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High-end San Francisco housing is rocketing up...or is it?

Pacific Heights neighborhood.
Geri Lavrov | Photodisc | Getty Images
Pacific Heights neighborhood.

Teeth everywhere have been gnashed over the ballooning tech-money-fueled price of real estate in the San Francisco Bay Area. But the high-end real estate market is actually showing mixed signals.

A 2-bedroom, 2.5-bath house in the tony Pacific Heights neighborhood went for $3.4 million last week. This isn't exceptional by itself, except for this fact that it's a whopping 70 percent above the original asking price, according to SFcurbed.

Read MoreInside the most expensive ZIP code in the country

More grist for the "bubble" mill, right?

Maybe not. As it turns out, some trophy properties in a nearby SF neighborhood can't fetch the prices their owners wanted.

A six-bedroom, six-and-a-half bath mansion owned by the founder of Sharper Image wound up selling for a third less than the owner first asked, according to the SF Gate. (The house also has an elevator and a six-car garage.)

Maybe real estate can't (yet) give us a definitive answer on whether there's a tech bubble.

Read MoreHere's what pros think will be the next tech craze

—CNBC.com

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