SAN FRANCISCO (KPIX 5) -- On Tuesday, an old, run-down shack sitting atop San Francisco's Portrero Hill sold for $1.975 million and the new owners said they have exciting plans for the property.
It's the latest eye-popping transaction in the expensive Bay Area housing market. The shack has been sitting empty for decades.
Coldwell Global Luxury Properties agent Anne Laury closed the deal and is excited for what the property's future holds. She said the new owners will tear the dilapidated shack down.
The city researched the structure and determined that it has no historic value. They also determined it's too rotted and too dangerous to enter. It's surrounded by construction of modern mansions with rooftop decks in a neighborhood changed by the influx of tech money.
"In this neighborhood, it doesn't seem like any price is too much," said Cherry Elliot, a Portrero Hill resident of 30 years who lives next door to the shack. She says the property's selling is the talk of the neighborhood, laughing at the $1.975 million selling price.
"Well, I heard they were asking for $2.5 (million)," she said.
"We decided to go high and take our time," Laury said.
It's not really the the shack nor the lot that were the main selling point; the property offers a one of a kind view. Laury says the new owners are planning to take full advantage of it with a three-story home with a 360-degree view of the Bay Area, which happens to be a quick distance to San Francisco's downtown.
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