In San Francisco real estate, $1M won’t buy much
SAN FRANCISCO (AP) – San Francisco Association of Realtors President Betty Taisch has two words of advice for those who want to live here and think $1 million will buy them their dream house: think again.
In the souped-up world of San Francisco real estate, where the median selling price for houses and condominiums last month hit seven figures for the first time, the cool million that would fetch a mansion on a few acres elsewhere will now barely cover the cost of an 800-square foot starter home that needs work and may or may not include private parking.
Taisch, a veteran broker who is used to managing her clients’ expectations, has experienced first-hand the heartbreak and hair-pulling inherent to house-hunting in what she considers one of the world’s “most desirable, fabulous cities.”
She put her professional skills to work this summer on behalf of her adult son and his family, who had outgrown their one-bedroom apartment. After three unsuccessful offers, they ended up paying $913,000 for a two-bedroom, one-bath house with an outdated kitchen, a yard that can charitably be called overgrown, and a big basement that Taisch counts as its most attractive feature.