MUST LIKE FOG | CLAUDINE ZAP
The frenzy for multi-million-dollar listings in San Francisco has caused feverish bidding wars. In June, 44 homes sold for $1 million or more over the asking price. While that’s a small slice of the overall market, my colleague Erik Gunther notes that it shows “there’s a small, concentrated group of buyers willing to pay whatever it takes to win a house in this city.”
In San Francisco, the median home price hit a record high at $2.2 million in May, and dropped to about $2.1 million in June — still almost 25 percent higher than a year ago. With just 590 single family homes and condos listed for sale in the city at the end of June, a Compass report notes that “demand for larger, high-end homes continues to outpace available supply, contributing to what could be described as a ‘mansion shortage.’ ”…