A mansion tucked into a cul-de-sac on the Presidio Wall in Presidio Heights has sold for $28.5 million, a stunning $10 million above its $18.5 million asking price. The eight-bedroom home at 20 Cherry St. closed on October 22, and the overbid is now being called San Francisco's new citywide record.
The sale was reported by The San Francisco Business Times, which described the deal as shattering the city's prior overbidding benchmark. Listing records from compass.com show the property was built in 1966, sits on a cul-de-sac on the Presidio Wall north of Jackson Street, and includes a three-car side-by-side garage along with additional off-street parking. The property was listed by Amanda E. Martin with BarbCo, and Nina Hatvany represented the buyer.
Inside an Already Red-Hot Luxury Corridor
Presidio Heights has already drawn a string of luxury sales well above asking this year, and the Cherry Street closing adds to that pattern. The neighborhood's appeal, paired with scarce inventory, has helped push prices into territory few San Francisco buyers have seen before.
That scarcity is showing up across the city's upper-tier market. Sales above $5 million jumped 109% year over year, and the priciest quarter of all sales saw values rise 27%, per the account.
Bidding Wars Have Become the Norm
The Cherry Street sale lands amid a broader bidding frenzy rippling through San Francisco real estate. More than 90% of houses in the city sold above asking price in recent months, with the typical sale closing 31% above list, according to the San Francisco Business Times. Earlier in the year, the pace of extreme overbids was already startling: Compass reported that 144 San Francisco homes sold for at least $1 million over asking in just the first six months of 2026, while the San Francisco Business Times reported that homes selling for that much above asking surged 1,700% over the course of the year.
In June alone, 44 homes sold for more than $1 million over their list price, per the same account. The figures reflect fierce competition for San Francisco homes.
Other Neighborhoods Setting Their Own Records
Presidio Heights isn't alone in posting eye-popping numbers this year. A Cow Hollow home at 2512 Union St. sold in May for nearly double its $8 million asking price, a citywide 21st-century record at the time before being eclipsed.
Smaller but still dramatic overbids have turned up across the city too. A 4,800-square-foot property at 1125 Hayes drew a preemptive offer $2 million above its $7 million teaser price, the report states. Separately, The Front Steps documented a home at 2684 Green Street that sold for $9.75 million, $1.75 million over list, along with a Marina property on Franklin Street that closed $1.52 million over asking and a unit on Ord Street that sold $1.305 million above its original price.
No Sign of the Market Cooling Yet
Experts cited in coverage of the broader trend don't expect the upward trajectory to stop for at least two to three years, barring major geopolitical turmoil. For now, the Cherry Street sale stands as the most extreme example yet of just how far San Francisco buyers are willing to go to land a trophy property in one of the city's most exclusive enclaves.
