More S.F. Area homes sell for less than $60,000

The San Francisco Chronicle reports:

Condos for $20,000? Single-family homes for under $60,000? What is this, Detroit?

It's the topsy-turvy world of Bay Area real estate. Despite studies showing prices slowly rising overall, homes at the low end appear to be playing a game of limbo, flaunting prices comparable to what you'd pay for a car.

Sometimes those ultra-low prices are come-ons to spur a bidding war; sometimes they reflect abysmal house conditions. It's no surprise that the dirt-cheap properties are located smack in the middle of foreclosure hot spots - Pittsburg, Antioch, Vallejo, Richmond, Oakland. They tend to be either bank-owned foreclosures or short sales (selling for less than is owed).

David Lear of Sotheby's International Realty in Danville is selling a one-bedroom condo in Pittsburg's Lakeview complex near Los Medanos College for $48,000 as a short sale. The owner purchased it three years ago for $228,000.

You'll want to read the whole article twice.