Posted on 04/16/2024 8:50:56 AM PDT by Mr.Unique
CUPERTINO, Calif. - Just when you thought the Bay Area real estate market could not get any crazier than it is already, a house in Cupertino, basically the size of a hotel room, sold on Friday after just six days on the market.
The house does not even have any sort of heating nor a stove, and it is just 384 square feet.
The seller’s agent says there were over 100 potential buyers through the home during an open house last weekend. A contract has now been signed with a buyer and the house should be officially off the market by the weekend.
It takes just a matter of seconds to see the three rooms: a bedroom, kitchen, and bathroom.
SNIP
Just six days after the home was listed, Cherry Xie put down an offer and signed a contract that she says is well above the $1.7 million asking price.
(Excerpt) Read more at ktvu.com ...
They are buying it for the lot, 7,800 sq feet so they will knock this down and put a 3 bed 2 bath that will make it worth about 2 million, Cupertino is the headqurters of Apple and it is 6 miles away from the headquarters of Apple
I meant to say it is 6 miles away from the headquarters of Google
Its way overpriced IMO bit that is important context
I agree.
You know, that’s the sensible view.
Nothing makes sense in the Silicon Slum.
Trash homes go for zillions; there’s really nothing to do there, or see...it’s just an industrial slum.
Yet all of Asia and South America wants to live there, because they’re all chasing the venture capital millions. So they pay anything.
It doesn’t make any sense, we all think it’s gonna collapse and...it goes up further.
Net worth of average Nvidia worker: $10M.
$1.7M, $2M, what does it matter as long as the owner can borrow against it to get more property?
This is what happens when fiat currency gets overprinted and overtaxed. The globalists are fully understand and embrace that crypto, real estate, and slaves are assets found throughout the world.
“6 miles away from the headquarters of Google”
In a conga line of bumper to bumper traffic on 85 that starts early and never ends.
7,800 sq ft lot.
I bought my first house in Palo Alto on a 7,800 sq ft lot in 1978 for $100,000. Dad said “Son, that’s the stupidest thing you’ve ever done.”
Dar didn’t understand the Silicon Valley market back then just like few on this post understand it, either.
then they sell them and move to my area for one and can buy everything...it makes our properties unaffordable for our local people...
I remember when the Japanize were buying up all the commercial real-estate in the US. They ended up loosing hundreds of millions on their bad bet.
There are idiots born every minute.
That almost two million could buy you a nice place in the country and get you well prepped for the zombie apocalypse.
Faviola Perez Bonafede, the co-listing agent for the property...Cherry Xie put down an offer...Builder Amir Naghavi...
They don’t even need to knock it down. Just build next to it or around it. The current space could be used as a small rental.
Buyer won’t tear down the entire house. One wall will remain in order to keep the property tax based on the original sales price.
At one point they got over $1mill for some trap house looking tuna can on Mission St.
We’re in a recession!!!/s
IS IT LEGAL TO HAVE LIVING QUARTERS that have no heat???
BUT—THOSE homes had HEAT & cooking facilities
CORRECT
It’s a LOT in a neighborhood of $5M homes. The buyer will bulldoze the house and build a home similar to the other $5M homes in the neighborhood.
Dad said “Son, that’s the stupidest thing you’ve ever done.”
Did he live long enough to see the property strongly increase in value?
When you add to a house in CA, the property tax base is increased by whatever amount the improvement adds to the value of the property. The only way to keep the tax base the same is to build the new house exactly the same as the original (while updating to meet code). I've seen this happen around me with several homes that burned down. They were rebuilt exactly as before, but still left 1 wall standing (pretty much just the fireplace). The other reason people leave a wall standing is for permitting. Leaving a wall standing allows a repair/upgrade permit instead of the more complex and expensive "new construction" permit. Some neighborhoods (there are some around me in La Jolla) don't allow new construction permits, so all builds have to leave at least 1 wall standing, even though they are essentially building a much larger house.
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