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 ...
Video at the link.
Starter home.
Fools and their money are soon parted. I can't think of a worse investment at this time. Buy high and sell for what its actually worth about $2,500 bucks.
More people in the US = costly housing
We’ve been saying that since the 80s about Cupertino.
That was when $300K was an expensive home.
It is California. It is bankrupt. It is lawless.
Elites know the value of having a great community - the kind most Americans lived in before the creepy ‘elites’ decided they wanted a cheap servant class... and opened the borders.
Lot is 7800 SF
Its way overpriced IMO bit that is important context
I hear you. And then interest rates went to zero for ten years.
Supply and demand.
I remember hearing a story on the radio a few years back about the growing popularity of micro-homes. They were no more than 300-400 square feet, and most of the owners were single, no kids, and had few friends. I couldn’t help but wonder: Even with no spouse, kids, or friends, would 300-400 square feet be enough for their Harry Potter collectibles?
Pete Wilson was governor then. California voted for Reagan in 1980 and 84 and Bush 1 in 1988. Now they've got Gavin Newsom. Foreign criminal gangs weren't breaking in and burglarizing homes. There wasn't rampant shoplifting. California public schools weren't among the worst in the country. California was building water and power-generating infrastructure instead of tearing it down.
IMHO, real estate, even in the fashionable counties of California, is riskier today than in the 1980s.
The buyer is paying for the lot, not the house. They’re going to tear down that house and build a much larger house (assuming zoning allows it).
Almost certainly the land it is sitting on that is worth that.
Chinese nationals are usually buying well above price as an investment in the Bay Area.
Should be illegal.
California aka Hell on Earth II ... used to be I but New York is now Hell on Earth I
Location location location.
Buy and knock this POS down, build a new house for $1 million, double your money.
So her parents named her, Cherry Pie?
Or is that her stripper name?
Thousands of chinese are flipping houses in the country. I met a guy on a plane from Columbia who is flipping houses in Florida. He said he picks up foreclosures for a few hundred dollars each. Said he had 24 homes at the time and that he LOVES America.
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