A view of the house from street level.
Screenshot/Google Maps
A six-floor house in San Francisco has had its price slashed by $10 million in three years.It sold for $20 million in January 2020, then sold again for $10 million in November.Home values in San Francisco have been sinking in the last year after reaching a peak in April 2022.
In January 2020, a six-floor house in San Francisco was sold for $20 million. In November, it changed hands again — but this time, it went for half the price.
The four-bedroom house on 2626 Larkin Street has eight bathrooms, a five-car garage, and a guest apartment, according to its listing on Zillow.
On November 9, it was sold for $10 million, the listing shows. Back in January 2020, the same house was sold for $20 million, 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 course of the next year.
The owner of the 10,000-square-foot 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 house was built in 2013 and is one of the Russian Hill neighborhood’s most expensive homes. It has a roof deck and a $1 million chandelier.
It also comes with a media room, a wine room, an elevator, and a helix staircase, 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.
The city’s housing market has been suffering a recent slump.
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.
