San Francisco’s Most Expensive Home Is Selling For Much Less Than Asking Price

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A massive home near the Presidio in San Francisco was sold today for $5 million below the asking price, according to a spokesman for Compass Real Estate.

The six-bedroom property at 3450 Washington Street closed on Tuesday for $34.5 million — one of the biggest luxury home sales of the past year — at more than 9,000 square feet.

The buyers agreed to lower the price of the home from its listing price of $39.5 million, which initially made it the most expensive publicly listed home in San Francisco as of March 7, according to Redfin.

“We are very pleased that, along with our sellers, we have closed today at 3450 Washington,” said Compass Realtor Antoine Kramirol. “The $34.5 million generated by this sale represents a record for home sales in 2023 and highlights San Francisco’s continued appeal as a global city.”

Compass did not reveal who bought the French-style house, saying they were bound by a non-disclosure agreement. The home in Presidio Heights is just a few blocks from a newly listed Princess Diaries house.

The property was first listed for sale in September for $45 million before the owners lowered the price to $39.5 million in November 2022. The house was last sold for $18 million on February 14, 2014.

The Bay View Residence with Calacatta Oro Marble Baths also features new amenities such as a state-of-the-art spa with sauna and steam room, a 3,000-bottle temperature-controlled wine cellar, a hidden cigar room, an elevator serving all levels, a mahogany-clad Garage for three cars, two chef’s kitchens, a private fleet of vehicles and a sculptural chandelier commissioned by Lindsey Adelman.

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The residence was commissioned by Elsa Guggenheim in 1929 and the architects were Albert Farr and his partner Joseph Francis Ward Farr. According to Compass, Farr and his firm have designed buildings throughout the Bay Area, especially in the San Francisco neighborhoods of Russian Hill, Pacific Heights, Sea Cliff and St. Francis Wood.

Many of Farr’s projects include a brown wooden tiled façade, in contrast to this residence’s brick façade. Most recently, the house has been completely renovated by Matarozzi Pelsinger Builders and Handel Architects, the renovation was completed in 2016.

The luxury real estate market in the San Francisco Bay Area continues to fluctuate. Sales of ultra-luxury homes (real estate worth more than $4 million) declined in the second half of 2022 after a pandemic boom saw expensive homes go off the market. The city’s overall average home sales price between 2021 and 2022 also fell for the first time in a decade.

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