Developers are drooling over this expensive pocket-sized palace.
A bite-sized 384-square-foot home on the edge of California’s Silicon Valley has been put on the market for a whopping $1.7 million. According to ABC7.
Located at the end of a cul-de-sac in a quiet residential area of Cupertino, the home is overlooked by neighboring $5 million homes.
The one-bedroom, one-bathroom home is described as “cozy” and the perfect “canvas” for buyers to put their “personality” on. Jiro.
“To further enhance its appeal, this property boasts proximity to major commuter routes, making it ideal for professionals seeking easy access to Silicon Valley’s technology hub,” the listing reads. .
But despite the small home’s high price tag, as of Wednesday, the property already had six offers.
“It’s time to clarify an old cliché that happens to be true: location, location, location,” Bay East Association of Realtors spokesperson David Stark told the outlet.
Stark said that while the house itself is small, developers can build a new home on a 7,841-square-foot lot, and once flipped, the money spent on the purchase could double, if not triple. He pointed out that there is a gender.
Buyer agent Maxwell Dukelow told the outlet that the home is the smallest he’s seen for sale in the Cupertino area in more than a decade. But the expansion opportunity appears to be worth the hefty price tag.
“Like investors and builders, we saw the opportunity that this property had and built a nice 3,200- to 3,600-square-foot home that we ended up selling for about $4 million or $5 million. I imagine they will,” Duquerow told the magazine.
Alex Chao, a broker, contractor and real estate developer, said he was “not surprised” by the $1.7 million asking price. It actually seemed “a little low”.
“If it sells in the first week, it might sell for a little bit more,” Chao said.
Prices appear to be rising, said Compass real estate agent Fabiola Perez. San Francisco Our criteria is to be the cheapest single-family home on the market in Cupertino.
“This field is very popular,” Perez said.
“It takes someone willing to roll up their sleeves a little bit to unlock the full value of that asset.”
According to the U.S. Census Bureau, the median household income in Cupertino in 2022 was more than $223,600.
The public schools have high grades, making it a popular destination for families.
In November 2023, a $1.2 million, 750-square-foot home in Denver sold within 10 days of going on the market.
Like the Cupertino mansion, the three-bedroom home, built in 1941, became a hot item due to its location adjacent to esteemed McWilliams Park, the seller said. realtor.com.
