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Well, hello there. The air here is clear and the sun is shining. But where was that clarity on July 4th when we needed it?
For those in need of a do-over, there’s a show at Fort Mason that’s opened in conjunction with the country’s 250th anniversary. Natural artist Andy Goldsworthy’s Red Flags hang in a warehouse-style building ideal for this fascinating exhibit: 50 flags, each stained with soil from their respective state. The remarkable show is on view all month.
Goldsworthy’s art can be seen around the city: His playful forest “Wood Line” and 100-foot high Spire are both natural sculptures in the Presidio. Or you can follow his cracked line (Drawn Stone) in the pavement leading to the de Young Museum in Golden Gate Park. And if you need even more Goldsworthy in your life, there’s the documentary “Rivers and Tides” from 2001, which you can stream free on Tubi.
Speaking of the arts, the late beat legend Lawrence Ferlinghetti’s former Big Sur retreat, is being sold by his son Lorenzo. The 2.6-acre property, which the poet had owned since the 1970s is now on the market for $2 million with Compass agent Alex Brant. Lorenzo calls the place “paradise on earth.”
The site includes an existing cabin, meditation hut, trout ponds, a buildable homesite with a tested well, plus private access to a secluded beach beneath the Bixby Bridge.
And, although the 21st Century ROAD to Housing Act did finally become law, it seems that rental relief has yet to come to this city, and the drum beat of a tight housing market goes on. A new report from Apartment List shows a vacancy rate of 2.2 percent in June. That’s wayyyy lower than the national average of 7.2 percent, and in fact, even tighter than cities like New York and Los Angeles.
This week’s letter features a top 5 list of the Bay Area’s most expensive homes, a live-work building filled with SF history, and a Richmond District deal with a surprise out back. Read on.
As Erik Gunther reported last week, things have been crazy in the SF real estate market, with luxury mansions now regularly selling for millions over asking price.
Serhant listing agent Lisa Vukovic concurs and told us, “There was one off-market for $46 million and they received six offers and it sold for $54 million, setting the second-highest sale in San Francisco history.”
Thanks to limited inventory and AI/tech money fueling the frenzy, city prices have hit dizzying heights. The median list price for a single family home in San Francisco is now a jaw-dropping $2.2 million, per the latest Compass report.
However, when you pull the lens back and look at the Bay Area as a whole, SF has plenty of competition when it comes to sky-high prices.
And in fact, San Francisco doesn’t even boast the highest priced listing in the area. See the top five most expensive homes in the Bay Area below. That number-one honor goes to a wine country enclave. See below.
1. Glendale Ranch, 750 Conn Valley Rd, Saint Helena
Price: $100 million
Details: This 2,000-acre property features a historic home dating to the 1880s and 40 acres of vineyards that have produced Napa wine for over a century. The nine-digit price tag places it at the pinnacle of current Bay Area listings.
The spread features 17 parcels, the main house, three more guest houses, a 7-acre private lake, and year-round Conn Creek. The home first appeared on the market in 2024, notes The Real Deal, before being pulled and re-listed in early June. The listing from Erin Lail of Coldwell Banker Brokers of the Valley calls the listing “Napa Valley's largest and most irreplaceable estate.”
2. 3000 Ralston Ave, Hillsborough
Price: $78 million
Details: Set on 12 acres in the hills above the peninsula, the 2013-built Villa de Verano is inspired by the “elegance of Lake Como,” according to the listing from Jennifer Gilson of Golden Gate Sotheby’s International Realty.
The gated compound features a 12,404-square-foot main residence, guest house, and sports pavilion. The sprawling grounds also feature an amphitheater, reflecting pond, swimming pool, and gardens. Other luxe amenities include a pickleball court, putting green, and interior perks like a saltwater aquarium, game room, and fitness center.
And the listing has caught the attention of one besotted buyer: The property is now in “pending sale” status. Although the asking price is certainly at the tippy-top of the market, it could have been higher: The home came on the market earlier this year for $88 million before getting a $10 million price chop in May.
Price: $55 million
Details: Located in the “up and coming” Napa-adjacent wine region in Solano County, this four-property portfolio is bursting with wine-making amenities.
Spanning 125 acres, the offering promises “multiple income streams,” with established vineyards, a fully operational winery, and prime development parcels, along with two tasting rooms, vacation rental permits, and two winery production licenses.
The property first appeared on the market back in 2024 for about half the price, then re-listed in 2025 for its current ask. While the 125-acre spread shows as available, a second listing with just 28 acres and the 11,000-square-foot main house is in contingent status. It’s unclear what the final price will be.
Price: $49,680,000
Details: Finished last year, the new build sits in one of the most expensive zip codes in America, whose residents have included NBA star Steph Curry, Meta executive Sheryl Sandberg, and Google CEO Eric Schmidt.
Catering to the tech crowd, this sleek space on an acre features a three-level, sculptural staircase a la the Guggenheim Museum. Inside there are also five bedrooms, six full baths and two half-baths. You’ll also find a separate two-bedroom guest apartment.
The home boasts a dining area with a retractable glass wall, 56-foot outdoor pool with waterfall, Smart home features, a Tesla power wall, solar power, and five EV chargers. First listed in February for $57,500,000, the ask dropped in April to the current amount.
5. 181 Fremont St Penthouse 70
Price: $47,500,000
Details: After seeing what millions buy outside of the city, let’s look at the most expensive listing within the city. Listed by Olivia Decker and Kevin O’Connor Golden Gate Sotheby’s International Realty, the towering “Grand Penthouse” on the 70th floor of 181 Fremont is perched 700 feet above street level. This mansion in the sky is apparently the highest residence in the city.
Occupying the entire floor, at almost 7,000 square feet, the spread features four beds, 6.5 baths, and enough windows to make sure the views are the focus of this home. Along with the two ensuite bedrooms, a den, and showpiece kitchen, the owner receives the home fully furnished, along with two “ateliers” apartments, the listing notes.
Plus, residents enjoy access to the full-floor Residents' Club on the 39th level, fitness center, on-site concierge service, and valet parking. Another perk for tech tycoons: The building also offers direct skybridge access to Salesforce Park and the Salesforce Transit Center.
This cool multi-use building in Duboce Triangle is a unique slice of SF history. It can also serve as nearly anything a buyer could need. Perhaps the home of an AI startup, or a warehouse for a car collection, even a live-work art studio.
Available for $6,975,000, the very unusual and large building at 67-69 Belcher St offers two units, with a total of 18,000 square feet, as well as a two-level lofted residence and an adjacent versatile space for whatever you can dream up.
The listing from Howard Epstein of City Real Estate suggests: “Classic car storage, an indoor pickleball court, creative studios, or rental income.”
The background is a fascinating mix of SF history.
Built in 1919, the building was originally a furniture warehouse and was purchased in the late 1970s by artist Spaulding Taylor. Taylor tapped iconoclastic architect Ira Kurlander (see his personal ‘Airship’) and Jonathan Straley to convert the space into a “one-of-a-kind residence” and used the other 10,000 square feet for gallery space and art studios, a 2015 SocketSite (RIP) article notes.
Taylor sold the property in the 1990s, and the place last sold in 2016 for $9.3 million, according to SFYimby. In 2021, the owner submitted plans designed by Stanley Saitowitz|Natoma Architects for a 31-unit housing development to go in its place. That plan never materialized, but the newest owner could certainly explore that possibility again.
Since then, the unique structure has bounced on and off the market, for as much as $10 million in 2020 to the current amount of just a skosh under $7 million.
67 Belcher offers six bedrooms, five baths, a private patio, hot tub, and basketball court, and is currently leased month-to-month. The adjacent building at 69 Belcher is open studio space that can be delivered vacant and potentially could become more living space, studio, or work space.
The listing touts the two garages with roll up garage doors, which could “easily” accommodate 6-8 vehicles.
The neighborhood is close to transit, the Castro, restaurants, bars, and shopping.
While gazing at pricey homes provides a break from reality, back on earth there’s a home available with a green delight out back: a serene garden complete with a grassy area, fire pit, and seating.
Maybe the best part of this renovated two-bedroom Tenancy in Common (TIC) is its price: $699,000.
Take a look.
The property offers “a rare connection to one of San Francisco's greatest luxuries: lush green space,” notes the listing from Wilkerson Team of Sotheby’s International Realty - San Francisco Brokerage.
The private outdoor space features vegetable beds, mature plants, and space for lounging, dining, and entertaining.
Inside, the stylish 1,115-square-foot residence offers two bedrooms and one bath, across two levels for flexible space with connection to the backyard.
Built in 1900, the updated abode also features a renovated kitchen, space for an office, and in-unit stacked washer dryer. There’s a monthly HOA fee of $364 that includes maintenance to the grounds.
As we’ve previously noted in this space, pedestrian-friendly Inner Richmond has it all, and is walkable to great restaurants, shops, markets, and public transit.
Must Like Fog is a San Francisco-based newsletter that’s looking at must-see real estate, cool architecture, fun neighborhoods, and more. Come obsess with me, a long-time real estate reporter who wants to keep the party going with a Bay Area twist. If you’re into real estate, the Bay Area, and want to get the inside track on these topics and more, please subscribe.
Huge thanks to editor extraordinaire Erik Gunther.
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