Presidio Heights mansion sells $3 million over asking price

A five-bedroom mansion at 120 Cherry Street in San Francisco's Presidio Heights neighborhood closed for $17.2 million, a sum exceeding the list price by more than $3 million. The transaction, which finalized Thursday, resulted in a sale price of approximately $2,780 per square foot.

According to Redfin data, this per-square-foot price sits well above the luxury neighborhood's three-month median sale price of $1,970. Neal Allen Ward of Compass listed the 6,174-square-foot property, while Neill Bassi of Sotheby's International Realty represented the buyer. Property records identify the sellers as Alexander Millar, CEO of Bluefish Ventures, and his wife, Kristin Millar, an attorney. The identity of the buyer has not yet been made public.

The home originally traded for $3.7 million in 2007 and underwent a complete rebuild in 2012. Its amenities include wine storage, a garden, a turf sport court, entertainment and media rooms, an exercise room, a wet bar, and proximity to the Presidio's meadows and trails.

This sale reflects a broader shift in the San Francisco housing market, where overbidding is reaching new levels. Compass reported that September marked the highest share of homes selling above asking price in its observed data, with nearly 92 percent of sales closing over the list price. The trend is most pronounced in the top half of the market; sales above the median averaged 134 percent of the asking price in September.

Mike Simonsen and Janel Evans-Anderson noted in their report that this pattern reverses the typical market dynamic. Usually, entry-level homes attract competing buyers and bidding wars, while luxury buyers face less competition and have more negotiating room. "This fall it is the reverse," they wrote.

Compass data indicates that sales of homes priced above $5 million rose 109 percent in the first nine months of the year compared to the same period last year. However, not all high-end properties are selling above asking. Earlier this week, a mansion at 2833 Vallejo Street in Pacific Heights sold for $19.4 million, or $3,140 per square foot, after listing for $20 million.