Posted on 09/26/2015 5:51:43 AM PDT by SeekAndFind
According to the broker, it’s the cheapest home on the market in San Francisco, and it’s an unlivable shack.
It is a worn-down, decomposing wooden shack that was built in 1906, and the interior is unlivable in its current condition. The San Francisco house is also selling for $350,000.
Located at 16 De Long Street in the (slightly) more affordable Outer Mission district, the house’s price is a reflection of the skyrocketing real estate market in San Francisco. Since 2012, the city has seen a 103% increase in median housing prices; this month, that figure stands at $1.35 million.
According to realtors Brian Tran and Alexander Han, the shack is “the cheapest home listed in San Francisco.”
Originally an earthquake shelter, the shack was built in the aftermath of the devastating 1906 San Francisco earthquake. The 765-square-foot unit caught the attention of Tran and Han during a drive around the neighborhood. Upon spotting the vacant house, they found the owner—who had bought the home in 1984 and had moved out in 2008—and asked if she would be willing to sell it.
(Excerpt) Read more at fortune.com ...
lol. Well, I shouldn’t talk. I live on Staten Island where you can still get a nice townhouse for 320k maybe a little less.
but about 15 miles away in Manhattan, a million is a joke
That SF shack may be worth it, its hell taking a car into SF, worse than the LIE in NY. I visit there often, its a mad house on the road in the a.m. and p.m. during work hours. I sold a house in Brooklyn in 2002 for 210k, its worth over 1M now, and my parents bought it for 3200 back in the 40’s. 350K is for the Property, they’ll put a multi story house there and get 2M for it.
It’s a $2000 house sitting on a $348,000 lot.
Someone has to work for these business creators.
...
They are mostly highly paid and many get stock in the company.
OTOH, Elon Musk lived in his office when he started in SV.
It is a tear down not a “ home” that may be between Two businesses. The property may very well be worth $350,000 as a business location. Stupid article!
350K is for the Property, they’ll put a multi story house there and get 2M for it.
...
They’ll need to grease some palms to get approval.
I live in Ohio. About 10 years ago, these “McMansions” started springing up in our towns. Rumor has it that people from the west coast were moving in and asking for homes in the $450,000 range and none existed. When they saw what that price bought here they were amazed. Now most of the McMansions are filled with Californians, who, for some reason, want to stick around.
“So $350,000 is the price of the land it sits on.”
I would think that actually is the price of the land with the cost of removing the trash pile deducted. Once the shack is gone the price should be considerably HIGHER. The cost of removing it at one time would have been minimal, with current regulations who knows. Fifty thousand maybe?
I live on eight acres fronting on a small river on the North side and two paved streets on the South side with an 1850 square foot dwelling, Oaks, Hickories, Dogwoods, Poplars, Pines, Sparkleberry, a Blueberry orchard, pear trees, grape vines and arbors, the kind of place a lot of people dream of and if I asked $350,000. for it here I would be laughed at. If such a place existed in Silicon Valley it would be worth millions upon millions.
And a low cost security system, check out the windows.
Just left last week. Hope I never go back.
Good point.
Your place sounds nice, but more work to keep up than I want once (if ...) all my kids finally move out. I'd be happy to go straight from here to an "independent living" condo like my mother's.
In the ritzier suburbs of NJ, there are million dollar tear-downs.
Grew up in Los Altos and played with school friends who lived in Los Altos Hills...
Can’t touch anything there these days for under $10 mill...
Folks bought in ‘63 and cashed out 27 years later...
Best investment plan ever....
They overextend themselves tremendously - but when a lender sees the zip code and hears "Employed by Google", their better judgment goes right out the window. :)
Well, I guess we’ll find out down the road if it was a bubble or not.
Never been out there. If it’s like NYC then prices will just keep going up.
Both parents will work till 9pm while junior gets home early and has a few beers and a toke.
It’s very private, cozy, with little yard work necessary, close to shopping and restaurants. An ideal home for the young business professional, or empty nester looking to downsize!
They all have 99 year mortgages.
Yes, I’m not making that up. While the rest of the nation operates sanely on 15 or 30 year models housing prices in California are such that banks started 99 year mortgages.
They will never, ever own their homes.
That’s a dilapidated tool shed or outback workshop without the land around it. What a dog and expensive one at that.
This is what $265000. will buy on SIXTY SEVEN ACRES within twenty minutes drive of a Wal-Mart distribution center and about one hour from Charlotte, NC. House built in ‘88, hardwood under carpet floors, two car garage and wordshop heated and cooled. How many BILLion would it cost in California? FORTY ACRES OF STANDING PINE TIMBER. This is very close to where I was born and raised. It has been listed for more than four months already.
It’s called a building lot
It may surprise Freepers but that lot must be in a not great San Francisco neighborhood
A tear down lot in tony Nashville areas costs a lot more than 350
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