San Francisco's housing market has lost its mind | TechCrunch

"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 five years."

"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 routinely selling for $500,000 to $1 million over asking."

A six-bedroom, 5,700-square-foot home in Cow Hollow listed for $7.95 million sold for $15 million, nearly doubling the sellers’ investment from a 2020 purchase. A 4,100-square-foot home in Presidio Heights listed for $4.4 million sold for $8.2 million within a week, with a buyer criticizing the property’s condition and view despite the price. A 2,300-square-foot home in Bernal Heights sold for $4 million, $1 million over asking, after failing to sell for $2.95 million two years earlier. Across much of the market, homes are frequently selling $500,000 to $1 million above asking, indicating aggressive bidding beyond the ultra-luxury tier.

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