A 10,000-square-foot duplex apartment in San Francisco was just sold for only half of its $20 million value from three years ago, as the city’s housing market suffers a recent slump.
The four-bedroom house on 2626 Larkin Street, fitted with eight bathrooms, a five-car garage, and a guest apartment, was sold for $10 million on November 9, according to its listing on Zillow.
That’s compared to when the luxurious Russian Hill residence was bought for $20 million in January 2020, as real estate investor and San Francisco resident Rohin Dhar first highlighted on X.
Zillow records show the home was listed for $20 million in October 2022, but had its price knocked down thrice to just under $10 million over the next year.
The owner of the home during this period was Leslie Stretch, then-CEO of customer service company Medallia, per real estate news outlet The Real Deal.
According to the outlet, the six-floor duplex was built in 2013 and is one of the neighborhood’s most expensive homes, with a roof deck that offers a view of the Bay Area and a $1 million chandelier.
It also comes with a media room, a bedroom suite, a grand foyer, a laundry room, a wine room, an elevator, a helix staircase, a Calcutta marble island, and Italian cabinets, per Zillow.
Zillow did not list the person who bought the property for $10 million in November. Tax records from this year show the property was assessed at a total value of $21 million.
San Francisco median housing prices fell at some of the fastest rates in the US earlier this year, down from a peak of around $1.6 million in April 2022 to $1.2 million in January, per Redfin.
The market has since picked up again, but prices in the city were still down 5% year-on-year in November, with homeowners losing an average of $223 per day, Business Insider’s James Faris reported.
Home prices have been slashed across the US over the last year, but San Francisco is often a poster child for the decline because property there is notoriously expensive.
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