San Francisco's housing market is so competitive that a massive wedge of rock selling for $1 million is actually a bargain

1235 Sansome St san franisco

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.

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.

Join the conversation about this story »

NOW WATCH: What people get wrong about superfoods