San Francisco Shack Selling For $1.38M; Built In 1906 For Earthquake Refugees

SAN FRANCISCO (CBS SF) -- More evidence of San Francisco real estate prices staying in the stratosphere is coming from the sale of a historic 640-square-foot cottage in Cole Valley, at an asking price of $1.38 million.

The structure was one the more than 5,000 cottages built in the Presidio for refugees from the 1906 San Francisco earthquake and fire. Many of them are still in existence, transported over the years to different parts of the city and Bay Area.

The cottage on 1537 Cole St. was purchased in 1973 for $37,000 by a Swiss banker, according to 7X7 Magazine. The one-bedroom, one-bath has had many upgrades and additions over the years, including a wine cellar, 7X7 reported, and sits on a lot large enough to build another home.

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The location, atop a hill near the end of cul-de-sac, also features views of the Cole Valley and the Golden Gate Bridge.

The asking price of the cottage is about $250,000 above San Francisco's current median home value of $1.13 million as calculated by Zillow.

Carlos E. Castañeda is Senior Editor, News & Social Media for CBS San Francisco and a San Francisco native. You can follow him on Twitter or send him an email.