Swanky San Francisco house has lost $10 million value in 3 years

A view of Lombard Street during cloudy weather in San Francisco on June 06, 2023.
Tayfun Coskun/Anadolu Agency via Getty Images

  • 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. 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. Its price was knocked down three times to just under $10 million over the course of the next year.

A view of the house from street level.
Screenshot/Google Maps

The owner of the 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 10,000-square-foot 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.

This story has been updated.

This article was originally published by a www.businessinsider.com . Read the Original article here. .