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The Silicon Valley housing market is so dire, these run-down or condemned homes sold for over $1 million
The Silicon Valley housing market is so dire, these run-down or condemned homes sold for over $1 million
Katie CanalesMay 19, 2018, 21:42 IST
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Scanning San Francisco real estate listings on sites like Redfin and Zillow, you'll find many a property that has been condemned by the city, deemed uninhabitable by inspectors, and/or in need of so much TLC that tearing it down and starting from scratch is a must.
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Some of those properties go for $1 million or more.
The housing market in San Francisco is so dire that neither sellers nor buyers seem to mind, though: The median price of a house in San Francisco has climbed to $1.61 million, while its sister city of San Jose clocks in at a median price of a little over $1 million. This means that any Silicon Valley valued at around $1 million can seem like a steal.
Take a look below to view some of the Silicon Valley property listings we found where properties were sold for around $1 million, basically by the virtue of the dirt they rest on.
First up on the list is this single-family home nestled in the Potrero Hill and Mission neighborhoods of San Francisco. It's 1,700 square feet and is also an "uninhabitable structure," according to Trulia.
There are gaping holes in the roof's shingles and the listing advises to "bring your contractor and architect and explore the possibilities."
Similarly, this house has been pegged "condemned." The listing's description includes the warning "enter at your own risk" because of its structural instability. And yet, it sold in late March for a cool $1.2 million.
A fire pillaged this 1,066-square-foot property in San Jose's desirable Willow Glen neighborhood two years ago. The home will need to be demolished, meaning its new owners paid $938,000 for a plot of land.
There are 1,782 square feet of Fixer Upper material with this home. The listing, like the others, advises to bring contractors and developers. It sold for $1,080,000 in March.
This "major fixer" in San Francisco's Richmond District neighborhood doesn't even have its square footage listed, though the lot it sits on spans 3,000 square feet. It sold for $1,300,000 in February and "is looking for new life" with its new owners.
This 932-square-foot home is a "total Fixer" with a capital F, according to Zillow. It sold for $600,000 in mid March to owners who were okay with a listing that is a "fabulous opportunity for contractors, builders, developers, and investors."
Around the block is another fixer upper, marketed as a "developer, contractor or flipper property." The structure spans 1,085 square feet and is in bad condition, "ready to be rebuilt." But on the bright side, its new owners get great views of the Bay! By San Francisco standards, that's a plus.
