcoming stock market rally and a less dire media environment.
