Take A Tour Of The Cheapest House On The Market In San Francisco, A $600,000 One-Bedroom Shoebox
I’m pretty sure my parents bought the house I grew up in with a pack of Altoids and a pulse. Things have changed. And there’s no greater indicator of that than the San Francisco housing market.
According to Business Insider, a person who wants to buy property in San Fran needs a household income of $303,000 in order to afford the 20% down payment on a $1.5 million home, which is the median sale price on a home in the city.
Just a couple years ago, it was reported that people clamoring to live in the Bay Area were shelling out $1 million for small cottages that were built as temporary housing after the infamous 1906 earthquake.
A 570-square-foot home in San Francisco’s Glen Park neighborhood is all the rage now after officially becoming the least expensive house on the market in San Francisco.
Real estate agent Jeff Appenrodt of Laurel Realty has put the home on the market again at the new low price of $599,000, and people are losing their minds.
“We’ve been getting all kinds of activity. I’m getting calls form people down south and they’re saying hey, I can get a house in SF for $599,000 I want it now. Some people are saying I don’t even know what I’d do with it yet, but I want it.”
For perspective on home prices in the area: a five-bedroom 4,400-square-foot home sold at 80 Laidley for $5.4 million in May 2017, and a four-bedroom at 537 Laidley sold for $3.795 million in July 2017.
For further perspective, here is a five-bed, five-bath home in Cleveland selling for the exact same price.
This little shanty is going to go $400,000 over asking price into the seven figures and I’m going to start crying.
[h/t SF Gate]