San Francisco's housing market is so dire that this tiny home built out of desperation after the 1906 earthquake for $50 is now selling for $2.5 million. Take a look inside.

The 2,155-square-foot home at 31 Romain St. in San Francisco , California, is on the market for $2.5 million.
It's one of the city's 5,000 remaining "earthquake shacks" built as temporary housing units after the 1906 earthquake and fires that left 250,000 residents homeless.
The tiny homes , now spread across the city, usually sell in the $1 million range.
In a hot real estate market like San Francisco's, it's not unusual for homebuyers to cough up the price for historically relevant (see: older) homes before shelling out even more for repairs and renovations.
But this one has already undergone a complete renovation, rendering the $2.5 million price tag more reasonable.
The home's listing agent, Joanna Rose with Redfin, told Business Insider that when the owner first bought the home, it lived up to its "earthquake shack" name.
Now it's a contemporary masterpiece. Take a look inside.

The peach-colored home at 31 Romain St. in San Francisco looks more than quaint.

BusinessInsider USA Images

Courtesy of Redfin

Source: Redfin

It sits in the citys Eureka Valley neighborhood, where the median real estate value is $1.59 million.

BusinessInsider USA Images

Google Maps/Business Insider

Source: Redfin

Thats just slightly above San Franciscos overall median real estate value of $1,378,000.

BusinessInsider USA Images

Courtesy of Redfin

Source: Zillow

The home is also whats known as an "earthquake cottage," or shack.

BusinessInsider USA Images

Courtesy of Redfin

In 1906, an earthquake and a series of fires leveled 500 city blocks in San Francisco and left about 250,000 people homeless.

BusinessInsider USA Images

Wikimedia Commons

Source: Business Insider

One of the citys temporary housing solutions was building 5,000 wooden cottages at designated camps for displaced residents. Each cottage cost $50 to build, which tenants paid $2 a month toward.

BusinessInsider USA Images

Wikimedia Commons

Source: Business Insider and National Park Service

Over 16,000 people found refuge in them.

BusinessInsider USA Images

Courtesy of Redfin

Source: Business Insider

Eventually, the homes were moved from the camps and are now scattered throughout the city.

BusinessInsider USA Images

Courtesy of Redfin

Source: National Park Service

They blend into residential streets fairly seamlessly.

BusinessInsider USA Images

Courtesy of Redfin

Source: National Park Service

And as chance would have it, another of the tiny cottages sits next to the home at 31 Romain St.

BusinessInsider USA Images

Google Street View; Business Insider

Rose said both of them, including the earthquake cottage at 31 Romain St., are completely renovated.

BusinessInsider USA Images

Courtesy of Redfin

All that remains of what was once a makeshift disaster shelter is the homes facade.

BusinessInsider USA Images

Courtesy of Redfin

Youd never think youre stepping into a century-old tiny home upon entering the foyer.

BusinessInsider USA Images

Courtesy of Redfin

In 2015, the homes owner nearly tripled the size of the home, expanding the original 800-square-foot shack into a 2,155-square-foot modern abode with city permits.

BusinessInsider USA Images

Courtesy of Redfin

He had the ceilings raised, skylights installed, an open-concept floor plan established, and modern appliances brought in.

BusinessInsider USA Images

Courtesy of Redfin

Three bedrooms and three bathrooms are found in the home.

BusinessInsider USA Images

Courtesy of Redfin

And most notably, he had a new foundation laid in 2015, which Rose said is a huge selling point in an earthquake-prone place like San Francisco.

BusinessInsider USA Images

Courtesy of Redfin

"It was pretty much an entire new home besides the fact that the exterior was kept in the front up to how it was supposed to look originally," Rose said.

BusinessInsider USA Images

Courtesy of Redfin

Typically, the citys remaining earthquake shacks sell in the $1 million range, with the most expensive on record selling for $1.4 million in 2016.

BusinessInsider USA Images

Courtesy of Redfin

Source: Business Insider

The owner himself shelled out only $820,000 for the home in 2013.

BusinessInsider USA Images

Courtesy of Redfin

Source: Redfin

But those sales usually will necessitate hundreds of thousands more for renovations, which are already included in this homes $2,485,000 price tag.

BusinessInsider USA Images

Courtesy of Redfin

"Usually if they are original, theyre going to require a lot of work to get it up to where it should be in terms of plumbing, foundation, electrical all of that," Rose said.

BusinessInsider USA Images

Courtesy of Redfin

The owner also wanted to optimize the propertys space ...

BusinessInsider USA Images

Courtesy of Redfin

... which included turning the unused attic loft into a yoga studio.

BusinessInsider USA Images

Courtesy of Redfin

You do have to climb up a ladder to access it, and Rose said it cant be counted as a bedroom since there isnt a door or a closet, but its a versatile space and adds a few extra square feet to the overall property.

BusinessInsider USA Images

Courtesy of Redfin

"People in San Francisco all they want is as much space as possible because were always so limited on square footage and size here," Rose said.

BusinessInsider USA Images

Courtesy of Redfin

Below the loft is a bedroom that faces the street.

BusinessInsider USA Images

Courtesy of Redfin

Its currently set up as a kids room.

BusinessInsider USA Images

Courtesy of Redfin

In addition to the yoga studio, theres another personal touch the owner made to the home: ...

BusinessInsider USA Images

Courtesy of Redfin

... the closet space in the master suite is being used to store his two bicycles.

BusinessInsider USA Images

Courtesy of Redfin

An avid cyclist, he even had a stained glass window of a bicycle installed in one of the vaulted walls, a feature that Rose said has also been a hit with visiting house hunters.

BusinessInsider USA Images

Courtesy of Redfin

Though of course the homes future owners dont have to utilize the master closet in the same way.

BusinessInsider USA Images

Courtesy of Redfin

The master suite comes with a spa-inspired bathroom complete with a rainfall shower.

BusinessInsider USA Images

Courtesy of Redfin

Theres also a separate bathtub next to it.

BusinessInsider USA Images

Courtesy of Redfin

Another bedroom comes with private access via a side entrance.

BusinessInsider USA Images

Courtesy of Redfin

Theres also an en-suite bathroom.

BusinessInsider USA Images

Courtesy of Redfin

Both the master bedroom and the main level where the kitchen is located have terrace access to the backyard.

BusinessInsider USA Images

Courtesy of Redfin

A spa hot tub sits feet from the balcony doors.

BusinessInsider USA Images

Courtesy of Redfin

Rose said the listing has been an attraction for people, some merely out of curiosity a home listing stamped with an "earthquake cottage" label will likely grab attention.

BusinessInsider USA Images

Courtesy of Redfin

But Rose said she doesnt think that that label specifically makes the home, or other existing earthquake shacks like it, a hot commodity in the citys real estate market.

BusinessInsider USA Images

Courtesy of Redfin

"There are a lot of people who look for certain architectural details, but the thing with this one is its been all renovated, so it doesnt really have much of the original look to it," Rose said.

BusinessInsider USA Images

Courtesy of Redfin

Rose said in general, people will seek out properties that have a more "classic San Francisco look," like from the Edwardian or Victorian design eras, more often than they will hunt down newly-constructed buildings.

BusinessInsider USA Images

Courtesy of Redfin

But what buyers find unattractive about those kinds of listings are the outdated features, like electrical and plumbing systems, that are more indicative of the early 1900s rather than the new millennium.

BusinessInsider USA Images

Courtesy of Redfin

"Overall in the city, people look for the Victorian, the Edwardian, the historical kind of buildings, but they do like to see a more clean look inside updated kitchen and baths," Rose said.

BusinessInsider USA Images

Courtesy of Redfin

"They like that original charm, they just dont want to have things that arent functioning and want things that are operable," Rose said.

BusinessInsider USA Images

Courtesy of Redfin

Rose said that when the owner bought the home in 2013, the state of the home fit that description.

BusinessInsider USA Images

Courtesy of Redfin

"It was just an open, tiny little 800-square-foot home," Rose said.

BusinessInsider USA Images

Courtesy of Redfin

"It was much more true to the sense of an earthquake shack when he bought it, and then it turned into this large, updated open floor plan," Rose said.

BusinessInsider USA Images

Courtesy of Redfin

Now the property merges historical relevance with updated, modern finishes.

BusinessInsider USA Images

Courtesy of Redfin

"The easiest sales for me in San Francisco are things that have somewhat of an original look, but theyve been updated on the inside and are livable but hold those period details, the charm, the architectural finishes, maybe some original, built in," Rose said.

BusinessInsider USA Images

Courtesy of Redfin

San Francisco's housing market is so dire that this tiny home built out of desperation after the 1906 earthquake for $50 is now selling for $2.5 million. Take a look inside.

The peach-colored home at 31 Romain St. in San Francisco looks more than quaint.

Recommended articles

It sits in the citys Eureka Valley neighborhood, where the median real estate value is $1.59 million.

Thats just slightly above San Franciscos overall median real estate value of $1,378,000.

The home is also whats known as an "earthquake cottage," or shack.

In 1906, an earthquake and a series of fires leveled 500 city blocks in San Francisco and left about 250,000 people homeless.

One of the citys temporary housing solutions was building 5,000 wooden cottages at designated camps for displaced residents. Each cottage cost $50 to build, which tenants paid $2 a month toward.

Over 16,000 people found refuge in them.

Eventually, the homes were moved from the camps and are now scattered throughout the city.

They blend into residential streets fairly seamlessly.

And as chance would have it, another of the tiny cottages sits next to the home at 31 Romain St.

Rose said both of them, including the earthquake cottage at 31 Romain St., are completely renovated.

All that remains of what was once a makeshift disaster shelter is the homes facade.

Youd never think youre stepping into a century-old tiny home upon entering the foyer.

In 2015, the homes owner nearly tripled the size of the home, expanding the original 800-square-foot shack into a 2,155-square-foot modern abode with city permits.

He had the ceilings raised, skylights installed, an open-concept floor plan established, and modern appliances brought in.

Three bedrooms and three bathrooms are found in the home.

And most notably, he had a new foundation laid in 2015, which Rose said is a huge selling point in an earthquake-prone place like San Francisco.

"It was pretty much an entire new home besides the fact that the exterior was kept in the front up to how it was supposed to look originally," Rose said.

Typically, the citys remaining earthquake shacks sell in the $1 million range, with the most expensive on record selling for $1.4 million in 2016.

The owner himself shelled out only $820,000 for the home in 2013.

But those sales usually will necessitate hundreds of thousands more for renovations, which are already included in this homes $2,485,000 price tag.

"Usually if they are original, theyre going to require a lot of work to get it up to where it should be in terms of plumbing, foundation, electrical all of that," Rose said.

The owner also wanted to optimize the propertys space ...

... which included turning the unused attic loft into a yoga studio.

You do have to climb up a ladder to access it, and Rose said it cant be counted as a bedroom since there isnt a door or a closet, but its a versatile space and adds a few extra square feet to the overall property.

"People in San Francisco all they want is as much space as possible because were always so limited on square footage and size here," Rose said.

Below the loft is a bedroom that faces the street.

Its currently set up as a kids room.

In addition to the yoga studio, theres another personal touch the owner made to the home: ...

... the closet space in the master suite is being used to store his two bicycles.

An avid cyclist, he even had a stained glass window of a bicycle installed in one of the vaulted walls, a feature that Rose said has also been a hit with visiting house hunters.

Though of course the homes future owners dont have to utilize the master closet in the same way.

The master suite comes with a spa-inspired bathroom complete with a rainfall shower.

Theres also a separate bathtub next to it.

Another bedroom comes with private access via a side entrance.

Theres also an en-suite bathroom.

Both the master bedroom and the main level where the kitchen is located have terrace access to the backyard.

A spa hot tub sits feet from the balcony doors.

Rose said the listing has been an attraction for people, some merely out of curiosity a home listing stamped with an "earthquake cottage" label will likely grab attention.

But Rose said she doesnt think that that label specifically makes the home, or other existing earthquake shacks like it, a hot commodity in the citys real estate market.

"There are a lot of people who look for certain architectural details, but the thing with this one is its been all renovated, so it doesnt really have much of the original look to it," Rose said.

Rose said in general, people will seek out properties that have a more "classic San Francisco look," like from the Edwardian or Victorian design eras, more often than they will hunt down newly-constructed buildings.

But what buyers find unattractive about those kinds of listings are the outdated features, like electrical and plumbing systems, that are more indicative of the early 1900s rather than the new millennium.

"Overall in the city, people look for the Victorian, the Edwardian, the historical kind of buildings, but they do like to see a more clean look inside updated kitchen and baths," Rose said.

"They like that original charm, they just dont want to have things that arent functioning and want things that are operable," Rose said.

Rose said that when the owner bought the home in 2013, the state of the home fit that description.

"It was just an open, tiny little 800-square-foot home," Rose said.

"It was much more true to the sense of an earthquake shack when he bought it, and then it turned into this large, updated open floor plan," Rose said.

Now the property merges historical relevance with updated, modern finishes.

"The easiest sales for me in San Francisco are things that have somewhat of an original look, but theyve been updated on the inside and are livable but hold those period details, the charm, the architectural finishes, maybe some original, built in," Rose said.

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