San Francisco home sells for $10 million over initial asking price

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. 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. The agent connected to the sale said the buyer is a local family but would not disclose who they are. 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. 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. One of Perez s clients was planning to do just that but quickly realized they had to change plans. As my client was looking into those upgrades, they were re