{"id":507506,"date":"2026-10-25T13:27:07","date_gmt":"2026-10-25T13:27:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/507506\/"},"modified":"2026-10-25T13:27:07","modified_gmt":"2026-10-25T13:27:07","slug":"bidding-wars-and-billionaires-welcome-to-san-franciscos-new-10m-neighborhoods","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/507506\/","title":{"rendered":"Bidding wars and billionaires: Welcome to San Francisco\u2019s new $10M neighborhoods"},"content":{"rendered":"

Buyers looking to drop $10 million or more on a house in San Francisco used to limit their searches to the north side of town. Pacific Heights, Presidio Heights and Seacliff were pretty much the only neighborhoods that could command those figures and were often the same rarified locales where ultra luxury buyers wanted to be.<\/p>\n

But this year, a \u201cmansion shortage\u201d<\/a> <\/a>hit the city just as newly minted millionaires and billionaires kicked their house hunts into high gear. Suddenly, home sales in those prime north side neighborhoods started routinely topping the $20-million mark<\/a> and those around the $10-million point began popping up all over the city, especially close to AI job centers like Mission Bay and Hayes Valley.\u00a0<\/p>\n

There\u2019s a shortage of inventory across all price points, with the fewest September listings since 2020, according to Compass. Sales above $5 million rose 109% year over year, and the top quarter of sales saw a 27% increase in values.<\/p>\n

\"AIn Potrero Hill, an updated midcentury modern with a full-floor primary suite and a wall of glass got its $10 million asking price in September, a new record for the neighborhood.<\/p>\n

Homes around the $7 million range are a particular challenge, according to Compass agent Ruth Krishnan.\u00a0<\/p>\n

\u201cAt that price point, they\u2019ve all gone up 30% or 40%,\u201d she said.<\/p>\n

Do the math and that means many of the neighborhoods where prices used to top $5 million are now edging ever closer to eight figures.\u00a0<\/p>\n

In Potrero Hill, an updated midcentury modern with a full-floor primary suite and a wall of glass got its $10 million asking price in September, a new record for the neighborhood. In nearby South Park, where a sale close to $10 million used to require a high-floor, highly amenitized building, a single-family home at 70 South Park also broke its neighborhood record at $11.5 million.\u00a0<\/p>\n

That 4,500-square-foot home, known as the Gallery House since it was designed around its owners\u2019 art collection, had been on and off the market since 2022. This time around, the sale came before the property even hit the open market, according to agent Joseph Lucier at Sotheby\u2019s, who co-listed with Stacey Caen.\u00a0<\/p>\n

With IPOs from the likes of Anthropic and OpenAI around the corner, all bets are off, Lucier said, and homes close to AI centers like Potrero and Mission Bay are bringing in wealthy buyers who work long hours and put a high value on a well-designed home close to the office.\u00a0<\/p>\n

\"AA single-family home at 70 South Park also broke its neighborhood record at $11.5 million.\u00a0\"\"South Park is an active market for buyers with newfound AI wealth.<\/p>\n

\u201cThe overbids are becoming astronomical and defy reason,\u201d he said. \u201cIt\u2019s very reminiscent of the late-\u201990s dot-com market. The dollar amounts are just much larger.\u201d<\/p>\n

These sales may start as neighborhood outliers \u2014 one of just a few homes big and shiny enough to get buyers to think outside the Pac Heights box \u2014 but they encourage high-end home developers and buyers to get comfortable with a more expensive pricing threshold.\u00a0<\/p>\n

Alamo Square saw its highest price ever when the brothers who founded Stripe sold their home<\/a> across from the park for $9.125 million in June. But that record didn\u2019t stand long before a 6,000-square-foot 1899 Victorian at 818 Steiner sold for $10.5 million last month.\u00a0<\/p>\n

When Compass agent Butch Haze listed his new 4,800-square-foot property at 1125 Hayes on Alamo Square, he put it on at a teaser price of $7 million. It sold in days when a preemptive offer $2 million over asking came in. Even with an accepted offer, he still held a \u201csip and peep\u201d with neighbors and an open house. He was shocked to see several ultra-high-net worth techies show up to check it out. All expressed their discontent that the home sold before they were able to make an offer.\u00a0<\/p>\n

\"AIn Alamo Square, this Mediterranean-style home on the park sold for $9 million, $2 million over asking, in days.\u00a0<\/p>\n

\u201cI had one family where the dad flew up, privately, from Pebble Beach just to come and ink the deal, and I was like, \u2018Oh, my God, I feel so bad. It sold,\u2019\u201d he said.\u00a0<\/p>\n

One of the home\u2019s sellers was a restaurant designer and the custom interiors definitely helped sell the home, he said, as did the location right on the park. He\u2019s not sure if the Steiner sale had a direct impact on his listing, since he said Victorians are a market unto themselves, but the fact that it sold for a record-breaking price in a matter of hours surely didn\u2019t hurt.<\/p>\n

\u201cIt\u2019s got to have some cool houses around it,\u201d he said. \u201cIf you have a bunch of $1 million houses and then a $7 million house, it\u2019s hard for people.\u201d\u00a0<\/p>\n

It just takes a few high sales to get the ball rolling. Haze can remember years ago when a home he sold in the Inner Sunset broke the $2 million mark, and news vans showed up to do stories on what was then an astounding new price threshold. Now $2 million is considered par for the course for a single-family in the neighborhood.\u00a0<\/p>\n

\"AAlamo Square saw its highest price ever when the brothers who founded Stripe sold their home across from the park for $9.125 million in June. That record has already been broken by this 1899 Victorian, which sold for $10.5 last month. | Source: Morgan Ellis\/The Standard<\/p>\n

The Inner Sunset is unlikely to hit the $10-million threshold anytime soon, but other neighborhoods where sales routinely best $5 million, like St. Francis Wood, Forest Hill and Cole Valley, could, assuming some large homes that rival the grand mansions on the north side hit the market. The ZIP code that includes St. Francis Wood and West Portal \u2014 94127 \u2014 is the only one in the city outside the north side to rank among the top 100 most expensive ZIP codes in the nation, according to Property Shark.<\/p>\n

\u201cPeople are being priced out of Pacific Heights and the north side of town, so it\u2019s just spreading to all the other areas,\u201d said Joel Goodrich at Coldwell Banker.\u00a0<\/p>\n

\"AExperts don\u2019t expect the upward trend to stop for at least two to three years, barring any major geopolitical turmoil.<\/p>\n

He doesn\u2019t expect the upward trend to stop for at least two to three years, barring any major geopolitical turmoil. The national economy is humming along and the Bay Area outperforms the rest of the country. What was a record breaker in 2026 may end up looking like a bargain in the very near future.\u00a0<\/p>\n

\u201cBuyers are actually bidding in anticipation of prices going higher,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"Buyers looking to drop $10 million or more on a house in San Francisco used to limit their…\n","protected":false},"author":2,"featured_media":507507,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[21818,2655,13781,35036,388,11853,101,103,102,104,106,105],"class_list":["post-507506","post","type-post","status-publish","format-standard","has-post-thumbnail","category-san-francisco","tag-home-sale","tag-housing-market","tag-luxury-real-estate","tag-mansions","tag-real-estate","tag-residential-real-estate","tag-san-francisco","tag-san-francisco-headlines","tag-san-francisco-news","tag-sf","tag-sf-headlines","tag-sf-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/507506","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=507506"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/507506\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/507507"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=507506"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=507506"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=507506"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}