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This market is on fire.
A San Francisco home featuring a collapsing roof, charred interior and a notorious squatter that’s called the place home for years sparked a bidding frenzy — and ultimately sold for six figures over its asking price.
Coldwell Banker realtor Janice Lee said the Oceanview property was offered as-is, complete with hoards of trash, a “pile” of unresolved city violations and burned-out debris that piled up in the interior of the home, spilling out into the backyard.
The ramshackle Victorian home at at 266 Farallones Street nonetheless won multiple bids, ultimately selling for over half a million dollars — $555,000, compared to a list price of $449,000, she said.
Prospective buyers weren’t even allowed to enter the home because of its condition.
“If there was no squatter, it would sell for even more,” Lee told The California Post. “Where do you find a property like this — it’s pretty big and has a huge lot — at this price point?”
The determined illegal occupant, whom Lee said is known to local police for shoplifting from local Walgreens stores, had been living in the decrepit property since the Covid pandemic despite efforts by neighbors to get him removed.
The squatter had at least one companion and was responsible for fires in the quiet residential neighborhood, according to neighbors. He moved in sometime during the Covid pandemic after its elderly owner became incapacitated, Lee said.
The situation isn’t entirely uncommon when homes are left vacant — across town in the ritzy Sea Cliff neighborhood, a band of squatters took over a $4 million home after a fraudster claimed the manse as his own, forcing the City Attorney to intervene.
The Oceanview home’s new owners will be on the hook for junk removal, extensive renovations, clearing abatements and somehow evicting the interlopers, which isn’t always easy or cheap.
One sword-wielding Bay Area mixed martial arts artist offers a vigilante “squatter removal service” for a fee, though owners can also go the traditional route of hiring attorneys and calling the cops. It’s not unheard of for squatter to come up with fake leases to try and take advantage of tenant rights laws.
“I’ve had other clients that have had squatters, and they’ve ended up having to pay them out,” Lee said.
The San Francisco agent said despite the home’s sorry state, it may be a good deal for the right developer who can handle the challenges of rehabbing the place. And it’s yet another sign of tight real estate supply in San Francisco, where homes under $1,000,000 are few and far between.
The AI boom has spurred an unprecedented market frenzy this year, with ultra-luxury properties regularly selling for millions over asking and median prices for single-family homes blowing well past $2 million — a new record in the infamously pricey Bay Area city.
“There’s just not a lot of entry level homes on the market,” Lee said.
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