It appears the old adage holds true: when it comes to real estate, it’s all about location, location, location.
The wooden shack that was on sale for $350,000 in San Francisco’s trendy Outer Mission neighborhood is officially off the market. The deal for the 765-square-foot residence closed on Thursday, with a pair of investors nabbing the property for a cool $408,000, according to Vanguard realtors.
“There was a fight for it,” realtor Brian Tran said. “But they made us an offer we couldn’t refuse.”
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The 16 De Long St. property was on the market for 10 days and received six offers from potential buyers, according to realtor Alex Han. He added that the other offers also came from investors, most of whom wanted to rehab the two-bedroom property and then put it back on the market as a rental.
There was one man who wanted to purchase the home to live in it, but he lost the bidding war, Han said.
The dilapidated shack was built as relief housing in 1906 after a devastating 7.8 earthquake ripped through San Francisco and destroyed more than 80 percent of the city. As such, the fixer upper is considered a historical property and cannot be torn down or undergo significant changes.
“[The new owners] are very limited to what they can do,” Han said. “But they are going to fix the foundation, the roof, plumbing…it needs a complete overhaul.”
He added that he has never seen a house in the city go for such a low price.
San Francisco is widely reported to be one of the most expensive places to live in the country. Aside from having to cope with high-priced real estate, city dwellers also pay more than the national average for movie tickets, steak, beer, gas, gym memberships, and even dogs, the San Francisco business Times reported.