Fancy a home on a stone? Wedge of rock in San Francisco sells for US$1 million
San Francisco’s housing market is so competitive that a rock mound is selling for US$1 million – a bargain in prime Telegraph Hill
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.
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.
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.