A home in San Francisco’s Presidio Heights neighborhood sold last week for $10 million over its initial asking price, a record for the city.<\/p>\n
The eight-bedroom, seven-bathroom home on Cherry Street overlooks the Presidio on one side and boasts a three-car garage. It was recently put on the market with an asking price of $18.5 million. It sold for $28.5 million.<\/p>\n
The agent connected to the sale said the buyer is a local family but would not disclose who they are.<\/p>\n
According to figures from Compass Realty, nine out of 10 homes in San Francisco right now are being sold for well over asking price, and many of them are all-cash sales.<\/p>\n
Realtor Rene Perez said it’s a great time to be a home seller in the city. But it’s not great for everyone, especially those hoping to sell their current home and upgrade to a bigger home.<\/p>\n
One of Perez’s clients was planning to do just that but quickly realized they had to change plans.<\/p>\n
“As my client was looking into those upgrades, they were realizing that they won’t be able to afford to upgrade because they were going to get outbid,” Perez said.<\/p>\n
The sky-high home sale prices have also resulted in a spike in the cost of rentals. For renters, Perez said it may be a good idea to lock in a monthly rate right now.<\/p>\n
“If you’re a month to month, you might want to talk to a landlord about what their intent is,” Perez said. “Say, ‘Hey, I kind of want some certainty. Let’s do a renewal.'”<\/p>\n