San Francisco estate sells for $10m above listing price as AI boom drives up costs
Eight-bedroom mansion listed at $18.5m sold for $28.5m and has a private garden and three-car garage A San Francisco estate sold for $10m above its listing price this month in a new record for the city as the artificial intelligence boom continues to drive up real estate prices. Located in the city’s tony Presidio Wall neighborhood, the eight-bedroom mansion was listed at $18.5m on 2 October and…
A San Francisco estate in the sought-after Presidio Wall neighborhood has sold for a record $10 million more than its original listing price, driven by the soaring costs of the AI boom. The eight-bedroom mansion, spanning a large footprint with a private garden and three-car garage, was listed at $18.5 million on October 2 and ultimately sold for $28.5 million on October 22.
The property, built in 1966 by the renowned architectural firm Whisler-Patri, has been owned by the Janice R Lurie Trust and Robert A Lurie Trust for over four decades. The AI industry's high-paying jobs have contributed to skyrocketing housing costs, making it increasingly difficult for even those with six-figure incomes to find affordable housing.
In fact, over 140 homes in the city sold for $1 million above asking or more in the first half of the year, up from just eight a year earlier.
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