In a clear example of how the housing market in San Francisco can change a lot, former CEO of Kimpton and senior advisor of Shorenstein Realty Services, Mike Depatie has sold his house in Pacific Heights for almost $10 million.
That’s a big drop of 35 percent from what he first asked for in 2022. It shows how the value of homes can go up and down quickly in one of America’s top spots for real estate.
The sale was helped by a Compass agent named Neal Ward and bought by Sherman Tran, who works in pain management and owns buildings for living and shopping. This sale is a big deal in the city’s fancy housing market.
Contrasting Mansion Sales
It’s not just Depatie’s sale that’s telling a story of changing prices in San Francisco’s fancy real estate world.
SafeGraph CEO Auren Hoffman’s mansion in Pacific Heights also sold for $9 million, which is $3 million less than what it was bought for in 2015, according to public records.
These sales show a trend of big price drops from the initial asking prices, which shows that the market is adapting to changes after the pandemic and during uncertain economic times.
Both mansions, with special features and historical importance, had their prices cut multiple times before selling for less than what the sellers originally wanted. This shows how tough it is for sellers to get the prices they hope for in a market that keeps changing.
Resurgence in Market Activity
Even though some homes have been selling for less, there are signs that things are picking up in San Francisco’s housing market.
Hoffman’s mansion, for example, ended up selling for $1 million more than its last asking price, showing that more people are interested in buying fancy homes again.
This matches up with a recent report from Compass, a real estate company, which says that in February 2024, 28 percent more homes were selling for more than the asking price compared to the year before.
Also, there was a 32 percent increase in how many homes were sold, and about 11 percent more homes were put up for sale during that time. These signs suggest that the market is starting to get better, moving towards a healthier and more stable situation for both people buying and selling homes.
Upsurge in Luxury Property Resilience
The fancy part of San Francisco’s real estate market seems to be leading the way in getting better.
Big sales, like a house in Sea Cliff selling for $14.5 million and a penthouse selling for $16 million, show that really expensive homes are still in demand.
And now, there’s a penthouse for sale with a crazy high asking price of $35 million, showing that there’s still a lot of interest in luxury living in the city.
This part of the market staying strong and getting a lot of attention is important for the whole market to become more stable and grow. It looks like the real estate market in San Francisco might have a lively spring season ahead.
