Luxury home sales in San Francisco more than doubled in the fourth quarter of 2012 compared to a year ago, according to a new market report by Coldwell Banker Residential Brokerage, the region’s leading provider of luxury real estate services.

The report is based on Multiple Listing Service data of all homes that sold for more than $2 million during the quarter in San Francisco.

A total of 119 homes sold for more than $2 million in the city during the October-December quarter compared to 57 sales during the fourth quarter of 2011. Sales were also up 60 percent from the third quarter of 2012.

The median sale price also climbed sharply higher last quarter, reaching $2,995,000, up nearly 14 percent from the previous quarter and nearly 10 percent from the same period a year ago.

The upper end of the luxury market also saw substantial gains with sales of homes over $3 million more than doubling from a year ago to 59 transactions, up from 24 in the fourth quarter of 2011.

“The luxury market in San Francisco closed out 2012 the way it began, with healthy sales gains, steadily rising prices and very strong buyer interest,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the Bay Area.

Turley noted that some of the increase in sales could be due to luxury homeowners deciding to sell before the expected increase in the capital gains tax rate took effect in January. Additionally, demand remained strong from employees of Silicon Valley and San Francisco technology, social media, financial and biotech companies with stock option money to invest.

Some key findings from the latest quarterly Coldwell Banker Residential Brokerage luxury report:

• The most expensive sale in San Francisco during the quarter was an eight-bedroom, eight-bath approximately 6,800-square-foot home in the Gold Coast section of Pacific Heights that sold for $28,250,000;
• Zip code 94115 (Pacific Heights) had the most luxury sales with 21, followed by 94123 (Marina) with 20, 94118 (Inner Richmond) with 14, 94114 (Noe Valley) with 11, 94105 (Embarcadero) with 10, and 94121 (Outer Richmond) with nine;
• Homes sold in 74.6 days on average during the quarter, up from 73.8 days the previous quarter but down from 79 a year ago;
• Sellers received 100 percent of their asking price on average, up from 97 percent a year ago and 99 percent the previous quarter.

The San Francisco Luxury Market Report is a quarterly report by Coldwell Banker Residential Brokerage, a specialist in high-end real estate sales. Through its internationally renowned Coldwell Banker Previews® program, Coldwell Banker is recognized around the world for its expertise in the luxury housing market 

Thea Miller, Real Estate Representation (415) 229-1218
Theamiller@PreviewSFHomes.com

Janis Stone, Real Estate Representation (866) 224-8024

Janis@PreviewSFHomes.com

Michael DiVita, Mortgage Finance Support (800) 239-1103
Michael@DiVitaHome.com

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If the gossip is true, San Francisco’s most expensive home has finally sold. Trulia reports that Yammer founder David Sacks has purchased the sprawling, unfinished mansion at 2845 Broadway, finally taking it off the hands of Apollo Group and University of Phoenix founder, Peter Sperling.The home’s history is worth repeating: Sperling purchased it in 2002 for $32 million and began extensive renovation. Apparently, he then became distracted by some other pressing issue and never finished, leaving the 17,500 square foot main home and 6,000 square foot guest home bared down to the studs. He did make time to re-list the home, however—for $65,000,000. Despite grand listing write-ups touting “Italian limestone” and “staggering potential,” the mansion failed to attract a buyer for years.

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San Francisco’s most expensive piece of residential real estate is in contract. That’s right, folks. 2901 Broadway on Billionaire’s Row has found someone willing to plop down eight figuresfor the 8-bed, 7.5-bath Italian Renaissance hilltop mansion.

In late August we got word that the big abode’s owners were in talks with several firms about a complete renovation to the property. You see, while the $34,000,000 mansion has been on and off the market without a single offer since 2006 (when it landed on the market it was asking $58M), there are now several interested parties, including one young and very wealthy tech family. Let the guessing games begin about who the home’s next owner(s) might be.

As you may already know, the property’s in dire condition. Its facade was also a victim to graffiti last year. The home’s got a decrepit outdoor tennis court (that’s rumored to get a makeover as a lavish outdoor oasis) and a “Curio Room” that used to house the original owner’s “extensive oological collection.” If this home sells before 2013, it will easily be the most expensive sale of the year. We’re hoping for another late in the year blockbuster sale, just like the St. Regis penthousedid last year when it sold for $28,000,000 on December 16