by felipedebedout1 
$25 Million Views: Inside San Francisco’s Elite Real Estate Market
It was a Tuesday morning, which for me means broker’s tour—one of my favorite things about my profession. There’s nothing quite like exploring properties all over San Francisco and discovering the unique gems this city has to offer. I stepped into 2121 Webster, and from the moment I entered, I was captivated. Every detail was flawless. The design was impeccable, with a pristine aesthetic that screamed sophistication. Floor-to-ceiling windows offered a breathtaking view, and the expansive rooftop deck overlooked the entire city, making it a truly one-of-a-kind property. Nestled at the top of Pacific Heights, this condo wasn’t just beautiful—it was extraordinary. But here’s the kicker: it was listed for nearly $25 million.
Yes, it’s in Pacific Heights. Yes, it’s perched atop a stunning condo complex. And yes, it’s nearly 4,000 square feet. But at that price, you’re looking at a cost per square foot of $6,400—more than six times the median in San Francisco. This disparity fascinated me, so I decided to dig deeper.
The Tale of 2121 Webster
What makes 2121 Webster so extraordinary isn’t just its features but its story of appreciation. In January 2017, the median price of a condo in San Francisco was $1,070,000. Fast forward 10 years, and the median price has risen modestly to $1,140,000. But this particular condo? It went from selling for $10 million to being listed at almost $25 million. That’s a staggering 150% increase, outpacing the city’s overall condo market, single-family house market and any micromarket that I can think of by leaps and bounds.
This phenomenon highlights a unique quirk in San Francisco’s real estate market: the ultra-high-end sector often dances to its own beat. While the broader market has seen some stagnation, properties like 2121 Webster operate in a parallel universe where competition among high-net-worth individuals drives jaw-dropping appreciation.
San Francisco’s Market in Perspective
Let’s look at the numbers. Over the past decade, the median price for a San Francisco condo has seen only a modest increase, as illustrated by the graph below. Meanwhile, the ultra-luxury market—represented by properties like 2121 Webster—has seen exponential growth.
This disparity isn’t just about square footage; it’s about exclusivity, location, and the intangible allure of owning a piece of San Francisco’s skyline. In neighborhoods like Pacific Heights, Sea Cliff, and Russian Hill, these properties are as much about lifestyle and prestige as they are about real estate.
Fun Facts About Luxury Real Estate
- The most expensive home ever sold in San Francisco? A Pacific Heights mansion for $43.5 million. (Parking spot not included!)
- The world’s most expensive home, Antilia in Mumbai, cost an estimated $2 billion to build. It has 27 stories, a snow room, and can withstand earthquakes of magnitude 8.0. It
- The most expensive condo ever sold in the U.S. was a $238 million penthouse in Central Park Tower, complete with sweeping city views, private elevators, and luxurious finishes.
What Does This Mean for the Market?
The ultra-high-end sector is a reminder that not all parts of the San Francisco real estate market move in unison. While the median condo price has seen steady but modest growth, properties like 2121 Webster show that exclusivity and scarcity can create incredible appreciation. For buyers and sellers, it underscores the importance of understanding the nuances of this unique market. Oh and that if you had 10 million dollars to invest in this market your asset will most likely do fine!
