Key facts
- A San Francisco estate sold for $28.5 million, $10 million above its listing price.
- The mansion is located in the Presidio Wall neighborhood and was built in 1966.
A San Francisco estate sold for $28.5 million, $10 million above its asking price, this month, setting a new city record. The AI boom, with its highly paid employees, is driving up real estate costs in the city.
The sale of the San Francisco estate for $10 million above asking price underscores the intense competition and rapidly rising real estate values in the city, driven by the booming AI industry and its high-earning workforce.
A San Francisco estate sold for $28.5 million, $10 million above its asking price, this month, setting a new city record. The mansion, located in the Presidio Wall neighborhood, was listed at $18.5 million on October 2 and sold on October 22. Built in 1966, the property features eight bedrooms, a private garden, and a three-car garage. The sale highlights the impact of the artificial intelligence industry, with its highly paid employees, on soaring housing costs in the city. In the first six months of the year, over 140 homes in San Francisco sold for $1 million over asking or more, a significant increase from eight in the same period a year earlier.
Pick the topics you care about. Get only what matters, on your cadence.