120-year-old no-bedroom house sold for over Rs. 14 crore
120-year-old no-bedroom house sold for over Rs. 14 crore
20 Jan 2022
In an unusual event, a house with zero bedrooms was sold for $1.97 million (approximately Rs 14.66 crore) in the United States last week. The sale has been called "peak San Francisco" behavior on social media.
Why does this story matter?
Fact
The decaying property is located in the affluent Noe Valley neighborhood of San Francisco, California. The house is in a dilapidated condition with mismatched flooring and was labeled as "the worst house on the best block" on Compass, a website for selling and buying properties. During its sale, the unusual property was highlighted for what it lacks (a bedroom) rather than what it has.
'We thought the property would sell at $1.6 million'
Quote
The "extreme deferred state" of the property meant that buyers would have to make an all-cash payment, according to Compass real-estate agents Todd and Kim Wiley. Further, since the property was being sold under conservatorship sale, its price nearly doubled, Todd told Business Insider. "We thought the property would sell at $1.6 million, but then the human spirit of competition took over," Wiley said.
Spacious lot size of 2,800 square feet
Fact
The house features a steep corridor and looks old-school. The property's other major selling factor is its 2,800-square-foot lot size, which is quite spacious in San Francisco for single-family properties. The property is also designated for up to two homes.
Homes are much costlier in the neighborhood
Noe Valley
Single-family houses in the Noe Valley sell for around $2.7 million on average, according to property listing website Redfin. Similar properties with similar space can sell between $4 million and $6 million, according to estimates. The upgraded homes that sell for $2.8 million are better comparisons, Todd said adding that $1.9 million is actually a pretty decent deal.
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