When it comes to luxury real estate, San Francisco and New York are bitter rivals. These two cities offer lifestyle at a cost. It is estimated that home prices in these areas have increased by as much as 50% since 2011.
In San Francisco, breathtaking Victorian architecture merges beautifully with modern construction. Homes with posh interiors, top-notch amenities, and glorious views dot areas like the San Francisco Bay, Noe Valley, and Bayview-Hunters Point. Real estate is all about location and San Francisco has it.
San Francisco’s Top 10 Residential Sales of 2014
|1||2520 Pacific Ave||Pacific Heights||$ 23,500,000||Mar 2014|
|2||3450 Washington St||Presidio Heights||$ 18,000,000||Feb 2014|
|3||2590 Pacific Ave||Pacific Heights||$ 16,700,000||Aug 2014|
|4||2040 Jackson St||Pacific Heights||$ 14,000,000||Nov 2014|
|5||2610 Scott St||Pacific Heights||$ 11,750,000||Oct 2014|
|6||2821-2823 Broderick St||Cow Hollow||$ 11,100,000||Feb 2014|
|7||3636 Jackson||Presidio Heights||$ 11,000,000||May 2014|
|8||2330 Lyon St||Pacific Heights||$ 10,117,500||Apr 2014|
|9||2550 Green St||Cow Hollow||$ 10,000,000||Feb 2014|
|10||737 Buena Vista Ave N||Buena Vista – Ashbury Heights||$10,000,000||Oct 2014|
In 2014, property values went up in San Francisco’s ultra-luxury market. The priciest home, 2520 Pacific Ave, sold for $23.5 million. According to SFGate, it is one of the few homes in San Francisco to have sold for more than $20 million in recent years. The luxurious property occupies 13,000 square feet and has a secret bar built during the prohibition era as well as a 1,200-square-foot ballroom. It was listed by John Murphy, one of the founders of the University of Phoenix.
Coincidentally, the second most expensive home in the city last year was also owned by someone connected to the University of Phoenix, John V. Sperling. Mr. Sperling is the son of one of the University’s founders. He sold his home, 3450 Washington Street, for $18 million, PropertyShark data shows.
The property is located in Presidio Heights, a neighborhood synonymous with luxury homes. In fact, San Francisco’s most expensive home sales in 2014 occurred in either Pacific Heights or Presidio heights. Only one home was an exception, 737 Buena Vista Ave. It fetched $10 million in October. This outcome defied reports that northern neighborhoods aren’t as hot as southern neighborhoods like Noe Valley.
Occupying the third spot was 2590 Pacific Ave, a stunning property with 7 bathrooms. It sold for $16.7 million in August 2014 without listing publicly. The 5,292-square-foot property was built in 1950 and is located right next to 2520 Pacific Ave.
2610 Scott St was the only house to sell for much more than its asking price. It was listed for $9.7 million and sold six days later for $11.1 million. The masterpiece was designed by Joseph Esherick in 1962 and belonged to Jeanette Larsen till the time of her death.
2821 Broderick St was the only major renovation on the list. Back in 2012, it was sold for $3.5 million. After a major facelift, it was put on the market and fetched $11.1 million. The magnificent 3-storey property has 7 bedrooms and 5 bathrooms. It was built in 1905 and oozes a timeless quality. It offers splendid views of the Golden Gate Bridge and the Palace of Fine Arts.
737 Buena Vista Heights and 2550 Green St both sold for $10 million and rounded off the top 10 most expensive homes sold in San Francisco last year. The Buena Vista Heights Property was built by Richard Spreckels in 1897 and was formerly the home of famous actor Danny Glover. It features herringbone wood floors, a breathtaking wall mural, and round stained-glass windows.
The Green St property is by no means mediocre. It boasts magnificent views of the sweeping Bay, the Golden Gate Bridge, the Russian Hill, and downtown San Francisco. It has four bedrooms, five bathrooms, and landscaped front and rear gardens.
San Francisco’s most expensive home sales in 2014 show that property values are escalating. Experts say that this trend will most likely continue. The affluent know this and are putting their money into the safe haven that is real estate. Property has moved to the top investment platform that was once occupied by bonds and stocks. As demand for real estate increases, the property values will also increase.
Want more research like this? Check out Silicon Valley’s Top 10 Most Expensive Homes Sold in 2014 on PropertyShark.com.