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San Francisco’s Least Expensive House Snags Multiple Offers After 12 Days on Market

It’s no secret that San Francisco is a pricey place to live, with median home prices currently sitting at a bonkers $1.6 million. It’s also the same city that boasts a $40.5 million mansion that recently snagged the prestigious title of most expensive new listing in the country.

So when a house tiptoes onto the market at the opposite end of the scale—and is cute to boot—our antennae go up.

We ask you to behold the 570-square-foot, one-bedroom abode that made its debut on the market for $599,000 about two weeks ago.

And yes, it’s priced well under half the median price for a home in the city by the Bay. In fact, it’s billed as the “cheapest single-family home in San Francisco.” (And it really is, we checked!)

The sweet deal on the small home has garnered big attention.

“Everybody’s interested in it,” says listing agent Jeff Appenrodt of Laurel Realty & Investment. His office—located in the Glen Park neighborhood, where the home is—recently took over the listing. And he’s received a dynamite response. 

The owners first placed the home on the market in March for $749,000. But without a nibble from a buyer, they turned to Appenrodt. Rather than sticking with the previous price point, he chose to go in the other direction. 

“Another agency had put it on the market six months ago and started at a higher price. It wasn’t staged, and it didn’t look as inviting as it does now,” he says.

Appenrodt spruced up the recently remodeled home, and had it professionally photographed. Then he made a bold move. “I wanted to stage it, lower the price, create a buzz, and get a bunch of people fighting over it.” He added, “My guess is [it’s] going to sell for more than it was listed.”

Good guess! On top of looking good, the 1907 cottage, possibly built as a shelter after the 1906 earthquake, is in a “prime location.” For someone who desires to live in a house and not share condo walls, and who wants to enjoy easy access to public transit and downtown, this is a great fit.

The bargain price attracted all kinds of potential buyers. “I’ve got people who are first-time buyers who didn’t think they could afford a house. I’ve got people who already own, and want to get a second home,” says Appenrodt. He’s also been fielding calls from out-of-towners, as well as investors looking for a quick profit. 

The owners remodeled both the kitchen and bathroom in the last year, so a potential buyer has minimal need for interior upgrades.

The charming but compact abode efficiently uses every square inch of space. The small but remodeled kitchen opens out to the living space, with room for a small dining table, and a living room. The master suite has an updated bath, with a combination tub and shower. 

With a deadline now past for offers, Appenrodt has received a “very good response,” with multiple offers, some over asking price. While it’s not clear which one the seller will choose, the agent guesses it will be one that came in all-cash, with no contingencies, and a quick close.

So, did the low-ball, attention-grabbing strategy work? “Very much so,” says Appenrodt.

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Source: Real Estate News and Advice – realtor.com » Real Estate News