Tiny cottage on what may be smallest plot of land in San Francisco goes on sale for whopping $599,000

This article, I hate to say, is very indicative of the white hot real estate market here in the San Francisco Bay area. It does't mean there's no good value properties out there and there's no hope for first time home buyers on a budget because the market won't stay this way forever.

• The 830-square-foot two-level cottage has just gone on the market
• It has two levels and the two bedrooms are the size of large closets
• The home may have the smallest lot in San Francisco', according to the agent
• Despite its diminutive size, its price-tag is a whooping $599,000
• Realtor says that she's already had 300 viewers

A single-family home in San Francisco that stands on the 'city's smallest lot' has hit the market for a whopping $599,000.

The tech hub regularly tops the list of the most expensive cities to live in, and the expensive 830-square-foot cottage - as large as most one-bedroom apartments - proves the area is not becoming cheaper any time soon.

The 1916 two-bedroom, two-floor white cottage at 544 46th avenue in coveted Sutro Heights stands on a small 644-square-foot plot of land, with a neighbor crowding in on one side.

'There's such a backup of buyers in the $600,000 to $750,000 price range...like thousands and thousands of people who want to buy a place in San Francisco,' she told SF Gate.

'Most people in this price range are lucky if they're going to get a one-bedroom condo with monthly dues. This is a single standalone with no HOA dues. It's an affordable price point that's hard to come by.'

The cottage was once owned by silver baron and city mayor Adolph Sutro, and Stolz thinks it was once used as a workshop.

Those who can overlook the confined space will enjoy the updated open kitchen with stainless steel appliances, granite countertops, chef's island and large, airy windows.

There's also a cute little porch with a view of the surrounding hills and the home is two blocks from Sutro Park.

Stolz says most prospective buyers are couples, single people, or artists looking for work space.

The lucky seller has owned the home for 13 years and moved to (much cheaper) Oregon.

The house is actually not a bad deal for the area - it is $722 per square foot, below the average price in San Francisco of $947, according to Trulia.

In September, an Outer Mission dilapidated 765-sq foot lean-to that would need to be completely torn down and renovated sold for $408,000 - $58,000 more than asking price.

Stolz says she is accepting offers starting on Friday.

Source: Daily Mail, Kiri Blakeley
http://www.dailymail.co.uk/news/article-3353206/Tiny-830-square-foot-cottage-SMALLEST-plot-land-San-Francisco-goes-hits-market-599-000.html