Moving

Decaying fixer-upper on ‘greatest block’ in San Francisco sells for $2M

OAKLAND, Calif. — A decaying 122-year-old Victorian home marketed as “the worst house on the best block” of San Francisco has sold for nearly $2 million — a striking price the realtor said it was the result of an overbid an auction.

A developer’s $1.97 million cash offer for the 2,158-square-foot lot in the Noe Valley neighborhood was closed last week. On social media page Zillow Gone Wild, some commenters admired the price, while others questioned the value of a home with boarded-up windows, peeling paint and an unstable foundation.

One commenter joked, “It actually has a parking lot. No wonder it sold for almost 2 million!”

The property sold for several hundred thousand dollars more than other comparable fixer-uppers in the area due to a complex conservator sale, said Todd Wiley, representing the seller.

Wiley said a judge approved the sale of the home after its elderly owner was placed in a conservatory. The man’s family, concerned about the way he was living, hired an approved trustee to handle the sale, with the proceeds to fund his continued care, according to Wiley.

AP

A 122-year-old Victorian home in San Francisco recently sold for nearly $2 million.

The home initially received the highest bid of about $1.4 million, and a probate judge upheld the bid, beginning a process that lasted about seven weeks, during which the home stayed on the real estate market and drew significant interest.

At an auction, a probate judge set the bid in increments of $10,000.

“That kept things low and kept five to six bidders in the game,” Wiley said. Two people ended up going head-to-head, he said, “and it’s that auction environment that made it go where it was.”

“They really wanted it, but the data point didn’t support that sale. It was an anomaly,” he said.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button