San Francisco’s housing market seemed to go mad years ago.
First there was an old FedEx truck without plumbing that went for $600 a month. Then there was the $900 a month tent in someone’s backyard and a guy who paid $400 a month for a literal box in the living room of his friend’s apartment.
Two years ago, the cheapest home on the market in San Francisco was a “worn-down, decomposing wooden shack that was built in 1906” that was selling for $350,000.
And last year, a billboard cropped up advertising new homes “from the low $1,000,000s.”
But in the most depressing sign that the housing market insanity in San Francisco is nowhere near slowing, now you can buy a one bed/one bath home that’s literally burned out for $800,000.
Read: An Exclusive San Francisco Neighborhood Owed Taxes. So a Couple Bought The Street for $90,000
The Bernal Heights house was gutted in a fire last year, meaning that whoever buys the property will need to demolish and rebuild. But that’s not all—apparently the realtor considers the $800,000 price tag to be low, Business Insider reports, and expects it will sell for more than asking price.
Real estate database company Zillow reports that the median home price in San Francisco is $1,234,800, with home values going up 10.7% over the past year. Zillow estimates that prices will continue to rise 2.9% within the next year.
But according to the California Association of Realtors’ Housing Affordability Index, the growing median price means that only 12% of San Francisco households could afford to purchase a median-priced home by the end of Q2 this year.
With those bleak numbers, it looks like the buyer of this charred house might be considered very lucky indeed.
