If at first you don’t succeed, continuing cutting prices.
That’s the principle at work for 10 Sea Cliff, a reserved circa 1915 Edwardian at the tail end of 25th Avenue that’s now up for sale for the fifth time in less than two years, sporting a comparably economical new $5.7 million price tag.
This four bed, five bath, four-level prize first popped up in February of 2020 asking more than $11.9 million. It was only a month before the first price cut of $1 million came along, but that was just the beginning of the rollbacks, as the asking fee here has tumbled more than 52 percent since those heady early days.
The most recent ad indicates that this place has not been offered on the open market in some 70 years, spending most of its existence in one family’s holdings. Notice the Golden Gate Bridge view framed in that window.
So what’s the problem here? Well, it could be partly bad luck–the original listing was pulled in March of 2020, which probably you will remember was, ah, not the most popular time to be taking the plunge on a big new investment.
(In hindsight the pandemic actually did not dent SF home prices all that much, especially in the luxury market, but even a small contraction can edge out potential buyers somewhere.)
The previous offers might also just have been too ambitious to start with: Sea Cliff is a big-ticket neighborhood to be sure, but out of 49 home sales here since 2017, the median price has been “only” $3.6 million.
For homes with four or more bedrooms that figure rises to $4.75 million, but the point still remains that not every elusive luxury property has the makings of an eight-figure sale, even in San Francisco.
On the other hand, maybe there is no problem per se, maybe this home is just doing what they all do–waiting for the right buyer.
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