Paying a premium for Presidio Heights

200 Laurel Street sold for almost $10.3 million, or 114 percent of the listing price.

The home at 200 Laurel Street sold for almost $10.3 million, or 114 percent of the listing price.

REAL ESTATE | PATRICK BARBER

Bidding wars remain a fact of life for San Francisco home shoppers. Single-family homes in the city sold for 108 percent of the original listing price in the first quarter of 2016, according to data from the multiple listing service. This trend has been dominant in Presidio Heights, where a shortage of homes for sale is ensuring that sellers in the neighborhood get a premium.

Through April 15, there have been three single-family home sales in Presidio Heights this year, including two on April 8: 3737 Jackson and 200 Laurel. The Jackson Street home sold for $4.5 million — 104 percent of the listing price — while the Laurel Street home fetched nearly $10.3 million, or 114 percent of the listing price. Even with those big price tags, both homes quickly found buyers: 3737 Jackson in 15 days, 200 Laurel in 10 days. The only other Presidio Heights single-family home sale this year sold in two weeks for 140 percent of its original listing price.

It’s worth noting that there were twice as many home sales in Presidio Heights last year from January through mid-April. Even so, given the neighborhood’s relatively small size and high desirability, four of those six homes sold for more than the listing price.

Patrick Barber is president of Pacific Union.

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