Luxury not what it was in San Francisco…

San Francisco’s luxury home values dropped in the first quarter to their lowest point since the first quarter of 2004, when the region was clawing its way back from the dot-com bust.

San Francisco Bay Area luxury home values lost 4.3 percent from the fourth quarter of 2010 and were down 1.9 percent from the first quarter of 2010, according to a quarterly survey produced by San Francisco-based First Republic Bank.

“Prices fell as sales activity declined,” said Katherine August-deWilde, president and chief operating officer at First Republic.

Luxury home values also fell in Los Angeles and San Diego.