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January 25, 2016

Few Price Reductions from Luxury Market Sellers


Luxury home sellers in San Francisco don’t seem to be in any hurry to move their properties. Most sellers are sticking with their list prices, despite an average of 75 and 71 days on market, respectively, for single-family homes and condos listed for $2,000,000 or more.

Take 1032 Broadway (see photo), the 4BR/4.5BA historic home built circa 1853. The property was first listed in September 2014 at $12,000,000. 341 days later, the property is still on the market—for $12,000,000.

Of the 38 houses and 36 condos currently listed above $2M, only six houses and ten condos have had substantial price reductions. The rest are holding tight.

Single-family homes in this price range are popping up most frequently in Noe Valley, Pacific Heights, Cow Hollow, Russian Hill.

The Millennium Tower (301 Mission) wins the prize for most units available in one property. There are currently a dozen condos on the market, ranging in price from $2.2M for a 1BR to $7.5M for a 2,819-square foot 2BR unit with unobstructed Bay Bridge views.

We’ll see how these and other luxury property sellers fare as the 2016 San Francisco market picks up speed.

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