If paying a $6,600-a-month mortgage on a rundown home that doesn't have a single bedroom seems steep to you, at least one person doesn't agree. Per Insider, someone has scooped up such a property in San Francisco's Noe Valley neighborhood, paying $1.97 million for the boarded-up abode described in its Compass listing as a "contractors special." The house is said to be a "fantastic opportunity" for someone who wants to take a chance on it and can pay cash—likely required "due to its extreme deferred state," per the listing.
The listing describes the 2,800-square-foot, nine-room home as having just one bathroom, with a kitchen that Insider describes as "[appearing] to date to World War II." Compass real estate agent Todd Wiley tells Insider the home was snatched up in a conservatorship sale, and that the most they'd hoped for was around $1.6 million—until "the human spirit of competition took over" at the live auction where the home sold, leading to the "head-scratcher" of a closing price.
The listing also deems the home "the worst house on the best block," and indeed, the Real Deal notes that updated residences of that size in that neighborhood can fetch $4 million and higher. But Wiley tells Insider $2.8 million is more the norm, and that fixer-uppers like this tend to fall more in the $1.4 million to $1.6 million range. Redfin notes that last month, the median home price in Noe Valley was just over $2 million.
Of the home with no bedrooms, which is zoned for up to two residences, the Real Deal simply notes: "Welcome to the Bay Area housing market, where it seems that nothing—not a pandemic, not growing safety concerns, nor soaring construction costs—can arrest surging prices for even the most derelict of properties." "Peak San Francisco," one Instagram account dedicated to profiling extravagant, odd, or otherwise eyebrow-raising homes snarks. A commenter on that post wryly adds: "That would go for $450 a night on airbnb." (Read more real estate stories.)