San Francisco's housing market is so out of control, a home has sold for nearly $US1 million over asking

  • A mid-century modern home in San Francisco has sold for nearly $US1 million over asking. The buyers moved quickly in order to pre-empt a bidding war.
  • This kind of over-bidding shows the extent of the housing bubble in San Francisco, where tech workers fuel demand.

San Francisco’s housing market is so out of control, the new owners of a cavernous hillside home in the city offered nearly $US1 million over asking in order to pre-empt a bidding war.

1 Miguel Street went into contract after just two days on the market, closing for $US2.6 million. The out-of-state buyers made the deal before any other bids were placed, according to the realtor.

This kind of over-bidding shows the extent of the housing bubble in San Francisco, where a perfect storm of demand, speculation, and exuberance drive real-estate prices sky-high.

Built in 1957, the mid-century modern home sits on an oversized lot surrounded by trees in the Glen Park neighbourhood. Featuring three beds, two and a half baths, and roughly 190 square metres, 1 Miguel Street offers panoramic views through the floor-to-ceiling windows. Wood-paneled walls, exposed beams, and a wrap-around deck give it a distinct treehouse vibe.

The residence was a custom commission from local architect Worley K. Wong. The kitchen and bathroom went through a renovation before hitting the market, according to the listing.

Glen Park is a southern enclave of San Francisco that draws wealthy buyers because of its seclusion, picturesque streetscapes, and suburban feel. The median list price in the neighbourhood is $US1.8 million, and homes typically sell for 124% of the list price.

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