This is what a $350,000 house in San Francisco looks like

[damnedifIknow]

?quality=80&w=728&h=485&crop=1

According to the broker, it’s the cheapest home on the market in San Francisco, and it’s an unlivable shack.

It is a worn-down, decomposing wooden shack that was built in 1906, and the interior is unlivable in its current condition. The San Francisco house is also selling for $350,000.

Located at 16 De Long Street in the (slightly) more affordable Outer Mission district, the house’s price is a reflection of the skyrocketing real estate market in San Francisco. Since 2012, the city has seen a 103% increase in median housing prices; this month, that figure stands at $1.35 million.

According to realtors Brian Tran and Alexander Han, the shack is “the cheapest home listed in San Francisco.”

http://fortune.com/2015/09/25/san-francisco-cheapest-home/?xid=yahoo_fortune

[House of Roberts]

1. If you ain't got the jack,

don't bid on the shack...

[damnedifIknow]

2. A little tlc is all it needs

A little paint and possibly a door to get in the jernt might help.

[Arugula Latte]

52. If you don't have the bread,

you can't buy the shed.

[Humanist_Activist]

3. Damn, around here they would just tear that down and sell the lot for 5 grand so you...

can build your own home on it. Actually, given the size of that lot(only seeing the front), its probably more like 1 grand.

I think real estate prices in San Francisco are just a teeny weeny bit inflated.

[MohRokTah]

4. The lot is what's worth $350K.

It may be worth more without the shack on it.

[Humanist_Activist]

6. Damn, that's insane. I guess I'm lucky, living in one of the more reasonable markets for real...

estate. if I spent some time searching, and had the budget for 350 grand home, it would be a 5 bedroom palace compared to this little shack, in a decent neighbourhood, vintage(probably a home dating back to the 1900s to 1930s, but updated amenities), with a decent sized backyard and garage.

Hell, I'm seriously thinking about buying a home within the next 5 years or so, and we don't need something that big, a 2-3 bedroom house would do. Also want to avoid the problems with the cheaper made homes built between 1950 and 1980, going for older, brick homes, with newer roofs. From the estimates I've seen, I'm looking at anywhere as low as 80 grand to 150 grand depending on size and amount of bathrooms.

[Gormy Cuss]

55. Yes, it's the lot value.

My San Francisco East Bay house value is mostly based on the lot, not the improvements.

[damnedifIknow]

7. Cheapest house in SF

I think I'd rather live in a storm drain myself.

[Warpy]

14. Yeah, talk about a fixer

Ankle deep in a storm drain would probably be dryer than that shack would keep you, if it ever rains in SF again.

It would likely be worth more if they had cleared the lot first, that fixer likely isn't very fixable since 1906 building codes were nonexistent and that shack was probably slapped together from lumber liberated from rubble that hadn't burned after the Big One.

While I sorely miss fresh seafood, I can't imagine paying San Francisco (or Boston) prices any more to get it. Maybe I should just fly in to either place for a week a few times a year to satisfy my Jones. It would be cheaper than living in either place.

[Recursion]

21. So how do you make fewer people want to live in SFO?

As long as the number of people who want to live there is greater than the housing stock, you're stuck with this.

[Humanist_Activist]

25. Well, San Franscisco is geographically constrained, so not much room to expand and lower land...

prices.

Its an ideal climate, with one exception, water, a growing problem in much of California. If the drought becomes a more permanent climate for the region, I strongly doubt that much of California would be able to support the population it does now, at least not without massive infrastructure improvements and means of redirecting water from other parts of the country and desalination plants.

However, there's also the issue that San Francisco’s own success may be its downfall before the above scenario plays out. Having a growing homeless population does not make you too attractive to wealthy or professional home buyers. Hell, quite a few of the homeless in the city are actually employed and work in the city, but can't afford so much as a 1 bedroom apartment, if any are available. This isn't a sustainable situation, particularly if surrounding areas aren't equipped to deal with this growing population, or provide them housing. So the city may have to find ways to subsidize housing, even for those people that in any other city in the country(even New York) would never qualify because they make too much money.

The other option, that I can think of, given the geographical constraints, is for them to build vertically wherever possible. Forget houses, think high rises. Since you can't spread out like L.A. you will have to grow like Hong Kong, or Singapore.

[Recursion]

29. There's plenty of room up

But that won't be popular.

It's probably also worth remembering that these neighborhoods were affordable when crime was high and services non-existent. There may be a question of eating and having cake here.

[Gormy Cuss]

53. Vertical building is already happening in SOMA and other parts of downtown.

It's creeping south along the bay front too. San Francisco could absorb a thousand units a month for the next year and it would barely make a dent in demand.

[NCjack]

5. Prices like that keep me in rural NC. /s/nt

[Kelvin Mace]

9. I am in Guilford Co.

And that is more than twice what I paid for a 2600 sq ft house on a 2.5 acre lot.

[NCjack]

45. My wife, Yellow Lab and I live in Lee County. We got the last of the

extraordinary good deals: 2000-ft2 ranch house on 4 ac for 1/3 the price of the SF shack. Now, only good deals available. we like SF for a couple of days, but NC is where we want to be. Quiet, clean air and water, safe. Time to get back to work undermining the NC GOP.

[Kelvin Mace]

49. Yep

The only fly in the ointment is the GOP.

[Warpy]

15. My place cost a fifth of what that place does

in NM. 19 years later, it's up to about a third. Prices like those are what keep me in flyover country. It turns out the high desert suits me, so it's just as well I was priced out of living on either coast.

[villager]

26. Just made my first trip out to NM, to visit an artist pal. He's a refugee from "higher rents" too.

I liked that visit a bunch...

[Warpy]

27. Just be aware it's an extremely poor state and there's no water

The air is extremely arid, took me about 3 years to stop having frequent nosebleeds. I'm acclimated now and I can't imagine trying to live with humidity again.

A friend calls it the Land of Entrapment because so many people move out here and fall in love with the climate and never leave.

[villager]

39. Hey, I'm in California -- there's no water here, either!

Though we've pretended for decades like it could never run out...

[PasadenaTrudy]

44. I'll be out in NM next month

A week in Santa Fe, a week in ABQ. I'm in L.A. and roasting! It's going to be 100 again today. I love NM in the Fall, nice and chilly. The high elevation in SF gets to me, but it's so peaceful there. I'll be staying in the Sandia Heights in abq, more nature.

On a side note, 3 bedroom homes in Nob Hill rent for what we pay for studio and 1 bedroom apts. here in my part of L.A. (Pasadena area). It's crazy. Studio apts. in Santa Monica are going for $2,500+.

[pipoman]

8. And 350 in Kansas will buy a significant home

Which is why a national minimum wage is a joke.

[RichVRichV]

24. A national minimum wage isn't a joke.

It should be the base amount a single parent can actually live on working full time in the cheapest parts of the country. And it should be indexed to inflation. All other parts of the country should have a minimum wage that goes up from there to account for cost of living in the area.

Remember minimum wage literally means pay floor. Having a national minimum wage just sets a minimum bar to go from. The sad part is companies in places with high costs of living still pay people the national minimum wage, well below a living standard for that area. That should tell us all we need to know about what companies will do if given the opportunity to screw people over and how corrupted governments are for not setting a livable minimum wage for their area.

[Recursion]

30. The median wage in Mississippi is about $11/hour

That's the danger of that argument; we still get a race to the bottom.

[pipoman]

34. Where?

The sad part is companies in places with high costs of living still pay people the national minimum wage, well below a living standard for that area.

Which is exactly why it is a complete waste of time. The only way a "floor" makes sense is if it is indexed to cost of living....otherwise it is of absolutely no use.

It should be the base amount a single parent can actually live on working full time in the cheapest parts of the country.

What good is it outside of the cheapest parts of the country?

Did you notice that none of the fast food wage protests were happening in Wyoming or Kansas or North Dakota? All were happening in New York, California, and other high rent areas.

[forthemiddle]

40. I was in Minot ND this summer

And they were paying McDonalds workers $15.00 and hour starting pay.
There was a sign on the Dickeys BBQ place for $500.00 signing bonuses. Of course speaking to the waitresses there, the price of a one bedroom apartment has also risen to $1,500.00 a month minimum so most of the working class people she knew were having to work 2 jobs.
Also although the service sector wages were rising, the others (I was working with the local hospital as a contractor) were not. They were still being paid in the $12.00-$18.00 range, and were thrilled to know they could work at a McDonalds and make more.
The ones that were making out the best were the people that were close to, or at retirement ages who plan to sell their homes (at greatly inflated prices) and move somewhere warm.
Houses bought 15 years ago are double and tripled in prices.

It is all about supply and demand. (this is not an argument for or against minimum wage, just an observation)

[pipoman]

51. Yep there are pockets around for sure...

I used to be a big minimum wage believer until my son lived in San Diego when it dawned on me how completely useless it is right now...it has had it's place, I just think it's time is up...if it were indexed to cost of living it may be helpful...

The entry level jobs where I work are difficult to fill and paying better than a year ago.

[Travis_0004]

10. That lot is perhaps 1/25th of an acre

For 350,000 by me, I could probably buy 200 acres.

[CoffeeCat]

11. This is about $350,000 in my area...

5 Bedrooms, 3 baths, 2450 sq feet.

[snooper2]

41. my house was 200K, 5 bedroom 3 bath 3400 sq feet

but it's mostly builder grade except for upgraded windows, lots of new flooring to be put in


Here is what you can get new for that price in my area-






NEW CONSTRUCTION WITH GRANITE TOPS IN KITCHEN AND MASTER BATH. LOTS OF TILE FLOORS, STAINLESS STEEL APPLIANCES, LARGE REAR YARD, DOOR OPENER. A MUST TO SHOW AND SEE. VERIFY SCHOOLS AND HOA INFO

General Information
Beds3 Bed
House Size2,724 Sq Ft
Price$339,900
Property TypeSingle Family Home
Stories2
StatusActive
Baths2 Full, 1 Half Bath
Price/sqft$125
Year Built2015
StyleTraditional
Garage2 car garage

[CoffeeCat]

57. Stunning!

Love the exterior of the house. Beautiful!

Gorgeous kitchen with awesome wood floors. Love that color of wood! Great backsplash too.

Super home!

[senseandsensibility]

12. I can't believe there IS a house in SF for $350,000.

I mean, really. The land must be worth more than that.

[Recursion]

31. The lot is tiny.

Just big enough for a hipster to put up a prefab yurt there.

[Baitball Blogger]

13. Perfect size for a tiny house.

[Deuce]

50. Agree...

[Marrah_G]

16. disgusting excess is killing our country

Pretty soon we will look like a city in India. Million dollar condos in gleaming towers overlooking makeshift slums flooded with sewage.

[TeamPooka]

17. I bid $351,000.! nt

[Monk06]

18. The floor is nice and level. Good selling point there.

[truedelphi]

28. That's somewhat true. But the problem with housing in S.F. is

That earthquakes there shake things up so they don't remain level.

The area is poised for the NEXT GREAT BIG ONE, any time soon.
(Bu t no one can say if that Big One will be tomorrow, next week or twenty years down the line.)

[Spitfire of ATJ]

19. Meanwhile....

This house sold recently for $7,400.

Here is a picture of it taken in the 1940s that would be a guide to restoring it:



It depends on where you want to live.

[alphafemale]

38. A house with just two floors, but thousands of stories.

Sadly that looks like a tear down as well.

I think the foundation is crumbling.

The winter pic reminded me of A Christmas Story.

[Spitfire of ATJ]

43. The foundation is fine. Someone did the porch on the cheap....

Looks like 2x4s and plywood. A lot of older homes lose their wrap around front porch in snowy climates. These days it's worth a full rebuild since we have products that can seal against the elements. I would coat each board prior to assembly.

The main Issue I'd have with a home like this is insulation. I've seen where people slap up insulation outside and then cover the place in vinyl siding that blows down the street with the first storm. I'd go the other way and strip the inside.

I'd also want forced air rather than radiators so central air could be installed. Then there's the plumbing. Many of these older homes only had one bathroom too. All of the electrical including the fusebox needs to be updated. I've seen vintage wiring where they keep the cloth covered wiring separated by hammered ceramic insulators in the attic. Many cities insist all of that has to be done by obtaining building permits and hiring a licensed contractor and then it has to pass inspection.

It could become quite a money pit.

[Recursion]

20. More people want to live in SFO than there is housing for

As long as that's true you can't avoid this. They need to build more densely and higher. The elevator is the greatest ,ass transportation device ever invented.

[Midnight Writer]

22. This is an "investment opportunity". Imagine the price in five years.

[LibDemAlways]

23. California real estate is expensive. I'm in

a suburb 45 minutes north of LA. I live in a 3 bedroom/2 bath 1700 sq. ft. tract house that I bought in 1979 when prices were more reasonable. Houses in this tract have concrete slab foundations built on clay, and as the clay expands when it rains and contracts in dry weather, the walls in the house develop big cracks. We've kept drywall repair guys in business for years. Nevertheless, these places command big dollars. Houses like mine are selling for over 600k. It's nuts. That's nothing, though, compared to real estate in the South Bay south of LAX where I grew up. A teardown in my old neighborhood recently sold for 750K to a developer who rebuilt on the lot and sold the new place for 1.6 million -- cheap for the area. The value is all in the land.

[Shankapotomus]

32. The housing market is a scam,

just as the free market, is a scam. Banks that loan people the money for houses are laughing at the stupidity of the public.

To hell with the entire monetary system.

[madokie]

33. That house isn't worth 20 bucks

the property is what they're selling.

[meaculpa2011]

36. I visited my cousin in his new 550 square foot condo apartment...

a few months ago.

Units in his renovated warehouse building are selling for more than $1,500,000.

Tiny, dark and depressing with a small terrace overlooking the Midtown Tunnel toll plaza. He can have his morning bagel and coffee with a side of diesel fumes.

I live 12 miles east. 3,000 square feet with a big backyard and a view of the bay. It's expensive to live here, but my monthly costs are half of his, and my kids and their friends can play in the backyard.

To each his own.

It's a big beautiful world with plenty of places to suit everyone's tastes.

BTW: That $350,000 "prime property" in San Francisco has railroad tracks a few feet from the bedroom window. Absurd. I wouldn't pay $3.50 but for every ass there's a seat.

[Brother Buzz]

42. And a freeway right behind those BART tracks

[n2doc]

37. 350 gets you marsh front in savannah

http://www.realtor.com/realestateandhomes-detail/74-Rio-Rd_Savannah_GA_31419_M60986-54040?row=5

Of course, we don't have Earthquakes but do have the occasional hurricane...

[jwirr]

46. I have a partially finished garage the looks bigger than that

and is in better condition.

[Recursion]

47. Apparently it's an old post-quake shack from 1906

One of the few remaining.

[clarice]

48. That's why so many people are moving to Texas......

You can get a 4,500 sq foot house. 4 bed,4 bath WITH a pool in a NICE area for Less than $350,000

[Texasgal]

54. Not in Austin, TX.

We are having the same issues.

[Texasgal]

56. Check this out:

http://blairfieldrealty.com/property/charming-zilker-bungalow/

It's INSANE!