San Francisco mansion listed at $18.5m sells for $28.5m just 20 days later

Homes selling above their asking prices are not uncommon in San Francisco’s luxury real estate market, but one recent sale has set a city record. An eight-bedroom mansion at 20 Cherry St. on Presidio Wall sold for $28.5 million on Thursday, 22 October, fetching $10 million more than its $18.5 million asking price after just 20 days on the market, according to the San Francisco Business Times. The buyer’s identity has not been disclosed. Nina Hatvany of Compass represented the buyer.A rare sale after four decadesThe house, at the end of a cul-de-sac on the edge of the Presidio, sits on about 0.31 acres, which is a large lot for this part of the city. Built in 1966, this mid-century house was designed by the Whisler-Patri architectural firm. The listing on Redfin describes the house as having an ‘impressively forward-thinking design’ and being a ‘beautiful integration of dramatic spaces seamlessly connecting with the outdoors’.The eight-bedroom, seven-bathroom house comes with seven parking spaces, including a three-car garage. The listing describes it as an ‘extraordinary estate’ and a ‘rare opportunity to find a home with such a massive footprint’.The property remained with one family for more than 40 years, according to the publication. The sellers were the Janice R. Lurie Trust and the Robert A. Lurie Trust. The property came on the market after Janice Rosen Lurie, the long-time resident and former wife of former San Francisco Giants owner Bob Lurie, died in July aged 96. Her family’s decision to sell came after decades of ownership, and the sale now marks the end of a long chapter for the house.‘Everything is clearly in the right place! Fantastic opportunity for a new owner to create their legacy,’ the listing says.The home went on the market on 2 October at $18.5 million. The sale closed on 22 October, according to the listing. Nina Hatvany of Compass represented the buyer, who has not been publicly identified. The final price was $28.5 million, which was $10 million above the asking price, or about 54% more. Hatvany told the publication that the large lot, private garden and views towards the Presidio make the property particularly rare. Those features, more than the house itself, seem to have driven the bidding.The $10 million gap is the largest dollar overbid the city has recorded. In May, a Cow Hollow home at 2512 Union St. sold for $15 million after being listed for $7.95 million, a premium of roughly 88.7%. The gap was smaller in dollar terms but far larger as a share of the asking price.Earlier this month, a house at 2 Sixth Ave., near the Presidio, sold for $15 million after being listed for $8 million. That $7 million premium falls between the two extremes. Taken together, the three sales show how sellers in the top tier of the market have been able to push prices well beyond their initial asking prices.The average 30-year mortgage rate rose above 7% earlier this month. For many buyers who need a loan, that is a serious obstacle. The most expensive homes, however, have felt far less of that pressure. About 79% of San Francisco homes selling for more than $7 million had no mortgage at closing as of 1 September.The luxury market has been particularly strong as wealth from the artificial intelligence industry flows into the city.