It's possibly the cheapest house sold in San Francisco in years. A single-family home sold for just over a half million dollars.
The home has everything people usually look for in a dream home: a charming storybook-style cottage nestled into the hillside with a terraced yard on a quiet street. But it also has a dream price tag: $535,000 -- a steal, for San Francisco anyway.
"It's a good thing you can find something for $500,000 in San Francisco," resident David Maloney said. "I mean, that's kind of amazing."
The home is also the least expensive in San Francisco.
"But if that's the cheapest, that's kind of scary as well," Maloney said.
The home's online listing said the one-bedroom, 800-square-foot fixer upper, was built in the Excelsior District after the 1906 earthquake. It has been handed down to family over the years.
The home was originally listed in November at $888,000, but sold for $350,000 less.
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"I was very surprised to see it," said John Asdourian with Maguire Real Estate.
Asdourian, director of the San Francisco Association of Realtors, said it's an aberration. Home prices in the Bay Area are slowing down, but not going down.
"A slowdown in the increase in prices. There's nothing which indicates to me that prices will slide downward," Asdourian said. "It's a slowdown in the curve of prices going up."
Even at $535,000, potential homebuyers like David Maloney said it is still too much.
"I wouldn't even pay $535 even for that," Maloney said.
Still, the home could be worth $1.5 million after renovation, according to experts.
