In Sausalito the lot alone may be valued at a million.
“I’m having trouble seeing this as worth one and a half million”
many (most?) of the places in Sausalito look like dumps ... the original buildings were vacation homes from the 1920’s-1960’s on the northwest shore of San Franciso Bay
Sausalito is now an enclave for the very, very wealthy ... Sausalito is an extremely desirable place to live for that reason ...
Short answer: CA real estate. Capable of unbelievable pricing.
A Sausalito address could be worth $600K just for the empty lot. But you cannot simply place (say) a $500K house on such a lot. That it is built and permitted (I assume) is likely about a $150K proposition before a single nail is driven. A sewer connection, even on a house burned to the ground (or never having been built in the first place) could be a $75K affair.
I partially handled a bungalow house in Fremont, which is a fairly boring town near the bottom of the SF Bay. Maybe 1400 sq feet, in a barely working class neighborhood, 2 bedroom, hardly upgraded since the 60’s, cottage cheese ceilings, fake brick and all. Landscaping thrashed and neglected. But it is a reasonable commute across the Dumbarton bridge to Silicon Valley and it went for $850K 48 hours from being placed on the market.
https://www.tide-forecast.com/locations/Dumbarton-Bridge-San-Francisco-Bay-California
In Sausalito it is. Depending on the view it could go a lot higher.
It’s in California.
It’s California Tell It Right.
House prices there are crazy.
“I’m having trouble seeing this as worth one and a half million:”
Well, then you must be ...... RACIST!!!!
:-)
It’s in Sausalito