The 6,300-square-foot Russian Hill home at 875 Francisco Street, an “heirloom property in one of S.F.’s most prestigious [and] exclusive locations,” hit the market priced at $15.5 million in February of 2021, roughly a year after the owners were served a notice of default on an outstanding loan.
Featuring “panoramic views, timeless architecture [and] exceptional natural light,” with a two-car garage, lower level au-pair entrance, and elevator between its floors, the asking price for 875 Francisco was reduced to $14.35 million after a few weeks on the market, relisted for $13.5 million two months later, reduced to $12.5 million six weeks later, to $11.5 million in September of 2021 and then further reduced to $11.25 million in April of last year, a month before a foreclosure auction was noticed and scheduled.
Foreclosed upon last July, 875 Francisco Street returned to the market listed for $8.495 million five months ago, lender owner and positioned as “the perfect canvas for designing a bespoke heritage property.”
Having been reduced seven (7) times since, the asking price for the Russian Hill mansion “surrounded by preeminent dining [and] shopping, yet tucked away on a quiet street, with the sensation of floating above the bay,” is now down to $7.776 million, a sale at which would be “at asking” according to all industry stats and aggregate reports but 49.8 percent below its “asking price” in early 2021.
If you think you know the market for prestigious neighborhoods and homes in San Francisco, here’s another chance to tell.