The Light House condominiums — the four units that were carved out inside of the domed former Second Church of Christ, Scientist on Dolores Park — have been a thing of fascination for everyone who's looked at the building from the park and heard about its conversion almost a decade ago.
SFist reported on the units first hitting the market in the heady days of early 2016, pre-Great Recession, when another former church down the street had just recently been converted into a grand, if probably spooky, single-family home. (That building has since become a school.) The four units hit the market for eye-popping prices, and sold for upwards of $6 million, but in the years since, owners have trouble off-loading them.
Mission Local rather gleefully covered the case of one 5,525-square-foot unit, which returned to the market in late 2019 priced at $5.2 million after originally selling two years earlier for $6.8 million.
And now, as Socketsite reports, another of those units, known as 93 Cumberland, this one 5,300 square feet with three bedrooms, has just sold for $3.95 million, $1 million below its most recent asking price, but at about a $2.1 million loss from its $6.1 million sale price in 2017. The most recent asking price was $4.95 million as of last October, and that itself was a reduction from $5.995 million, which was the June 2021 asking price.
This means the unit "isn’t a great comp for the other three units in the building nor other luxury properties in the neighborhood," as Socketsite notes.
The luxury real estate market had a bad second half to 2022, but there were signs of promise in February with 39 sales priced at or above $5 million that month, as Mansion Global reported.
Rising interest rates have caused a significant dip in home sales overall, everywhere, including in SF. Socketsite reported earlier this month that homebuying activity around the country ticked up slightly as the fed calmed down with the rate hikes, however that activity is still down year-over-year by 31 percent. Pending home sales in SF were also down about 40 percent.
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