San Francisco home sells for half of the original $20M asking price


A luxury row house in one of San Francisco’s most affluent neighborhoods sold for $10 million — half of its original asking price — as the city continues to descend into a drug-addled hellscape.

Leslie Stretch, CEO of customer experience software company Medallia, took the 50% haircut last month after paying $20 million for the four-bedroom, eight-bathroom house at 2626 Larkin St. in trendy Russian Hill in January 2020, The Real Deal reported.

Stretch has been slashing the price on the 10,800-square-foot abode — which features five-car garage, guest apartment and roof deck — almost immediately after making the purchase.

In May 2020, he put the house back on the market for $18 million, per its Zillow listing.

After another two months, the price was reduced again by another 16.6%, to $15 million.

It has languished ever since until an unidentified buyer scooped it up at the discounted price of $9.9 million in early November.

This six-story home at 2626 Larkin St. in San Francisco’s ritzy Russian Hill neighborhood sold for $10 million last month — half of its original asking price when it was first listed in October 2022. Google Maps
The four-bed, eight-bath home’s Zillow listing shows the home’s two price cuts over the past year before it was ultimately sold for a staggering 60% less than the $20 million it was listed for. Zillow

The Post has sought comment from the property’s listing agent, Compass’s Nina Hatvany, and its previous owner, Stretch.

The steep price cut was first noted on X by real-estate investor and San Francisco resident Rohin Dahar.

The house, which was assessed at a total value of $21 million, comes with a media room, wine room and elevator that services all six floors.

It also boasts a floating helix-shaped limestone staircase circling a three-story Venetian glass light fixture rumored to be worth $1 million, per The Real Deal.

When Stretch bought the swanky home, he paid a whopping 627% premium, the home’s Zillow listing showed.

The prior owner of 2626 Larkin St. paid $2.7 million for the property in 2007.

The home boasts a floating limestone staircase circling a three-story Venetian glass light fixture rumored to be worth $1 million, as well as media and wine rooms, a five-car garage, roof deck and elevator that services all six floors. Lunghi Studios

The sale comes as crime in Russian Hill has ticked higher so far in 2023, with 839 total incidents ranging from burglaries to larceny thefts and drug offenses, according to records from the San Francisco Police Department — up from 806 total incidents in 2022.

In recent months, San Francisco’s historic hotels have been converted into roach-infested “Single-Room Occupancy” housing for vagrants as the city has become the poster child for the deteriorating housing market.

Many of the century-old buildings in the Tenderloin neighborhood are now overrun with drug-addled “zombies” high on fentanyl and the flesh-eating animal tranquilizer dubbed “tranq,” residents told The Post during a tour in August.

While 2626 Larkin St.’s price was declining, crime in Russian Hill was ticking higher and the troubled city’s hotels were being converted in housing for vagrants. AFP via Getty Images

“It’s like living in a prison, but worse,” Robert Blackburn said of his squalid room in one of Tenderloin’s SROs at the time.

A recent report by real estate brokerage Redfin revealed that homeowners in San Francisco looking to sell in the troubled city are a whopping four times more likely than the average US home seller to take a loss.

Roughly 12.3% — or one in eight — of the homes sold in the Bay Area during the three months ended July 31 was purchased for less than the seller bought it for, Redfin found.

On average, San Franciscans can expect to sell their homes in the embattled city for $100,000 less than they paid for it.

Source link

You may also like