Close Menu
  • Home
  • Crypto News
  • Tech News
  • Gadgets
  • NFT’s
  • Luxury Goods
  • Gold News
  • Cat Videos
What's Hot

iOS 18.5: Everything You Need to Know

May 12, 2025

Couple cat | Elegant Couple Cats😻🐾meow meow billi tiktok #funny #shorts #meow #ytshorts #yt

May 12, 2025

Goatseus Maximus Price Prediction 2025, 2026

May 12, 2025
Facebook X (Twitter) Instagram
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • DMCA
Facebook X (Twitter) Instagram
KittyBNK
  • Home
  • Crypto News
  • Tech News
  • Gadgets
  • NFT’s
  • Luxury Goods
  • Gold News
  • Cat Videos
KittyBNK
Home » Most expensive homes sold this year
Luxury Goods

Most expensive homes sold this year

December 2, 2023No Comments4 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Most expensive homes sold this year
Share
Facebook Twitter LinkedIn Pinterest Email

Real estate agents said elevated interest rates are making even wealthy buyers hesitant to make big purchases, keeping this year’s number of headline-making home buy luxury purchases below the boom times of recent years.

Amaya Edwards/The Chronicle

Six bedrooms. Ten bathrooms. Nearly 10,000 square feet. And it only cost $34.5 million.

The price of that Presidio Heights mansion, sold in March, was the highest for any publicly listed home in San Francisco this year. For most residents, it’s a prohibitively expensive property, many times higher than the city’s typical home value of $1.25 million.

Advertisement

Article continues below this ad

But the sale, at 3450 Washington St., reflected a more than $10 million price drop from the original $45 million list price tag, which last year was one of the highest list prices in San Francisco. It spent more than 120 days on the market before finding a buyer, according to data provided by Compass Real Estate.

The second-most expensive home sold in San Francisco through November this year was another six-bedroom house in Pacific Heights, costing $23.5 million. Compass’ data doesn’t include homes that were listed privately.

Multimillion-dollar home sales in San Francisco have been more common in recent months than in early 2023, according to data from the real estate broker Compass. But local real estate agents said elevated interest rates are making even wealthy buyers hesitant to make big purchases, keeping this year’s number of headline-making home buy luxury purchases below the boom times of recent years.

The number of San Francisco homes selling for at least $5 million surged at the same time other listings did, in 2021 and the first half of 2022. Fueled by low mortgage rates, limited inventory and a flurry of migration, the housing market in the Bay Area and the rest of the country rapidly grew more expensive. Between September and November 2021, San Francisco saw 58 homes sold for at least $5 million, and eight sold for at least $10 million.

Advertisement

Article continues below this ad

“Money was cheap, and people knew it,” said Karen Mendelsohn Gould, a Compass real estate agent. “It was easy to get money, it was easy to do a transaction — everybody was in a good mood.”

But in late 2022 and early 2023, the market slowed substantially, due in large part to rising interest rates. Even after a recent uptick, just 29 San Francisco homes sold for at least $5 million between September and November 2023, with six selling for at least $10 million. Both tallies were slightly higher than pre-pandemic levels.

Nationally, high-end home listings have crawled upward even as non-luxury home inventory has fallen, according to Redfin. The real estate brokerage site found that the number of such homes sold in San Francisco and San Mateo County increased by nearly 10% between the third quarters of 2022 and 2023. Redfin defines luxury homes as those valued within the top 5% of their metropolitan division.

Those trends might not hold for every price point, said Val Steele, a Compass real estate agent. Buyers looking for a home between $5 million and $8 million, she explained, are often much more vulnerable to interest rate hikes than a buyer paying cash for a $20 million house.

Advertisement

Article continues below this ad

More than 40% of luxury homes that sold nationally in the third quarter of 2023 were purchased in full, Redfin said, compared to just 28% of non-luxury homes.

A for sale sign seen outside of a home in the South Berkeley neighborhood of Berkeley, California on July 14, 2021.
The San Francisco skyline is seen from the top of Dolores Park in the Mission neighborhood of San Francisco, Calif. Monday, October 18, 2021.

Real estate agents have previously told the Chronicle buyers are also sensitive to the state of the stock market, which has started climbing in recent months. That’s left “fantastic homes” sitting on the market unsold. 

“In past years, if it was a good house, it was gone,” Gould said. Now “the math just isn’t aligning for the buyers.”

Reach Christian Leonard: Christian.Leonard@sfchronicle.com

Advertisement

Article continues below this ad

Credit: Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Mercedes has made some legendary supercars over the years

July 30, 2024

American sandwich billionaire spent hours setting up a private party on a protected and pristine Sardinia beach only to be sent abruptly packing back to his $60 million superyacht after being busted by the coast guard.

July 30, 2024

Mercedes-AMG Plans To Stick To ICE Power For As Long As It Possibly Can

July 30, 2024

The American billionaire who owns Instagram’s most popular superyacht is selling it for $47.5 million. Its new owner will enjoy a mansion-like duplex suite, an arsenal of toys, sumptuous gourmet meals served by an immaculate crew, and a massive social media following.

July 30, 2024
Add A Comment
Leave A Reply Cancel Reply

What's New Here!

What is Uber Premium and how does it work? – Car Advice

May 30, 2024

I Built a SECRET Room To Win Squid Game!

March 17, 2025

Coinbase Strengthens Advisory Board with Political and Financial Experts

January 29, 2025

Samsung Galaxy Z Fold 7: Features, Specs, and More

February 20, 2025

Fresh leak shows the Google Pixel Watch 3 comes in two sizes instead of one

July 30, 2024
Facebook X (Twitter) Instagram Telegram
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • DMCA
© 2025 kittybnk.com - All Rights Reserved!

Type above and press Enter to search. Press Esc to cancel.