Photo credit: Jacob Elliot
By Amy Dobson | Forbes
Not even a celebrity name is immune to a price reduction in the softening market of San Francisco. As one of the most expensive real estate markets in America, the city might be on the cusp of seeing something it hasn’t seen in a very long time: a buyers’ market. By the end of August almost 25% of homes on the market in San Francisco had come down in price, according to the Redfin Data Center, and the number of listings that entered the market during August was 75% higher compared to one year earlier (during the four weeks ending August 23rd). Days On Market is still low, at 26 days, but that is 13% higher compared to a year before and even though the median sales price of homes that did sell continues to be one of the highest in the U.S. at $1.5 million, its 6.6% year-over-year increase is almost half the national level increase of 11.4%.
Robin Williams’ house is just one of the many homes seeing a price cut across the city. The 6,500-square-foot contemporary first entered the market last November for $7.25 million, but now it has come back on the market for $5.99 million. Located in the Paradise Cay enclave inside Tiburon, where single-family homes start at over $1.5 million, this elongated design has Bay views from nearly every spot in the house. There is direct access to the Bay, with storage space for kayaks and paddle boards on the property.
