A burned-out home in San Francisco is on the market for the 'below market value' of $800,000
November 8, 2017
A San Francisco homeowner is selling a burned-out house for about $800,000 — and the local housing market is so desperate, the house’s listing agent said the asking price was considerable low.
As reported in the Business Insider, a one-bedroom, one-bathroom house at 121 Gates Street in the popular Bernal Heights neighborhood, went on the market late October. The property was "completely gutted" in a 2016 fire, and the new owners will need to demolish what's left, according to realtor Jim Laufenberg.
"I suspect it will sell for more than what I'm asking," Laufenberg told Business Insider, noting that the seller listed the property below market value to gain more interest in the first few weeks.
The cost of the 1,700-square-foot lot demonstrates the housing bubble’s extent, where tech workers create demand quicker than the city can build new housing.
In the photos provided of the home, sunlight can be seen entering through holes in the ceiling, where an early-morning fire engulfed the property. Most of the furniture was destroyed in the fire and only a few filing cabinets were left intact.
There were no injuries in the fire which was caused by a wall-mounted gas heater, according to a San Francisco Fire Commission report.
Laufenberg said potential buyers won't be looking into the home for its bones. He suggested that its location just north of Cortland Street — a main hub populated by small markets, cafes, restaurants, and nail salons — make it a steal in Bernal Heights.
The residential enclave has seen a spike in popularity in recent years, increasing the median sale price of a single-family home to $1.36 million, up 75% from just five years ago.
"It's the location, it's the land, it's the opportunity to build," Laufenberg said.
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