The price of a San Francisco home is an eye-popping thing to behold. But how much will Bay Area buyers offer for merely the promise of a house in one of San Francisco’s most sought-after residential neighborhoods?
The sellers at 80 Thor Avenue hope the answer is at least $1.85 million, as that’s the asking price for this overgrown 2,657-square-foot empty lot in Glen Park—roughly the size of a tennis court, according to the San Francisco Chronicle—on sale since February.
For context, the California Association of Realtors reports that the median price of a single-family SF home in February was $1.5 million, whereas the statewide median was just over $534,000.
According to the U.S. Census, the median price of a house nationwide in January was a little more than $317,000.
Meaning that this vacant SF property wants anywhere from 1.23 to more than 483 times the price of a full home somewhere else.
The catch is that, as realtor Pete Brannigan writes in the listing, the lot also comes with “approved plans for [an] exciting, detached, brand new 4,000-plus square foot four bed, 5.5 bed single family home.”
The house will be “brand new,’ of course, because the buyer must jumpstart the construction process themselves.
According to the Department of Building Inspection, the city issued permits for the property in May 2018, green lighting a “three-story, single-family dwelling unit” at 80 Thor Avenue.
The city projects construction costs at about $1.12 million. Note that per Planning Department records, the current owner, an anonymous LLC, purchased the land for $950,000 in early 2016.
The curious or sincerely interested can take a gander at the potential plans for a finished home on this multimillion-dollar patch of literal American dream at the full listing here.