San Francisco: ‘Low Price’ Condos for $1 Million

San Francisco Tenderloin (Eric Risberg / Associated Press)
Eric Risberg / Associated Press

A billboard on Ocean Avenue in San Francisco has advertised brand new homes starting from the “low” price of $1,000,000.

Over 1,400 people have liked the tweet. The post made it to the front page of Reddit, where people around the world laughed about the real estate market in San Francisco.

The houses are located at Summit 800.

“It wasn’t supposed to say anything except we have homes available for sale,” explained David Aluetta, the CEO of Comstock Homes, which developed the property. “Like with any other home building project, you have to be careful to not quote an exact price. The average price of a home out there [at Summit 800] is $1.1 million.”

Summit 800 last advertised new homes in the spring of 2014. Over 78% of those units have sold, and most sold under the asking price.