Dilapidated San Francisco residence sells for $2 million
The sale of a crumbling San Francisco home closed this week and sold for nearly $2 million, an exceptional testament to the nation’s white-hot housing market.
AP
Marketed as the “worst house on the best block” and nestled between San Francisco’s coveted Noe Valley and Glen Park neighborhoods, the 122-year-old Victorian home was originally listed for just under $1 million before selling for 1, $97 million was auctioned. to Zillow.
“Someone had to really want this property to get it where they took it,” said Todd Wiley, one of the agents representing the seller. said KRON TV, which broadcasts to the Bay Area. “There wasn’t much data to suggest it would sell that well.”
The home at 320 Day Street has been sold to a developer, Wiley said, and is likely to be resold in the near future.
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Wiley added that the home was “structurally unstable” and virtually uninhabitable, and “could collapse in on itself in an earthquake.”
“The property should have been condemned,” he said.
While the house’s final selling price is striking, the story behind it is not.
The US housing market was booming even before the pandemic began, and prices have skyrocketed due to material and labor shortages and inflation. The Consumer Price Index, which measures the cost of goods and services, showed in December that accommodation prices rose 0.4 percent month-on-month and 4.1 percent year-on-year, the highest since 2007. according to the St. Louis Fed.
Meanwhile, the national median price of an existing home reached $353,900 in November, the most recent month for which data is available, a 13.9 percent year-over-year increase but still lagged behind previous price increases of nearly 20 year-on-year back percent, According to the National Association of Real Estate Agents.
According to Wiley, the home is surrounded by multimillion-dollar residences valued at up to $3.4 million. A new build nearby recently sold for $9 million, he said.
However, the sale of the ramshackle house is several hundred thousand dollars higher than other similar properties in the area due to a conservator sale. The Associated Press reported, citing Wiley.
Wiley told the AP the sale was approved by a judge after the elderly owner of the property was placed in a conservatory by family members who were reportedly concerned about the conditions in which he was living.
Proceeds from the sale will fund continued care for the former owner, Wiley said.
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