A mansion in the Presidio Heights neighborhood that had its price slashed to $39.5 million is still the most expensive single-family home for sale in the Bay Area city, reports say.
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The most expensive property for sale in San Francisco got a little less pricey this week but retained its title.
The mansion, located at 3450 Washington St. in the Presidio Heights neighborhood that hit the market just over two months ago with a $45 million price tag, took a $5.5 million price cut this week, bringing it down to $39.5 million, meaning it’s still the most expensive single-family home for sale in the Bay Area city, according to a report in SFGATE.
The 9,865 square-foot mansion was built in the 1930s by architect Albert Farr, a notable architect whose works in the Bay Area include Spanish Colonial Piedmont Church, the Parker Houses on Russian Hill and a number of other significant homes in San Francisco’s upper-crust neighborhoods.
For 3450 Washington St., Farr took inspiration from French Normandy-style houses. While his vision remains for the home’s exterior, the interior has been completely redesigned and renovated over the past century. The estate “has been completely reimagined by Handel Architects and was recently renovated ‘down to the studs,’ ” according to its listing.
“The grand proportions reflect Old San Francisco extravagance and elegance at its best,” the listing description reads.
The renovated manor offers six bedrooms, seven full bathrooms, three half bathrooms, two chef’s kitchens, a cigar room, a wine cellar for up to 3,000 bottles, heated floors and an impressive view of the Golden Gate Bridge.
Listing agent Antoine P. Crumeyrolle of Compass told Sf Gate, the price cut “is a sign to let buyers know that the sellers are serious about selling the house sooner than later.”
While the housing market has been dramatically slowed by high mortgage rates in recent months, luxury buyers often buy with cash and are less affected by borrowing costs. Some luxury buyers do, however, take out mortgages and incorporate them into their investment strategies. Luxury sales dropped 28.1 percent annually in August, according to the online brokerage Redfin, the biggest dip since Redfin started tracking that data in 2012.