A rundown shack in San Francisco just hit the market for $600,000, and neighbors think it’s quite the deal.
Close to the Daly City BART station and restaurants in the Outer Mission, 150 Shakespeare St. sat vacant for roughly eight years before the owner put the property up for sale this week.
Neighbors told The Standard the property was once inhabited by over a dozen squatters, and Realtor Tyler Salame said the shack will require a complete reconstruction.
“It’s not inhabitable,” Salame said. “It’s close to a teardown as can be.”
The city has already approved plans by the current owner to turn the lot into a three-story, four-bedroom house with a rooftop deck, according to Salame.
“The views are beautiful,” Salame said. “You can see the water.”
“Developer’s dream!” states the listing for the 150 Shakespeare St. shack in the (way outer) Outer Mission neighborhood.
Salame told The Standard the real estate company underpriced the property to attract interest but is expecting to draw roughly $650,000 for the lot—which will then cost up to $400,000 to redevelop, he estimated.
Salame cited views of the ocean as well as the Ingleside and the Outer Mission hills as selling points for the property, which he contends would serve as the perfect home for a family that commutes to Silicon Valley.
Salame said the owner’s design includes a rooftop deck with views of the city. He pointed to a pair of three-story houses down the street that have similar designs to the plans approved for 150 Shakespeare St.
Maria Escarraman, a neighbor who’s lived on the street for 24 years, said she knew of people squatting in the vacant house, but it never bothered her. She recommended the neighborhood because it’s quiet, rich with diversity and near the Mission District.
Escarraman said she thought $600,000 was a fair price for the property, despite the shape it’s in.
“Oh wow,” she said. “Mine is more than a million.”
San Francisco Housing Crisis
State officials released an unprecedented—and absolutely scathing—report Wednesday on San Francisco’s housing crisis, noting that numerous impediments to approving and advancing new projects will make the city incapable of meeting its housing goals and local control could soon be revoked if action is not taken.
The first-of-its-kind audit by the California Department of Housing and Community Development identified 28 specific actions San Francisco must take to come into compliance and streamline its approval process to meet the city’s Housing Element, which requires the city to accommodate 82,000 new housing units by 2031.
Failure to meet some of these goals, some of which have deadlines as short as 30 days, could lead the state to “revoke housing element compliance and may result in additional enforcement action,” officials wrote.