The Price of Prestige: Exploring SF's Most Exclusive Real Estate
2121 Webster - Courtesy of Sotheby’s International Realty
It was a Tuesday morning, and for me, that means broker’s tour—one of my favorite parts of the job. Exploring properties across The City never gets old, and every now and then, a real gem pops up.
When I stepped into 2121 Webster, I was immediately captivated. Every detail was flawless, exuding sophistication and pristine design. Floor-to-ceiling windows framed breathtaking views, and the expansive rooftop deck showcased San Francisco in all its glory. Nestled atop Pacific Heights, this condo wasn’t just beautiful—it was extraordinary. But here’s the kicker: it was listed for nearly $25 million.
Sure, it’s in Pacific Heights. Sure, it boasts nearly 4,000 square feet. But at a staggering $6,400 per square foot—more than six times the city’s median—this price tag left me curious. So, I dug deeper.
The Tale of 2121 Webster
What makes this property remarkable isn’t just its design but its eye-popping appreciation. Back in 2017, the median condo price in San Francisco was $1,070,000. Fast forward to today, and it's increased modestly to $1,140,000.
But 2121 Webster? It sold for $10 million in 2017 and is now listed at almost $25 million—a 150% increase, wildly outpacing the city’s overall market growth. This meteoric rise underscores a fundamental truth: San Francisco’s ultra-luxury market plays by its own rules. While the broader market moves at a steady pace, high-end properties thrive in their own stratosphere, driven by competition among the ultra-wealthy.
San Francisco’s Market in Perspective
Over the past decade, the median price for condos has barely budged, as shown in the chart below. Meanwhile, the ultra-luxury market—properties like 2121 Webster—has seen exponential growth, fueled by exclusivity, prime locations, and the sheer allure of owning a slice of The City’s skyline.
In prestigious 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 SF? A $43.5 million Pacific Heights mansion. (Parking spot not included!)
The world's priciest home, Antilia in Mumbai, cost $2 billion to build and includes 27 stories, a snow room, and earthquake-proofing.
The most expensive condo in the U.S.? A $238 million penthouse in NYC’s Central Park Tower, complete with private elevators and jaw-dropping views.
What Does This Mean for the Market?
The ultra-luxury market reminds us that not all of San Francisco real estate moves in unison. While median prices have seen slow growth, exclusive properties continue to thrive thanks to their scarcity and status.
For buyers and sellers, understanding the nuances of these micro-markets is key. And if you had $10 million to invest in San Francisco real estate, history shows you'd probably do just fine.
