SF Business Times Lists Ten Most Expensive Houses Sold in the Bay Area
August 26, 2016
The most expensive home to sell this year in the Bay Area was a four-bedroom, 14,000-square foot home with seven bathrooms in the Oakland Hills that went for $20.5 million — a $500,000 discount on the home’s list price.
Of the top 10 most expensive homes to trade hands this year, nine went for under asking. One home in Atherton sold for $16.5 million — a hefty $4.2 million below the asking price of $20.7 million. In fact, in the tony enclave of Atherton, every home that has sold during the last month went for under asking, according to OpenHouse, a year-old real estate listings and data website.
“Sky-high asking prices have been brought down to reality by the market, with many high-end homes selling for half-to-multiple-millions under asking,” said Cristin Zweig Culver, a spokesperson for OpenHouse. “For years, the Bay Area has been the most competitive housing market in the country, but the white hot market is seeing some cooling — especially at the very top.”
Some submarkets in the Bay Area have really slowed down in terms of price appreciation, said Svenja Gudell, chief economist with Zillow, the Seattle-based real estate information company. In San Francisco, homes only appreciated by 1.3 percent during the past year.
Categorized in: Industry News