San Francisco estate sells for $10m above listing price as AI boom drives up costs
Summary
An eight-bedroom estate in San Francisco’s Presidio Wall neighborhood sold for $28.5 million on October 22, $10 million above its $18.5 million asking price. The sale comes amid rising housing costs and increased competition in the city’s property market, which reports have linked to the AI industry’s growth.Key Facts
- The Cherry Street estate was listed on October 2 for $18.5 million and sold on October 22 for $28.5 million.
- The sale set a new record for the city, according to the article.
- The home has eight bedrooms, a private garden and a three-car garage.
- The house was built in 1966 and designed by San Francisco firm Whisler-Patri.
- More than 140 San Francisco homes sold for at least $1 million above asking in the first half of the year, compared with eight in the same period a year earlier, the San Francisco Chronicle reported, citing Compass data.
- Almost 92% of single-family homes sold above asking in September, the Chronicle reported.
- The home had been owned by one family for more than 40 years and was sold by the Janice R. Lurie Trust and Robert A. Lurie Trust.
- Robert Lurie previously owned the San Francisco Giants.
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