Many of you may know it’s hella expensive to live in California. People often associate high-priced housing with Southern California’s beach communities like San Diego, or ritzy Hollywood areas such as Beverly Hills. But just up the coast about 6 hours is San Francisco–one of the highest-priced housing markets in the country.
Buzzfeed recently featured a story about this house. It’s been on the market for 8 years, boasts 2 bedrooms, 1 bathroom, and 765 square feet…and is listed for $350,000! The realtor admitted, “The home is barely standing. What you see is what you get.”
While that may seem ridiculous to most, it’s not so far-fetched when you consider the property values in San Fran.
“San Francisco is in the middle of a housing affordability crisis,” the article pointed out. “According to the California Association of Realtors, only one in five households can afford the cost of the median home in the Bay Area (roughly $804,000).”
Why in the world is it so expensive to live in San Francisco, and how is it possible this shack is selling for $350K?
Brian Tran, the listing agent for the property, attributes the high-priced housing to “the spillover from nearby Silicon Valley, as well as the city’s lifestyle and beauty.” When you’re considering a house like this, the price tag reflects the value of the land rather than the actual home.
After being on the market for nearly a decade, there’s no telling when this property will sell. However, Brian points out there has been a lot of interest.
PHOTOS: Google Maps/Vanguardproperties.com