San Francisco's housing crisis is so dire that one of the cheapest homes in the city is a 'fixer' that sold for $600,000. Take a look inside.

Open Homes PhotographyIt may not look like much, but the home and its $US600,000 asking price was a bargain by San Francisco standards.
  • A 480-square-foot home in San Francisco was sold in December for $US600,000, making it one of the cheapest homes listed in the city’s overheated real-estate market.
  • The home at 66 Bishop St. is nothing glamorous. It was advertised as a “fixer,” inviting developers and contractors to swoop in to renovate.
  • Still, in a region whose housing market is bursting at the seams in part because of Silicon Valley’s ever-growing tech bubble, it sold quickly, after just a couple of months on the market.

The 480-square-foot pink home at 66 Bishop St. in San Francisco is one of the smallest in the city. It’s also, with its whopping $US600,000 price tag, one of the cheapest, SFGate reported.

The home sold in late December after two months on the market and a $US50,000 price cut. It was advertised as a “fixer,” meaning whoever bought it basically paid over half a million dollars for the listing’s location and space – it’s on a 2,500-square-foot lot and could expand to 3,500 square feet of living space.

But in one of the most competitive real-estate markets in the country, stoked by Silicon Valley’s ever-growing tech sphere, house hunters can’t afford to be picky.

Take a look at what $US600,000 bought the house’s new owners.


San Francisco and the surrounding Silicon Valley region is swarming with big tech companies.

Justin Sullivan/Getty Images


Read more:
San Francisco’s tech boom is so expansive that the city’s median home price rose by $US205,000 in the first half of 2018, one of the biggest swells in its history


Tech workers from around the world flock to the Bay Area for jobs in the industry.

Justin Sullivan/Getty Images

The influx of tech recruits has only exacerbated the city’s housing crisis.

Sean Gallup/Getty Images

Home prices have skyrocketed in recent years as demand has outweighed supply.

Justin Sullivan/Getty Images

Even properties in less-than-perfect condition come with high price tags …

Justin Sullivan/Getty Images

… like a home in San Jose, just south of the city, that was pillaged by a fire and will need to be demolished — and still sold for almost $US1 million.

Google Street View

Source: Business Insider


The pink dwelling at 66 Bishop St., though not ravaged by a fire, is far from tip-top condition — and yet it just sold for $US600,000.

Open Homes Photography

Source: Zillow


The 480-square-foot home is in Visitacion Valley, an area of town known for its affordability.

Google Maps; Business Insider

Source: SFGate


The median real-estate value in the neighbourhood is $US802,200, much more than the pink dwelling’s asking price.

Source: Zillow


However, a few blocks away sits a 1,605-square-foot shanty valued at $US1 million that’s currently off the market, so the area isn’t exempt from million-dollar homes.

Google Street View; Business Insider

Source: Zillow


For comparison, the median real-estate value in San Francisco overall is nearly $US1.4 million.

Justin Sullivan/Getty Images

Source: Zillow


Linda Ngo, the property’s realtor, told Business Insider that the Visitacion Valley neighbourhood is getting more attention these days.

Wikimedia CommonsVisitacion Valley is at the southeastern edge of San Francisco.

“There’s a shift of buyers looking into Visitacion Valley and Excelsior,” an adjacent neighbourhood, Ngo said.

Wikimedia CommonsVisitacion Valley.

The pink home was sold in June for $US400,000, relisted in October for $US650,000, then relisted 10 days later to $US589,900. The listing was removed in November and officially sold in late December for $US600,000.

Open Homes Photography

Source: Realtor, Zillow


It’s toward the bottom of a hill on Bishop Street.

Google Street View

The views from the street in front of the house are nice.

Google Street View

The bottom part of the home is the garage.

Google Street View

A staircase leads to the front door.

Open Homes Photography

There’s a small patio before the entrance.

Open Homes Photography

And through the front door …

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… is a spacious living room and kitchen.

Open Homes Photography

A grey wall accents the living room.

Open Homes Photography

Source: Realtor


And a window provides some natural light.

Open Homes Photography

The home is almost 100 years old — it was built in 1922.

Open Homes Photography

Source: Zillow


But you’d never guess that from the modern kitchen appliances and crisp white fixings.

Open Homes Photography

Ngo said that just in three days of the home being listed in October, she got “quite a few calls” from prospective buyers.

Open Homes Photography

Source: Zillow


On average, homes listed in Visitacion Valley spend 51 days on the market.

Open Homes Photography

Source: Realtor


Right off the living room is the bedroom.

Open Homes Photography

The room has two windows, so natural light is not in short supply.

Open Homes Photography

And there’s closet space in the corner.

Open Homes Photography

Its walls are also partially grey, though of course the home’s new owners could do away with any of these features.

Open Homes Photography

A small bathroom is just outside the bedroom off the kitchen.

Open Homes Photography

The second story, however, is the only livable space now.

Open Homes Photography

Per pending building plans, the property could be built out into a three-story home of up to 3,500 square feet.

Open Homes Photography

Source: Linda Ngo


According to the listing, it could “easily expand” to a two-bedroom, two-bathroom house.

Open Homes Photography

Source: Linda Ngo


But the house takes up only a third of the lot.

Open Homes Photography

Source: SFGate


Much of the 2,500-square-foot lot stretches behind the 480-square-foot home.

Open Homes Photography

Ngo said that 75% of the lot could be built out, per a conversation with the city’s planning department.

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That’s still a fairly large blank canvas to construct a custom home, especially by San Francisco standards.

Open Homes Photography

And the price was a rarity — Ngo said only a few homes on the market were listed at or below it.

Open Homes Photography

Not every home in the city comes with a view like this either.

Open Homes Photography

You can see over the rooftops of houses to the rolling hills in the area.

Open Homes Photography

However, the property is still a major fixer-upper, and renovations could cost multiple times the asking price.

Open Homes Photography

“You would have to find a buyer that is savvy with construction or knows someone who is,” Ngo said in October.

Open Homes Photography

Even with the prospect of extensive renovation, however, the listing sold quickly.

Open Homes Photography

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