Saturday, November 3, 2018

A Sign of Trouble for the Real Estate Market? SF's Largest Estate Has Seen Its Asking Price Slashed in Half

This is interesting. A year after hitting the market at $12.5 million, San Francisco's largest estate is still up for sale and this week the price was dropped to $5.5 million, reports the San Francisco Chronicle.

You enter the property through a three-unit building fronting Chenery and then walk into an English country-style garden leading to the five-bedroom, five-bathroom main home with an elegant French neoclassical facade. according to the SFC.

"It's straight out of Paris," says listing agent Joel Goodrich of Coldwell.

Enter the front door and you step inside a foyer, one of the home's many over-the-top entertaining spaces.

"It can comfortably hold five dinner tables of 10," Goodrich says.

Beyond the neomodern staircase that splits to the left and right at the top, the living room is nearly the size of a tennis court.

"It's definitely one of the largest living rooms in the city," he says.

In the EPJ Daily Alert, I have put out a warning about the real estate market and have advised it is not the time to buy but I have not yet pulled the trigger and declared that a major general price collapse in the real estate market is imminent.

At this point I only see sluggishness but my view could change in the Alert in either direction as new data on the economy comes in between now and the end of the year.


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