realtor.com
Just when you thought the Northern California real estate market couldn’t get more nuts, there’s a new level of madness. It comes in the form of a Silicon Valley shack that’s on the market for nearly 2 million bucks. And guess what? You can’t even live in it. Meet the uber-expensive teardown.
829 La Para Ave. in Palo Alto, CA, is a 180-square-foot, one-bedroom, one-bathroom dwelling, but no one’s offering it up as a tiny house in which to live simply and get to Google right quick (it’s 20 minutes away by bike). Rather, according to the ad, this house—situated on a 6,886-square-foot lot—presents an “exciting opportunity to build your dream home.”
Your dream home can be up to 2,816 square feet, according to SFGate, and, if the city approves, you can even tack on a basement. Don’t even think about living in the house as is—there are major structural problems.
Remind you of anything? Last month we reported on a shack in San Francisco going for $350,000. Speaking of crazy town: It sold for $408,000.
We get it. Proximity to tech companies drives prices higher, and you don’t get more proximate than the heart of Silicon Valley.
But $2 million?! Yowza, especially when the buyer is still going to fork over the dough to build a new house. The average sale price for a home in Palo Alto is $2,075,000 … and that’s for a home with, you know, a kitchen and bathrooms and such.
But apparently someone thought it was a good enough investment to put in an offer—a sale is pending. (Though pending, as we know, doesn’t mean sold.) Maybe that’s a reasonable expectation—just last year, another teardown sold for $1.75 million.
Who knows, maybe there will be a $3 million teardown next week.
The post In Silicon Valley, a Nearly $2 Million Shack Is Just a Teardown appeared first on Real Estate News and Advice - realtor.com.