SAN FRANCISCO – A dangerous, uninhabitable home in San Francisco has sold for nearly $2 million.
“Property can collapse in the event of an earthquake,” said Todd Wiley, half of the home’s actual team.
The house is located on Day St. in the city’s Noe Valley neighborhood, was listed for $995,000 – but ended up being sold at an auction for much more.
“Someone had to really want this property to want to take it where they got it. There’s not much data to suggest it will sell that high,” Wiley told Nexstar’s KRON4.
A cash buyer ultimately won the bid for $1,970,000.
A conservator took over the property on 320 St., Wiley said. A conservation property sale goes through a different process than a traditional real estate sale, including court confirmation and two rounds of bidding.
Todd and partner Kim Wiley, who have experience in trust and probate purchases, initially expected that the home would close for about $1.6 million after the sale, in the event that This property has undergone a different process because a conservator has taken over the property. (Wiley said the sale of the conservatorship included a court confirmation and two rounds of bidding.)
“Property should be condemned,” says Wiley.
The conservator, or original homeowner, “removed the downstairs rooms. Anything that exists downstairs is completely torn down and has been for decades,” he said. The person also “removed the foundations and put in his own supports, which are structurally unstable.”
There are also concerns that the old, peeling paint poses a danger to the neighborhood, he added.
The first round of bidding had 11 offers, with a maximum of $1.5 million. But a bidding war ended up drawing 38 potential buyers to court and ultimately “bringing it to a level no one expected,” Wiley said.
Property of list called it “the worst house in the best neighborhood.” It is surrounded by multi-million dollar homes, some worth between $2.8 and $3.4 million. Wiley said a large new building nearby sold for about $9 million.
The Wileys said it continues to market the property ahead of the final auction, which is administered by a judge and probate court. Wiley confirmed the buyer is a developer and is likely to resell the home, whether it has been flipped or completely redeveloped.
https://fox2now.com/news/national/worst-house-on-the-best-block-unlivable-san-francisco-home-sells-for-nearly-2m/ Trusted home in San Francisco sells for nearly $2 million