In a significant downturn for San Francisco’s real estate market, a lavish 10,000-square-foot duplex on Larkin Street witnessed a staggering 50% decrease in value over a mere three-year period. Originally purchased for $20 million in January 2020, the property recently changed hands for just $10 million in November.
Luxurious Russian Hill Residence Takes a Hit:
- The six-floor duplex, located at 2626 Larkin Street, boasted four bedrooms, eight bathrooms, a five-car garage, and a guest apartment.
- According to its listing on Zillow, acquired for $20 million in 2020, the property’s value plummeted to half that amount when it was sold on November 9, 2023.
Owner and Property Features:
- The property was previously owned by Leslie Stretch, the former CEO of Medallia, a customer service company, as reported by real estate news outlet The Real Deal.
- Constructed in 2013, the duplex features a roof deck with panoramic views of the Bay Area, a $1 million chandelier, a media room, bedroom suite, grand foyer, laundry room, wine room, elevator, helix staircase, Calcutta marble island, and Italian cabinets.
Market Fluctuations and Listing Details:
- Zillow records reveal that the home was initially listed for $20 million in October 2022 but underwent three price reductions over the following year, eventually settling just below $10 million.
- Despite the sale, the buyer’s identity remains undisclosed, as real estate investor and San Francisco resident Rohin Dhar first highlighted on X (formerly Twitter).
San Francisco Housing Market Overview:
- According to Redfin, San Francisco experienced a notable decline in median housing prices earlier this year, dropping from approximately $1.6 million in April 2022 to $1.2 million in January.
- Although the market has shown signs of recovery, prices remained down 5% year-on-year in November, with homeowners reportedly losing an average of $223 per day.
Conclusion: The recent sale of this opulent San Francisco residence highlights the challenges faced by the city’s real estate market. As housing prices continue to fluctuate, industry observers are closely monitoring the dynamics, with San Francisco serving as a notable example of the broader decline observed across the United States.
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