A dilapidated, 765-square-foot earthquake shack in San Francisco sold for $408,000 this week–a deal that is seen as a bargain considering the difficulty of finding a home under half a million dollars in the city’s surging real estate market.
The median selling price for homes in San Francisco is $1.2 million. Although details were not available about the buyer of the home, which is located at 16 De Long Street, the owner was overjoyed and brought to tears after receiving the selling price.
“I think the most notable part of the sale was that the owner of the home cried tears of joy when we presented her the offers,” Vanguard realtor Brian Tran told the San Francisco Chronicle.
Tran reportedly said he is helping the owner buy an investment property that will generate cash flow. “She has worked so hard her whole life. She can finally relax and collect residual income.”
The Chronicle notes that the average price per square foot in San Francisco is $957 and 16 De Long went for $533 per square foot.
The earthquake shack was among a slew of smaller homes that were built following the devastating 1906 earthquake. The owner has not lived there in seven years.
Although several earthquake shacks have been upgraded, restored and remodeled into perfectly livable homes–such as in the trendy neighborhood of Bernal Heights, where “earthquake shacks” are often prized properties–this one might be better suited as a tear-down.