#2,042 - San Fran continues to tank as Mega House drops $10 million in value from $20 million

A San Francisco home has been sold at half its original listing price, crystallizing the stark real estate climate in the city and in the U.S.

The home in the Russian Hill neighborhood sold for $9,990,000 on November 9, after being listed in October 2022 at $19,995,000. The house sat on the market for almost a year before selling at almost half the original list price in a city that is becoming emblematic of the nationwide housing slump.

Leslie Stretch, chief executive officer of software company Medallia, and his wife Heather, purchased the home for $20 million in January 2020 but listed it for sale just two years later after their youngest child went off to college, according to a 2022 report from the Sacramento Bee.

Newsweek has reached out to Nina Hatvany, the listing agent, via email for comment.

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