SAN FRANCISCO (KPIX) — A ramshackle hilltop San Francisco property is now on the market for a listing price of $7 million, about 6.5 million more than the last time it was sold for $62,500 in 1973.
The wood-framed 2-bedroom house sits on 6,500 square feet of property at the top of a Noe Valley hill on 21st Street. It was built in 1900.READ MORE: Former Theranos Lab Director Continues Testimony
The realtor, Carl Wuestehube of MLSHomelisters.com describes the house as a “tear down.” He tells KPIX 5 the owner is in his 90s.
“He’s not planning for a long future. He’s settling his estate and taking care of his affairs,” Wuestehube said.
The realtor says instead of making the usual 6 percent on a property sale (which would be $420,000 on $7 million) Wuestehube is only charging the owner $1,295.READ MORE: State Sen. Wiener's Recovery Incentives Act Would Pay Meth Addicts to Stay Sober
Wuestehube says it’s his business model. As a flat-fee brokerage, he only charges California sellers $295 for the MLS listing and another thousand dollars for himself.
He says sellers all over the western United States seek him out because of his astonishingly low prices. So how does he make any money?
“Internet, Internet, Internet,” Wuestehube said, indicating web referrals and word of mouth are keeping him very busy. He says the estate planners for the Noe Valley property sought him out.
“They want to sell it for as much money as they can and pay the least commission they have to and that’s how they found us.”MORE NEWS: Lead Utility Regulator Overseeing PG&E Announces Resignation
Wuestehube, who is based the Orange County town of Dana Point, says he started expanding his discount brokerage a few years ago during the Great Recession.