San Francisco housing still in manic phase: Dump that is “uninhabitable” with fire damage has pending offer at $1.4 million.
Well being back in the Bay Area I realize once again how delusional people have become when it comes to chasing unicorn startups and all things real estate. I ran into multiple people and it seems like everyone is talking about real estate. Some of these people were showing me “deals” on apps like Zillow or Redfin on their phones. “This place with some work can then be flipped in a month for a $200,000 profit.” Why work when you can speculate on housing? The housing market is now in cult status and this psychological territory isn’t new. We don’t have to dig deep into historical texts and read about Florida real estate in the 1920s but need only look at the 2000s. San Francisco is out of control. And of course you have insulated mindsets from many that work in tech or the financial sector since they feel that money or an app can solve all of life’s challenges. Today we take a look at a home worthy of the crap shack title in San Francisco.
Uninhabitable San Francisco home with fire and water damage – $1.4 million
You always hear that you are paying for the land, not the property in California. If there is ever an example more worthy of that adage it will be with this home.
Take a look at this beauty:
Now this home comes with a winning ad:
A gorgeous home that is ready for a dual-income tech couple ready to nest and put their new kid here:
Nic e little room for a mini tech baby. Or what about this room:
Now I know what you are asking, “but what about the bathrooms? Surely that is going to look nice.” And you would be absolutely correct on that one:
The property was foreclosed on in 2012 and actually made the news because of the fire:
“SAN FRANCISCO (CBS SF) — The San Francisco Fire Department responded to a single-alarm fire in the city’s Ingleside Heights neighborhood Friday afternoon, according to a fire department official.
The fire was reported at 12:11 p.m. in a multi-story, single-family home at 89 Belle Ave., the official said.”
I had a reader send me this listing back on 9/20 and guess what? It has a pending offer:
Now to make this place livable you will need to drop $650,000 to $1 million based on contractors hired by the bank. But this is part of the cult status of San Francisco. You can tear this place down, build whatever it is you have in mind, and next you can flip it for a million dollar profit.
At this point, everyone is chasing easy money. Why slave away as a tech worker making a low six-figure salary when you can buy crap shacks across the state and simply flip them for profit? The place doesn’t even need to be livable apparently!Did You Enjoy The Post? Subscribe to Dr. Housing Bubble’s Blog to get updated housing commentary, analysis, and information