Many real estate buyers might raise an eyebrow at a massive block of rock selling for US$1 million. But in San Francisco, that’s actually a bargain.

The city’s infamously overheated real estate market is one of the most competitive in the United States as San Franciscans and non-residents try to get their hands on a piece of land in the seven-by-seven square mile city.  

One such piece of land, a 7,000-square-foot towering heap of rock, in the city’s Telegraph Hill neighbourhood is listed for US$998,000 – and a sale is now pending on it, according to Redfin.

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The property has served as a rock quarry in the past, offering shards of rock for municipal establishments such as City Hall and the Waterfront, according to the listing’s website , which also states that the space could hold a potential 12 new homes.  

As reported by SF Curbed, the rock was originally listed in December of 2016 for US$1.43 million, though public records don’t convey that.

The asking price fell just below US$1 million back in April, and it looks like the drop in price paid off since the property now has an owner.

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The rocky zone will undoubtedly necessitate some extensive engineering to make the land buildable, which means millions more in dollars. But despite that fact, this listing is a downright deal by San Francisco standards. For the foundation in an exclusive location that would afford sweeping city views, US$1 million is a drop in the bucket.

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This article originally appeared on Business Insider.