You think the New York and Los Angeles markets are out of control? Check out what $350,000 will get you in this major American city
San Francisco real estate is becoming increasingly out-of-reach for would-be buyers, as evidenced by the cheapest property currently listed in the city: A $350,000, rundown shack.
"It's the cheapest property in San Francisco, and it's a great buy," the Realtor selling the property told Vice.
As Vice reports, the building is so dilapidated no lender will provide financing for it – meaning whoever the … lucky … buyer is will have to front the entire $350,000.
But is this all that shocking?
The average apartment in San Fran now rents for $3,458 per month. The median price, meanwhile, is $1.2 million.
“I went out to the property to see it for myself, and noticed immediately that half of the house's foundation is cement; the other half is collapsing into rotted underground posts,” Jules Suzdaltsev writes in his Vice column. “The bathtub has clearly collapsed through the floor into the foundation. One potential buyer, who was touring the house with me, said he thought he could sink ‘a buck fifty’ into the property after buying it and turn it into a cute little Airbnb.”
Two offers have apparently been made on the property.
The original article features pictures, for those curious.
"It's the cheapest property in San Francisco, and it's a great buy," the Realtor selling the property told Vice.
As Vice reports, the building is so dilapidated no lender will provide financing for it – meaning whoever the … lucky … buyer is will have to front the entire $350,000.
But is this all that shocking?
The average apartment in San Fran now rents for $3,458 per month. The median price, meanwhile, is $1.2 million.
“I went out to the property to see it for myself, and noticed immediately that half of the house's foundation is cement; the other half is collapsing into rotted underground posts,” Jules Suzdaltsev writes in his Vice column. “The bathtub has clearly collapsed through the floor into the foundation. One potential buyer, who was touring the house with me, said he thought he could sink ‘a buck fifty’ into the property after buying it and turn it into a cute little Airbnb.”
Two offers have apparently been made on the property.
The original article features pictures, for those curious.
