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(AP News)   Ever wondered what $2 million will get you in San Francisco's current housing market?   (apnews.com) divider line
    More: Facepalm, Real estate, worst house, Property, Common law, cash offer, Sales, 2,158-square-foot, man's family  
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6139 clicks; posted to Main » on 19 Jan 2022 at 9:05 AM (16 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2022-01-19 8:44:35 AM  
Location. They bought a teardown for the lot.
 
2022-01-19 8:52:01 AM  
A drainage ditch?
 
2022-01-19 8:53:25 AM  
A toilet?
 
2022-01-19 9:08:00 AM  
For 2k square feet and parking? That's a deal. Probably put another $500k into renovations and sell it for a cool $5M.
 
2022-01-19 9:08:40 AM  
A month's rent?
 
2022-01-19 9:08:57 AM  
No poop on the sidewalk?
 
2022-01-19 9:09:14 AM  
I'll take a dozen.
 
2022-01-19 9:09:31 AM  
As that one commenter said, they bought a house, with a parking spot. As I understand, that has roughly the same street value of a white baby.
 
2022-01-19 9:09:35 AM  
Yep. The houses on either side are both shown at ~$3.3, so this isn't actually crazy at all.
 
2022-01-19 9:10:58 AM  
No.  Not even once.
 
2022-01-19 9:11:56 AM  
A Dumpster Brand Dumpster?

You'll appreciate the locking cover when the garbage truck tips your home.
 
2022-01-19 9:12:40 AM  
It's literally getting to the point where if I hear someone lives in SanFran, there's a good chance they're a rich idiot.
 
2022-01-19 9:12:49 AM  
I can't imagine licenses/permits are cheap in SF. I know materials and labor aren't. Foundation problems?

This isn't a cheap flip.
 
2022-01-19 9:13:21 AM  

GORDON: It's literally getting to the point where if I hear someone lives in SanFran, there's a good chance they're a rich idiot.


Yeah but at least we can call it 'Frisco again.
 
2022-01-19 9:13:53 AM  
Okay, I've been looking at a lot of housing in Denver, Tucson, Phoenix area, LA, Palm Springs...

Although it needs work, that looks like a good deal in San Francisco.
 
2022-01-19 9:18:01 AM  
Those people are stupid.  You can buy a 5 bedroom house with a pole barn for you quads here in Dickless Corners, AR for $100,000 and they're hiring over at the Tyson plant for chicken chokers at $15 an hour!
 
2022-01-19 9:18:06 AM  
external-content.duckduckgo.comView Full Size
 
2022-01-19 9:20:03 AM  

WhackingDay: For 2k square feet and parking? That's a deal. Probably put another $500k into renovations and sell it for a cool $5M.


The buyer needs to tear it down to the dirt and possibly shore up the neighbors foundations as well.
Having said that, the developer will likely build as many condos as they will legally allow, I am thinking maybe 3 to 6 units unless this is zoned for single family housing only.
Think $1 million in demo and construction costs, then flip for $5 million?
 
2022-01-19 9:20:27 AM  
FTFA: A developer's $1.97 million cash offer for the 2,158-square-foot (200-square-meter) property in the Noe Valley neighborhood was finalized last week.

Smaller houses on that street have sold for just under $2 million; larger ones for has much as $9 million.

I'm guessing that the developer has already figured out how to get the square footage to over 3,000 through a demo and rebuild, and thinks they can sell it for at least $4 million. Maybe they can even push it to 3,500 square feet.
 
2022-01-19 9:20:58 AM  
Oh c'mon, it's got a little patina on it. It's a good fixer upper!

/bootstraps
 
2022-01-19 9:22:37 AM  

beezeltown: Location. They bought a teardown for the lot.


I'm guessing whoever bought this may own other properties next to it.  From the picture the whole area looks ripe for gentrification.
 
2022-01-19 9:22:37 AM  

Rapmaster2000: Those people are stupid.  You can buy a 5 bedroom house with a pole barn for you quads here in Dickless Corners, AR for $100,000 and they're hiring over at the Tyson plant for chicken chokers at $15 an hour!


Fark user imageView Full Size
 
2022-01-19 9:23:02 AM  
A parking space with a side of hepatitis B?
 
2022-01-19 9:24:36 AM  
"the realtor said was the outcome of overbidding in an auction"

Auction fever is a thing, man.
 
2022-01-19 9:25:55 AM  

dryknife: [external-content.duckduckgo.com image 474x355]


Fully enclosed box in relatively new condition? On an elevated stoop that won't flood you out when it rains? $600k easy. And if that's a steam grate in the picture, I'm thinking $1.3MM - $1.5MM if you get the right buyers to auction.

Throw in that tech bro currently occupying the box for me to hunt for sport, and I'll come in on the higher end of that range.
 
2022-01-19 9:26:52 AM  
Off street parking x3 it looks like. Wow.
 
2022-01-19 9:28:55 AM  
Do refrigerators still come in cardboard boxes
Youtube Q4CdncoWXUE
 
2022-01-19 9:31:05 AM  
Can they even get a demo permit for it?  If it's in a historic district, you all but can't.  You have to rebuild it and deal with the pissing match between the historic commission wanting it rebuilt historically accurately and the city permits office wanting it up to modern building code to give building and occupation permits.

Locally there was a historic (post civil war) house that burned  half down. The city issued a demolition permit but the historic district sued over it saying it could be preserved somehow.
 
2022-01-19 9:32:29 AM  

Maker_of_Roads: As that one commenter said, they bought a house, with a parking spot. As I understand, that has roughly the same street value of a white baby.


babies are cheaper up here I guess. But we also pay in CDN so there's that, too.
 
2022-01-19 9:38:05 AM  

GORDON: It's literally getting to the point where if I hear someone lives in SanFran, there's a good chance they're a rich idiot.


Considering the types of jobs that exist around SF that made the city so unaffordable, I'd say rich, yes, idiot, no. It isn't a city of gas station clerks and peep show booth cleaners.
 
2022-01-19 9:41:54 AM  

TheGreatGazoo: Can they even get a demo permit for it?  If it's in a historic district, you all but can't.  You have to rebuild it and deal with the pissing match between the historic commission wanting it rebuilt historically accurately and the city permits office wanting it up to modern building code to give building and occupation permits.

Locally there was a historic (post civil war) house that burned  half down. The city issued a demolition permit but the historic district sued over it saying it could be preserved somehow.


Meh... that's what sudden electrical fires are for...

Not that I want it to occur, but I wonder how much a 7.5 earthquake would shake up real estate prices there.
 
2022-01-19 9:45:20 AM  
We rented, but similar flats (~800 sq ft) in our tower in Hong Kong sold for about $1.4 million, and a space in the parking garage cost about $100K. And this wasn't even on the island; we were out in New Territories. A similar flat in Mid-Levels would easily go for $3-4 million depending on the age of the building and the views.
 
2022-01-19 9:46:25 AM  
Does anyone know if it's in one of the historical districts and you have to submit renovation plans piece by piece to a boards of Karens and Karmen?

"Denied:  Must have original copper gutters"
But the only company that makes copper gutters is owned by your brother
"So?  You're replacement gutters just doubled...  no tripled."
 
2022-01-19 9:46:37 AM  

GORDON: It's literally getting to the point where if I hear someone lives in SanFran, there's a good chance they're a rich idiot.


...or have owned the property since 2009 or before.

My little piece of California real estate in more pedestrian Riverside in SoCal has more than tripled in value since I bought it in 2009.  And, thanks to Prop 13, my property taxes can't go up by more than 2% a year.
 
2022-01-19 9:49:04 AM  

beezeltown: Location. They bought a teardown for the lot.


No shiat, the point is that SF prices have gone well beyond what anyone would consider affordable.
 
2022-01-19 9:53:22 AM  
Tear it down and put in a 7-11.
 
2022-01-19 9:53:24 AM  

puffy999: A toilet?


They don't charge you to crap and pee on the sidewalks in San Francisco.
 
2022-01-19 9:55:22 AM  
And that's just one reason SF is a shiatty place to live. Sure, tech salaries can be higher than anyone else, but how much more do you have to make to afford even the smallest house/condo within commuting distance?

Besides the shiat on the sidewalks and the insane traffic, the worst thing about living there is the insufferable citizens, all of whom moved from somewhere else (usually the midwest) gushing about how superior the culture was in San Francisco.
 
2022-01-19 9:55:24 AM  

stevesporn2000: beezeltown: Location. They bought a teardown for the lot.

No shiat, the point is that SF prices have gone well beyond what anyone would consider affordable.


I know it's hard to hear, but other people have money and can afford to live there. A few million people, even. I too wish every human lived on equal footing materially speaking, but we don't. It's a playground for well off people, as are most major cities.
 
2022-01-19 9:56:13 AM  

czei: And that's just one reason SF is a shiatty place to live. Sure, tech salaries can be higher than anyone else, but how much more do you have to make to afford even the smallest house/condo within commuting distance?

Besides the shiat on the sidewalks and the insane traffic, the worst thing about living there is the insufferable citizens, all of whom moved from somewhere else (usually the midwest) gushing about how superior the culture was in San Francisco.


You mean every single large city?
 
2022-01-19 9:58:53 AM  
You know what $2 million will get you in Florida?  A coastal home that will be underwater in 20 years, and the privilege of dealing with Ron DeSantis and his ilk.  If I had the money, I'd buy a home in San Francisco and renovate to make it livable.
 
2022-01-19 9:59:15 AM  
You know, it's funny, Subs, but now that you mention it - no, I don't think I ever have.
 
2022-01-19 10:05:02 AM  
Fark user imageView Full Size
 
2022-01-19 10:09:30 AM  
Mrs SLEZE and I had the same strategy. Bought the shiattiest house in the good school district with the intention of upgrading to a bigger house as the future kids approached school age. Wasn't as run down as this one, nor anywhere near as expensive.

2 remodels and 15 years later and we're still here. Can't afford a new house in the size range we want in this neighborhood. Fortunately, after the remodels, we have grown to love the house (Stockholm Syndrome?).
 
2022-01-19 10:14:04 AM  

Maker_of_Roads: As that one commenter said, they bought a house, with a parking spot. As I understand, that has roughly the same street value of a white baby.


50 grand?
 
2022-01-19 10:14:56 AM  

Bovine Diarrhea Virus: You know what $2 million will get you in Florida?  A coastal home that will be underwater in 20 years, and the privilege of dealing with Ron DeSantis and his ilk.  If I had the money, I'd buy a home in San Francisco and renovate to make it livable.


Put an offer on a house in Antioch CA yesterday in a nice development NO HOA!. Also have a house on a river in North Florida. Our plan is to see which house gets taken out first. The Florida house from river flood or hurricane, or the CA house from wildfires or earthquake.
 
2022-01-19 10:15:11 AM  

Rapmaster2000: Those people are stupid.  You can buy a 5 bedroom house with a pole barn for you quads here in Dickless Corners, AR for $100,000 and they're hiring over at the Tyson plant for chicken chokers at $15 an hour!


Is dickless corners two towns over from Cooter's Hollow?
 
2022-01-19 10:16:18 AM  

booztravlr: Rapmaster2000: Those people are stupid.  You can buy a 5 bedroom house with a pole barn for you quads here in Dickless Corners, AR for $100,000 and they're hiring over at the Tyson plant for chicken chokers at $15 an hour!

[Fark user image image 570x323]


Oh, a monkey. I thought that was a cat in beavis' lap and I was very confused.
 
2022-01-19 10:23:15 AM  

Maker_of_Roads: As that one commenter said, they bought a house, with a parking spot. As I understand, that has roughly the same street value of a white baby.


And here I've been throwing those in the dumpster.
 
2022-01-19 10:23:54 AM  
Not really, no.  I have zero desire to live in California.
 
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