As we first outlined back in May, the rather spectacular new building at 15-17 Guy Place, which replaced a little single-family home, hit the market priced at $15 million in March of 2021, positioned as an “almost 8,000-square-foot, seven-level residence,” with a 5,115-square-foot, 5-bedroom main residence (17 Guy Place) over an 1,870-square-foot, 2-bedroom guest residence (15 Guy Place), multiple terraces, and a garage for one car.

“Located amongst San Francisco’s most prestigious luxury towers and residences and in one of city’s most dynamic and oldest neighborhoods, Rincon Hill,” the residences are finished in white oak, with a sweeping central staircase (and elevator), Calacatta marble, and a sky terrace (with panoramic views, an outdoor kitchen, and plumbing for a hot tub) atop it all.

Relisted for $13.888 million in August of last year, the asking price for “Guy Place” was reduced to $12.49 million last September and then to $10.999 million a year ago next month.

Relisted anew for $10.999 million at the beginning of this year and then reduced to $9.75 million in mid-January, 15 Guy Place was then listed by itself for $2.995 million at the end of March, followed by an $8.75 million listing for 17 Guy Place a few days later.

Reduced to $7.95 million in mid-April, to $7.45 million in early May and then to $6.995 million later that month, the asking price for 17 Guy Place was then dropped to $6.2 million in July, at which point the list price for 15 Guy Place was increased to $3.95 million but then dropped to $3.8 million.

And with the listing for 15 Guy Place having since been withdrawn from the MLS without a reported sale, the list price for 17 Guy Place has just dropped t0 $5.85 million, a sale at which would be considered to be “at asking” according to all industry stats and aggregate reports despite a nearly 36 percent drop in pricing/expectations for Guy Place as a whole.

If you think you know the market for high-end residences, urban compounds, and one of city’s most dynamic and oldest neighborhoods, here’s another chance to tell.

18 thoughts on “Price for Modern New Place Has Dropped by Over a Third”
  1. Way too much house/money for that location. 1-car garage. This never made sense. WTH were they thinking?? This one isn’t indicative of anything, except stupidity.

    1. If it’s true that the developers had been working on this for nine years prior to bringing the completed building to market, I think at the point where they submitted the plans they were thinking this project would generate a healthy profit.

      You’re right about the garage, though. Doesn’t look like the ultimate resident is going to be able to get their Volvo XC90, Range Rover or Mercedes-Benz G-Class SUV into that space, which reduces the size of the target market.

        1. In addition, the lenders would have had to …thought the project made sense
          OBJECTION: the witness is assuming. Please direct to answer only from her/his own knowledge.

  2. Every been on that alley? Great place to pass out, or pitch your tent. Anything else…not so much. Was this some off-shore developer who has never been in SF?

    1. Have YOU ever been on that alley? I have friends who live around the corner at The Jasper; the alley is usually clean and the mini-park there is quite nice.

  3. UPDATE: 15 Guy Place has just been relisted for $3.45 million. As such, the combined “asking price” for Guy Place (15-17 Guy Place) is now down to $9.3 million, a sale at which would be considered to be “at asking!” despite the $5.7 million (38 percent) drop in pricing/expectations over the past 2 years.

    1. For clarity, from 5.85 back up to 6.955, despite not having sold at 6.2 July to Sept or 5.85 Sept to now? That’s a bold strategy, Cotton.

  4. UPDATE: The list price for 15 Guy Place, which was relisted for $3.45 million two months ago and then dropped to $2.995 million, has just been slashed to $1.795 million, a sale at which would be considered to be “at asking!” according to all industry stats and aggregate market reports.

  5. UPDATE: 17 Guy Place has just been relisted anew for $6.955 million, which would now total $8.75 million for the two units “at asking” (having been reduced 41 percent over the past year). And yes, the official “days on the market” counter for the property has just been reset as well.

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