San Francisco Telegraph Hill rock selling for $1 million

The rock has served in the past as a rock quarry,
providing its material for city establishments like City Hall and
the Waterfront.
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• A sale on a 7,000-square-foot block of rock in San
  Francisco is pending for almost $1 million.
• A potential 12 new homes in one of the city’s most
  exclusive neighborhoods are able to be built upon the property,
  which would take some hefty engineering and a mighty price
  tag.
• Still, by San Francisco standards, that’s a
  bargain.

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Many would raise an eyebrow at a massive block of rock selling
for $1 million. But in San Francisco, that’s actually a bargain.

The city’s infamously overheated real-estate market is one of the
most competitive in the nation as San Franciscans and
non-residents alike try to get their hands on a piece of land in
the seven-by-seven square mile city.  

One such piece of land, a 7,000-square-foot towering heap of
rock, in the city’s Telegraph Hill neighborhood is listed
for $998,000 — and a sale is now pending on it, according to

Redfin.  

The property has served as a rock quarry in the past, offering up
shards of rock for city establishments like City Hall and the
Waterfront, according to the listing’s
website. The website also states that the space could hold a
potential 12 new homes.

As reported by
SF Curbed, the rock was originally listed in December of 2016
for $1.43 million, though public records don’t convey that.

The asking price fell just below $1 million back in April, and it
looks like the drop in price paid off since the property now has
an owner.

The rocky zone will undoubtedly necessitate some extensive
engineering in order to make the land buildable, which means
millions more in dollars. But despite that fact, this listing is
a downright deal by San Francisco standards. For the foundation
in an exclusive location that would afford sweeping city views,
$1 million is a drop in the bucket.