Luxury properties in San Francisco were sold for 10 million yuan more than the asking price, setting a record. Simple single-family houses of more than 1 million yuan are ideal.

san francisco A building in the city next to the Presidiomansion Recently sold for 28.5 million yuan, 10 million yuan higher than the original asking price, setting a record for a house in the city exceeding the asking price, reflecting the fierce competition in the high-end residential market this year.

San Francisco Business Times Quotereal estate Records showed that the residence at 20 Cherry Street was listed for NT$18.5 million on October 2 and the transaction was completed on the 22nd. The transaction price was 54% higher than the asking price. The buyer, whose identity has not been disclosed, was represented by Compass agent Nina Hatwani.

The eight-bedroom, seven-bathroom mansion spans approximately 0.31 acres and is located at the end of a cul-de-sac adjacent to the Presidio. Built in 1966 and designed by San Francisco architectural firm Whistler-Patrie, the home features mid-20th-century architecture and has seven parking spaces, including a three-car garage.

The property has been owned by the same family for over 40 years, and the seller is Janice R. Lurie Trust and Robert A. Lurie Trust. Janice Rosen Lurie, who has lived here for many years, is the former wife of San Francisco Giants owner Bob Lurie. According to public records, he died in July this year at the age of 96.

Agent Hartwani told the San Francisco Chronicle that the property’s expansive grounds, private gardens and views of the Presidio make this property particularly rare.

Recently, many luxury homes in San Francisco have been sold at huge price increases. Earlier this month, a residence at 2 Sixth Avenue near the Presidio was listed for $8 million and sold for $15 million, an increase of $7 million. The residence at 2512 Union Street in Cow Hollow was sold in May for NT$15 million, about 88.7% more than the asking price of NT$7.95 million.

Therefore, the Cherry Street transaction set a record for the highest “amount” above the asking price, not the highest “percentage” increase in price.

While sellers in many areas across the country are lowering prices to sell, the San Francisco luxury market is showing a different trend. Earlier this month, the average 30-year mortgage rate rose above 7%, increasing the burden on buyers who rely on loans, but having less impact on buyers of top-end luxury homes. Data as of September 1 show that nearly 79% of residential properties in the city that were sold for more than 7 million yuan did not have a mortgage when the transaction was completed.

Compass data shows that from January to June this year, more than 140 homes in San Francisco sold for at least $1 million more than the asking price, compared to only eight in the same period last year. As wealth created by the artificial intelligence industry flows into San Francisco, the high-end residential market remains strong.