A $50,000 driveway listed for sale in San Francisco’s Light District is highlighting the exorbitant heights of the city’s real estate market.
In a market where it’s a stretch to find property for less than a million bucks, San Francisco is now host to this high-priced driveway, according to CBS San Francisco. The 81 22nd Avenue property’s East Coast investor purchased the land at a tax auction.
Real estate agent for the property Fred Glick told KPIX5, “I don’t think he knew what he was buying. He just saw an address in San Francisco for a cheap price, and he thought, ‘why not, let’s try it.’”
However, a large problem with building on the land comes with the easements of property owners who must leave space for homeowners to drive down the narrow path to their own homes.
Analysis of the San Francisco housing market has differed when it comes to whether prices are hotter than ever or beginning to cool, but Zillow and Redfin are agreed that the market is currently among the hottest out there, the San Francisco Business Times reported in late August.
The median housing price in San Francisco is a whopping $1.175 million, according to a September San Francisco Chronicle report. One house featured on the market at the time was a 765-square-foot earthquake shack from 1906 going for $350,000. The dilapidated structure sits in San Francisco’s Outer Mission District; with rotting shingles and boarded-up windows, it was considered ripe for a bidding war.
“It’s still a bit early to judge how high the price will go,” Vanguard realtor Brian Tran said at the time, according to the Chronicle. “We’ve had a lot of interest on the property but in this business we don’t know until we get contracts in hand.”
Paragon Real Estate Group provides a real estate map on its website that lists median housing price sales in the city at $1.3 million for March 1 through September 7 of 2015.
Follow Michelle Moons on Twitter @MichelleDiana
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