SAN FRANCISCO (KRON) — A hazardous, unlivable house in San Francisco has sold for nearly $2 million.
“The property could have fallen in on itself if there was an earthquake,” said Todd Wiley, one-half of the home’s realty team.
It was listed for $995,000 – but eventually sold during an auction for much, much more.
A conservator had taken over the property on 320 Day St, in the Noe Valley area. Conservatorship sales go through a different process compared to traditional real estate sales, said Wiley, which included court confirmation and two rounds of bidding.
“Someone had to really want this property to want to take it where they took it. There wasn’t a whole lot of data that suggested it would sell that high,” Wiley told KRON4.
A cash buyer ultimately won the bid for $1,970,000.
Todd and partner Kim Wiley, who have experience in trust and probate sales, originally expected that it would close for around $1.6 million.
“The property should have been condemned. The conservatee (original homeowner) had removed rooms downstairs. Anything that existed downstairs was completely torn out and had been that way for decades,” Wiley said. The conservatee also “physically removed chunks of the foundation and put in his own supports, it was structurally unsound.”
There were also concerns that the old, peeling paint was hazardous to the neighborhood, he added.
The first round of bidding got 11 offers, the highest being $1.5 million. But a final bidding war that attracted 38 potential buyers in court ultimately “took it to a level that no one expected,” Wiley said.
The listing called it “the worst house on the best block.” It’s surrounded by multi-million dollar homes, some next door worth between $2.8-$3.4 million. A massive, new construction nearby sold for about $9 million, Wiley said.
The Wileys said they continued to market the property before the final auction, which was managed by a judge and probate court. Wiley confirmed the buyer is a developer and will likely resell the home, whether it’s flipped or completely redeveloped.