This is what a $350,000 house in San Francisco looks like

[KamaAina]

http://fusion.net/story/199332/this-is-what-a-350000-house-in-san-francisco-looks-like/

You may have heard that housing prices in the Bay Area are at astronomical, crazy, start-the-worker’s-revolution-tomorrow levels. The average asking rent for an apartment in San Francisco is $3,458 (not a typo!) and the median home price is hovering somewhere over a million dollars. To afford to live comfortably in San Francisco, estimates suggest you need to earn at least $200,000 a year.

How bad is San Francisco’s housing market? It’s so bad that this house, a dilapidated lean-to in the city’s Outer Mission district, was just listed for sale for $350,000.

The house, which has two bedrooms and one bathroom and is located on De Long Street in the Outer Mission, is 765 square feet. The listing on ZipRealty describes it as a “fixer,” and a “distinguished home in need of work.” According to Zillow, it last sold in January 1980 for $51,500.

$350,000 may not be that expensive for San Francisco these days, given that whoever buys this house will likely tear it down and use the land to build a much nicer, more twee tiny house. Still, when a complete, condemnable dump is on the market for a third of a million dollars, it’s clear that money has lost all meaning.

[corkhead]

1. location location location

the problem of property values skyrocketing in SF is directly attributable to poor tax policy. if we still had a 90% bracket, this problem wouldn't exist and the bottom 90% could afford to live there.

[PasadenaTrudy]

2. Tear down n/t

[question everything]

10. That was my reaction too. No doubt the land is worth that much

and a buyer can build a million dollar new hours..

[PoliticAverse]

3. But as the article points out you would be really paying for the property.

How much do similar vacant lots go for?

In this case tearing down and removing the house might actually increase the value of the property.

[Cleita]

4. I don't have a problem with dilapidated fixers if the land it's on is worth owning.

That is not $350,000 worth of land to me unless it has a spectacular view.

[global1]

5. It Ain't Much - But It's Home......nt

[Travis_0004]

6. SF needs to change zoning to allow higher desity.

If there are more people that want to live there than houses, prices will go up. The solution is to add more places to live.

Most cities expand outward, but that is not possible in SF.

The solution is go up. A lot of hostorical districts only allpw 4 stories or less and have a low density. Why not raise that? Soil in SF makes building more difficult, and I think there should be some limits to height, but that is the only thing that is going to help.

[KamaAina]

7. It is already the second-densest city in the U.S. behind NYC.

Or third if you count Hoboken, NJ as a "city".

[petronius]

8. Disappointed there were no pics of the interior

I'd love to see the inside of a "distinguished" $350k SF home...

[olddots]

9. perfect for entertaining

great school district and great veiws .

[mackerel]

11. An empty lot of similar square footage would still go for less. When you buy a home

even if it's condemned you already have grandfathered in water line & other utilities. You don't have to get as many permits. If they use the same floor plan you don't need that many permits at all. The permit process in the city if awful.

[KamaAina]

12. San Francisco earthquake shack sells for $408,000

http://www.marketwatch.com/story/san-francisco-shack-starting-at-350000-2015-09-29

If you want an idea of how red-hot the San Francisco real estate market is, you don’t need to look further than 16 De Long Street in San Francisco, where this tiny run-down shack built after the Great San Francisco Earthquake more than 100 years ago — just sold for northward of $400,000, more than its asking price.

The 1906 single-story Craftsman home in San Francisco’s Outer Mission needs some work. OK, a lot of work. But the price is what has people talking. The house, which was listed for $350,000 in September just sold this week for $408,000, nearly 17% above the asking price. With two bedrooms, one bath and a mere 765 square feet — it’s about the size of a hotel suite.“Distinguished home in need of work,” is how Vanguard Properties agent Brian Tran described it.

“We keep an eye out for distressed homes, but this one went above and beyond,” said Tran in an interview. Tran said the house spent just 10 days on the market before four all-cash offers rolled in. “It took a bit longer to close because the owner actually wanted to slow down and say her good-byes to the property,” said Tran. “She was very attached to the home,” he said.

Tran said the new buyers will keep the property as it is and remodel it. “I am very excited to see how the project will turn out,” he said.