San Francisco real estate has never been very accessible. But the record sales happening right now in the city’s high-end market are testing the upper limits of what even this famously unaffordable city thought was possible.
Consider a six-bedroom, 5,700-square-foot home in Cow Hollow, one of San Francisco’s most coveted neighborhoods. It was listed two weeks ago at $7.95 million, so, not cheap. It just sold for $15 million. The sellers, who bought the property for $7.8 million in the summer of 2020 as the pandemic was pushing residents out of cities, nearly doubled their money in under six years.
San Francisco real estate agent Rohin Dhar flagged the sale on X, where it drew the kind of reactions you’d expect from people who thought they’d seen everything this market had to offer.
Then there’s a 4,100-square-foot home in Presidio Heights, one of the city’s most exclusive enclaves, that was listed in late April for $4.4 million and sold a week later for $8.2 million, nearly double the asking price. Venture capitalist Nichole Wischoff, who toured the property before it sold, wasn’t impressed with what the money was buying.
“Mediocre house, good location,” she wrote on X, noting that the view from the patio was of a neighboring home that appeared to have burned down. “Someone just bought this for $8.2M,” she wrote. “If you like to see cash lit on fire, come tour real estate in SF.”
It isn’t only the ultra-high end that’s seeing action. A 2,300-square-foot home in Bernal Heights sold this week for $4 million — a million dollars over asking — just two years after the same owners tried and failed to sell it for $2.95 million. That sale represents a different but equally telling story: The frenzy isn’t limited to the rarefied tier of eight-figure homes. Across a wide swath of the market, buyers are bidding aggressively, with homes rout …