Decaying 122-yr-aged San Francisco property sells for almost $2m at auction | San Francisco

A decaying, 122-yr-aged Victorian marketed as “the worst residence on the very best block” of San Francisco has bought for almost $2m – an eye-catching price that the real estate agent said was the consequence of overbidding in an auction.

A developer’s $1.97m income offer for the 2,158 sq ft (200 sq metre) house in the Noe Valley community was finalized past week. On the social media page Zillow Gone Wild, some commenters marveled at the price when some others questioned the worth of a property with boarded-up home windows, peeling paint and an unstable basis.

1 commenter joked: “It essentially has a parking house. No ponder it offered for just about 2 million!”

The home bought at a number of hundred thousand bucks larger than other equivalent fixer-uppers in the area as a result of a advanced conservatorship sale, said Todd Wiley, who represented the vendor.

Wiley reported a choose approved the sale of the residence following its elderly owner was placed in a conservatorship. The man’s relatives, worried about the way he was dwelling, employed a accredited fiduciary to handle the sale with the proceeds heading to shell out for his continuing care, according to Wiley.

The property was marketed as ‘the worst dwelling on the very best block’ in the Noe Valley neighborhood of San Francisco. Photograph: Jeff Chiu/AP

The home originally received the maximum present of about $1.4m, and a probate judge ratified the offer, placing off a roughly seven-week course of action where the house stayed on the serious estate sector, producing powerful desire.

At auction, a probate decide established bidding at $10,000 increments.

“That retained issues minimal and held five to 6 bidders in the match,” Wiley claimed. Two men and women ultimately went neck-and-neck, he said, “and it is that auction natural environment that led it to go exactly where it was”.

“They definitely preferred it but the facts issue didn’t assist that sale. It was an anomaly,” he explained.