SAN FRANCISCO (CBS SF) — No, it’s not a dorm room — but it’ll cost you the same of putting three kids through college, medical school and then maybe leave you with some leftover change for retirement.
This 291-square foot studio condo in San Francisco’s SoMa neighborhood was on the market for $299,000 until a buyer snatched it for $415,000 in cash, according to CurbedSF.
That works out $1,426 per square foot and about 39 percent over the asking price. The median list price per square foot in San Francisco is $847, slightly below $902 for the South of Market, Trulia reports.
So what makes this micro condo with $289 monthly HOA dues so attractive? It’s got a bay window, a full-size fold-away Murphy bed and a five-foot-wide kitchen complete with a mini-fridge spacious enough for a couple of Chinese takeout boxes. And of course, it’s located in the thick of San Francisco’s thriving tech industry bursting with swanky restaurants and nightclubs.
“We received about nine offers, almost half of those were all cash,” said Seth Skolknick, who sold the condo. “Often though, the all-cash offers are not always the best offers, all things considered, in this case, it was.”
The owner is a San Franciscan who plans to live in it, according to Skolknick.