As a few readers already know, SFluxe editor Damion Matthews recently left Prudential to join Sotheby’s International Realty in San Francisco, where he’ll be able to provide his clients with the highest level of real estate options and services.

Sotheby’s is especially known for its multi-million dollar listings, a market which in San Francisco is still doing very well — in fact, it’s “booming” according to a report that was just aired by CBS.

CBS News’ Hank Plante went with Joel Goodrich (of TRI Coldwell Banker) and his client Sophie Azouaou on a showing of one of Joel’s beautiful Pacific Heights listings (located on Lyon Street) to get a sense of what’s going on out there. Here is a transcription of the show, in case you missed it or can’t see the clip online.

“San Francisco realtor Joel Goodrich is showing his client a 5,000 square foot Pacific Heights stunner of a home listed at $8.55 million. The client, an interior decorator and philanthropist, has been looking for three months.”

Sophie: “At the beginning I really wanted a penthouse, to have the beautiful view and yet have the living room and dining room. But now I am changing towards a house.”

Hank: “There doesn’t appear to be a recession at this level.”

Sophie: “Not at all. Not at all. It doesn’t feel like there is a recession.”

And she’s right, because Realtors in the Bay Area’s most affluent communities are reporting a record year for private home sales at the top of the market.

Joel: “Interestingly enough, this year we’ve seen more off-market sales than we’ve ever seen.”

Hank: “What does that mean – ‘off-market’?”

Joel: “They don’t go on the MLS.”

Hank: “In general, what’s the top of the market like these days?”

Joel: “It’s strong. Starting with the $2 - $5 million range, a lot of those homes are actually selling over asking. In fact, the average home sells over asking in the $2 - $5 million range. As you get over $5 million, if it’s a well-priced trophy property, it will sell immediately.”

Look at these recent sales.

2740 Green Street

This house on Green Street sold for about its asking price of $11 million.

2820 Pacific

This house on Pacific reportedly sold for $16 million.

3800 Washington

Here’s a mansion on Washington Street that sold along with its carriage house next door for what realtors say was $20 million.

2515 Scott Street

And finally, this property on Scott Street sold within 10 percent of its asking price, which was $19.75 million.

Hank: “Now all of this is fine at the high-end, but what about the rest of the market? Does a rising tide lift all boats?”

Ken Rosen runs UC Fisher Center for Real Estate.

Ken: “The core Bay Area is actually doing quite well at the moment, even though sales are down probably 30 or 40%. You don’t have as much volume activity.”

Hank: “But the core – San Francisco, Berkeley, Marin…”

Ken: “Marin would be included in that. A little bit softer. There is possibly going to be a 5 to 10 percent correction there. But it depends on how serious the recession gets.”

Hank: “so who, exactly, is driving the boom at the top end?”

Joel: “It’s generally cash. And if they finance, it’s just generally for investment reasons. We’re getting, actually, a variety of buyers from the high tech – young high-tech buyers, for example. A 26-year old bought the penthouse at the Infinity for $6.9 million. And interestingly enough we’re seeing most of our clients in this price range are 30-somethings.”

Thirty-somethings who are aiming for the sky, and can afford it.

• Further Information: Joel Goodrich [joelgoodrich.com]
• Further Information: Sophie Azouaou [sophisticateinteriors.com]
• Further Information: The Fisher Center [berkeley.edu]
• Further Information: Sotheby’s International Realty [sothebyshomes.com]