A mansion in the Presidio Heights neighborhood that had its price slashed to $39.5 million is still the most expensive single-family home for sale in the Bay Area city, reports say.

New markets require new approaches and tactics. Experts and industry leaders take the stage at Inman Connect New York in January to help navigate the market shift — and prepare for the next one. Meet the moment and join us. Register here.

The most expensive property for sale in San Francisco got a little less pricey this week but retained its title.

The mansion, located at 3450 Washington St. in the Presidio Heights neighborhood that hit the market just over two months ago with a $45 million price tag, took a $5.5 million price cut this week, bringing it down to $39.5 million, meaning it’s still the most expensive single-family home for sale in the Bay Area city, according to a report in SFGATE.

The 9,865 square-foot mansion was built in the 1930s by architect Albert Farr, a notable architect whose works in the Bay Area include Spanish Colonial Piedmont Church, the Parker Houses on Russian Hill and a number of other significant homes in San Francisco’s upper-crust neighborhoods.

For 3450 Washington St., Farr took inspiration from French Normandy-style houses. While his vision remains for the home’s exterior, the interior has been completely redesigned and renovated over the past century. The estate “has been completely reimagined by Handel Architects and was recently renovated ‘down to the studs,’ ” according to its listing.

“The grand proportions reflect Old San Francisco extravagance and elegance at its best,” the listing description reads.

The renovated manor offers six bedrooms, seven full bathrooms, three half bathrooms, two chef’s kitchens, a cigar room, a wine cellar for up to 3,000 bottles, heated floors and an impressive view of the Golden Gate Bridge.

Listing agent Antoine P. Crumeyrolle of Compass told Sf Gate, the price cut “is a sign to let buyers know that the sellers are serious about selling the house sooner than later.”

While the housing market has been dramatically slowed by high mortgage rates in recent months, luxury buyers often buy with cash and are less affected by borrowing costs. Some luxury buyers do, however, take out mortgages and incorporate them into their investment strategies. Luxury sales dropped 28.1 percent annually in August, according to the online brokerage Redfin, the biggest dip since Redfin started tracking that data in 2012.

Email Ben Verde

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×