Scoring a single-family home in the San Francisco Bay Area isn't for the middle class (defined as an American earning an average of $59,000 a year, before tax, according to The Washington Post). In fact, the most affordable single-family home on the market in San Francisco just sold over its $399,000 asking price, at around $560,000. This isn't your average affordable home, either — it looks like a set straight out of a horror movie.
Forty-four Wilde Avenue is located just a block from the freeway in San Francisco's working-class Visitacion Valley neighborhood. It's uninhabitable, yet received 23 offers and was sold to an all-cash buyer. The home is a total gut job, with its appliances, plumbing, heating system, flooring, and interior sheetrock severely damaged. It's under 1,085 square feet. So what does this home have going for it, if anything at all? A garage, a beautiful view, and tremendous resale potential.
But this begs the question: How much can 44 Wilde Avenue sell for when it's all fixed up?
"Sales of significantly upgraded homes in Visitacion Valley have hit $900,000 recently," the home's broker, Rick Smith, told Hunker.
Smith says this shocking sale is the result of San Francisco's uneven supply and demand issue.
"As long as demand remains and supply is woefully low, prices will continue to rise," Smith said. "Building more residential properties — increasing the supply — will certainly help."