Welcome back to the Under $700K Club, the inflation-adjusted version of our old Under $500K club, showcasing those increasingly rare gems that go on the block for less than seven-tenths of a million dollars, even in this untouchably hot San Francisco market. Today’s saving grace: 5 Richards Circle, which listed at $659,000.
This contemporary Bayview home—circa 1985 and just a few blocks from Hilltop Park and India Basin—hasn’t been on the market in 26 years, when it sold for $229,500 (about $420,000 today).
Back then, the median sale price for a three bedroom, two bath, 1,550-square-foot house like this one was around $299,000, meaning that this one was quite a competitive asset in its day.
And indeed, forgiving its boxy exterior, the simple charm has hung in there all these years. What's more, it’s nestled in a great neighborhood, with major redevelopment planned for nearby India Basin (beautiful but under populated in its present form) and Hunters Point.
So, why is it being offered for nearly 50-percent less than the city average for a three bedroom (according to Trulia)?
"Because the market is smarter than all of us," says selling agent Jeffrey Salgado, who posed that it might be attractive to condo buyers who would prefer a SFR if you just put one in their price range. The relatively low price tag might also attract folks who aren't familiar with the neighborhood but would find it to their liking once they show up.
It's a good call from where we sit. Affordability needs every toehold it can get in the city.