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

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

“New Homes in San Francisco, from the low $1,000,000s”#SF #gentrification pic.twitter.com/B2Xe5AGZo4

— Joe Fitz Rodriguez (@FitzTheReporter) April 2, 2016

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.

@FitzTheReporter @asians_art 2bd, 1ba, 765sf POS home SF, $408,000 in Oct 2015 https://t.co/R66j3CbDiu Whadda deal. pic.twitter.com/d8iJEm5The

— Barbara Horiuchi (@BarbaraHoriuchi) April 4, 2016

.@FitzTheReporter @MattTheLombax “the low millions” is an oxymoron!

— Norman Di Pasquale (@normsworld) April 4, 2016

@FitzTheReporter @sconover is $4,000,000 a low million?

— Danny Burkes (@dburkes) April 6, 2016

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.