A seven-bedroom mansion recently sold for more than $43 million, breaking its own record for the most expensive sale in San Francisco, according to SFist.
The publication said the property at 2920 Broadway in Pacific Heights had been “immaculately updated” based on a review of undated MLS photos obtained from Zillow.
The mansion had previously sold for $39 million in 2018, which also set the record at the time for highest-priced sale in the area, according to the San Francisco Business Times. More than a decade earlier, it sold for just under $30 million.
The home reportedly once belonged to heirs to the Hills Bros. Coffee fortune. The most recent buyer’s identity is unknown, according to SFist’s report. The transaction was conducted with an LLC that was incorporated earlier this year.
The sale is a particularly prominent example of America’s red-hot market for high-end homes, which wealthy buyers have been scooping up throughout the pandemic.
In the San Francisco area, housing costs have been higher than almost anywhere else in the country. For units with a mortgage, San Francisco County has the second-highest median monthly housing costs of any county in the U.S., according to the government’s most recent American Community Survey in 2019.
Luxury home sales in San Francisco were up nearly 50 percent in 2020 over the previous year, the Business Times reported. Realtors told the publication that demand for homes worth $3 million or more was strong throughout the pandemic.
But while high-priced sales may continue, there are also signs that Bay Area landlords during the pandemic were unable to maintain tenants in the middle and lower end of the income spectrum.
Median rent in San Francisco, while still among the most expensive in the country, was 19 percent lower in June than it was at the same time last year, according to Zumper. Other pricey cities have seen similar rent declines year over year.