This may be the biggest bargain ever for a home in the San Francisco Bay Area. Two homes in Oakland, Calif., are being listed for a mere $1 each. But obviously, there’s a catch.
The homes, one of which was built in the 1800s and the other in the early 1900s, are on a site owned by a development company that plans to construct an apartment complex there so the houses would need to be moved to a new location. They will be razed if a buyer doesn’t step forward.
It likely would be pricey to move the homes, acknowledges Betty Marvin, historic preservation planner for the City of Oakland. A buyer would need to find a company to remove the homes from their foundation and then find a site to transport them to. The new buyer would have to pay for new foundations and the purchase of land.
In the end, “it’s probably in the same ballpark to buy a generic new house. The difference is you’ve got a very interesting house built in 1886 as opposed to your basic home,” Marvin says. Oakland has a history of moving homes. (View a video from 2006 of a house on the move.)
Paul Gryfakis, vice president of Lowe Enterprises, says they have already had several qualified buyers express interest in the two homes. “We’re working with them the best we can to make it happen,” Gryfakis says.
Source: “Double Your Pleasure! Two $1 Homes Are on the Block in Oakland,” realtor.com® (April 5, 2017)