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San Francisco ranks as the most unaffordable city in the United States. The median price for a one-bedroom home is around $820,000.
By comparison, the half-million asking price of the city's least-expensive single-family home on the market is a steal — or as Rick Smith, the real estate agent behind the listing calls it, "a joke."
The decrepit house is a classic example of San Francisco's housing crisis, which has accelerated in the last few years.
He has received 12 offers over $520,000 for the home, which was awarded to one lucky bidder on Wednesday.
The home (which resembles more of a shed than a house) sits in Visitacion Valley, an outer neighborhood of San Francisco. Here's the view from the backyard:MLSIn total, Smith received 23 offers, but only 12 were over $520,000. The bidders are all house-flippers, investors, or contractors who may want to capitalize on San Francisco's hot housing market.
"When you have a property that's below a million [dollars in San Francisco], it's a steal," Smith told Business Insider. "If it's close to $500,000, it's a joke."
The inside is not as pretty.MLS
The former owner died in 2017. The heirs paid $2,500 in trash removal before the home went on the market.MLS
None of the appliances work and the plumbing is not functional, Smith said.MLS
Mold speckles the ceiling.MLS
See the rest of the story at Business Insider
See Also:
- South Korea is building a $35 billion city designed to eliminate the need for cars
- 9 of the 10 hottest neighborhoods in America are in this ritzy enclave for the tech elite
- A 58-story skyscraper in San Francisco is tilting and sinking — and residents say their multimillion-dollar condos are 'nearly worthless'
SEE ALSO: South Korea is building a $35 billion city designed to eliminate the need for cars
