90-SF Storage Locker in San Francisco Condo Development Sells for $160K

Jun 05, 2017

San Francisco is such an expensive property market–pause for reader to ask aloud, “How expensive is it?–that a 90-square-foot storage locker was recently acquired for $160,000.

According to a Yahoo Finance report, the residents of the Lumina luxury condominium in the city’s South of Market section got into an aggressive online bidding war regarding 53 storage units at the development. While the nine-square-foot lockers sold for between $4,300 and $5,100 each, the 90-square-foot locker was acquired for $160,000, or $1,777 per square foot. In fact, the price-per-square foot for that locker was more than the price-per-square-foot for a two-bedroom, two-bath condo listed for sale in the Lumina.

“It sounds like a lot money, but that’s the economics that go through people’s minds,” explains Paul Hwang, principal at the San Francisco-based Skybox Realty and the owner of a Lumina condo unit. “You have also have to remember that the guy spending $160,000 probably isn’t your average person. It is a lot money, but it’s not like he’s throwing his money away. He’d prefer to have his stuff in the building than at a storage locker a block away. He wants his golf clubs, his Christmas tree, or bike downstairs.”

In comparison, the previous record-breaker for a storage space, a 36-square-foot storage unit in New York City sold for $75,000 in 2014, is the storage equivalent of affordable housing!

About the author

Phil Hall

Link copied

Published

Jun 05, 2017

Opinion

Seller Impersonation Fraud Is Evolving. Is the Mortgage Industry Evolving Fast Enough?

AI and increasingly sophisticated wire fraud are raising the stakes at the closing table, forcing lenders to rethink how they verify identities, counterparties, and payment instructions

For years, the mortgage industry has spent a lot of money on spotting borrower fraud at the start of the loan process. But one of the growing fraud threats today may show up later — when the loan is approved, the closing is set, and hundreds of thousands of dollars are about...

Analysis and Data

Price Cuts Hit Four-Year High As Mortgage Rates Top 7%

More than one in five listings took a price cut in September, but pending sales still posted their sharpest annual decline since March 2025

Home sellers are finally giving buyers some ground. The problem is mortgage rates are taking it right back.More than one in five homes listed for sale — 20.8% — had a price reduction in September, the highest share in nearly four years, according to Realtor.com's latest Mont...

Jan

Uncasville, CT

More from

Industry News

Garg Claims Majority In Better Fight, Board Poised To Honor Vote

Founder says he secured more than 51% of voting power to remove five directors, pending confirmation by a third-party inspector

C-Suite Strategies

Oct 01, 2026

Rocket Makes VantageScore Its Default After Testing Finds Borrower Savings

After four months of testing, Rocket will make VantageScore 4.0 its preferred model for eligible retail loans while keeping both scoring options available to brokers

Industry News

Sep 29, 2026

CHLA: More Freddie Mac MBS Buying Could Narrow Mortgage Spreads

Trade group estimates greater Freddie participation could compress spreads another 10 to 12 basis points as Fannie has taken the lead in GSE mortgage-bond buying

Industry News

Sep 23, 2026

Early Loan-Limit Race Splits Into Three Tiers

Lenders are now offering $845,000, $847,440, or $850,000 before FHFA sets the official 2027 limits

Industry News

Sep 23, 2026

Better, Garg Clash Over Claimed 46% Shareholder Support

Better disputes its former CEO’s preliminary consent count as the two sides trade accusations and an Oct. 2 target date approaches

C-Suite Strategies

Sep 23, 2026