The old house was built in 1900. (Source: Business Insider)A dilapidated house located in the posh neighbourhood of Noe Valley in the US’ San Francisco was sold for $1.97 million earlier this week, according to a report. The Business Insider reported the single-family house that is in poor condition and has mismatched flooring was described as “the worst house on the best block” in its real estate listing on Compass, a website for buying, renting, and selling property.
One of the reasons attributed to the high price for the old house built in 1900 is its location. The Compass advertisement for the property also acknowledges this possibility. “Surrounded by many multimillion-dollar homes; this is the best opportunity on the block and your chance to make it shine as bright as the neighbours,” it says.
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While speaking to The Business Insider, real estate agent Todd Wiley expressed his surprise at the high selling price of the property. “We thought the property would sell at $1.6 million — we had data for that, but then the human spirit of competition took over,” Wiley told The Business Insider.
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Picture Credits: Compass Listing
While the house in question has no bedroom, has a steep corridor, one bathroom and a kitchen, its floor area is still 2,848 square feet which is relatively large compared to other single-family units in the locality.
In recent years, house flippers have been buying inhabitable places and selling them at high-profit margins after renovating them. According to estimates on The Real Deal, similar properties with similar floor area easily sell between $4 million to $6 million. After all, it looks like the $1.9 million deal is a good bargain.
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