Developers are salivating over this pricy pocket-size palace.
A bite-size 384-square-foot home on the sting of California’s Silicon Valley hit the marketplace for a whopping $1.7 million, in keeping with ABC 7.
Located at the top of a quiet, residential cul-de-sac in Cupertino, the house is neglected by neighboring homes value $5 million.
The one-bedroom, one-bathroom house is described as “cozy” and the right “canvas” for a buyer to include their very own “personal touch,” in keeping with Zillow.
“Enhancing its appeal, the property boasts close proximity to major commute routes, making it ideal for professionals looking for easy accessibility to Silicon Valley’s tech hubs,” the listing reads.
However, despite the tiny home’s expensive price tag, as of Wednesday, there had already been six offers on the property.
“It’s time to bring out the old cliché which just happens to be the reality — it’s location, location, location,” a spokesman for the Bay East Association of Realtors, David Stark, told the outlet.
Stark noted that while the house itself is small, a developer could construct a latest house on the 7,841-square-foot lot, doubling — if not tripling — the cash spent to purchase it once flipped.
Maxwell Dukelow, a buyer’s agent, told the outlet that the home is the smallest he’s seen up on the market within the Cupertino area in over 10 years — but the chance to expand seems well worth the hefty price tag.
“I imagine, like an investor or a builder would have a look at the opportunities that this property has and construct a pleasant 3,200 to three,600 square foot home and find yourself selling it for like $4 million or $5 million,” Dukelow told the outlet.
Alex Chiao, a broker, contractor, and real estate developer said the $1.7 million asking price didn’t “surprise” him. In fact, it seemed “somewhat bit low.”
“I feel if it does sell in the primary week, it’d sell for somewhat bit more,” Chiao said.
While the value tag appears to be rising, Compass real estate agent Faviola Perez told The San Francisco Standard that it’s still the most cost effective single-family home in Cupertino in the marketplace.
“This area is so highly wanted,” Perez said.
“Somebody has just got to be willing to roll up their sleeves somewhat bit to unlock the entire value of that property.”
According to the US Census Bureau, the median household income in Cupertino was greater than $223,600 in 2022.
Its high-ranking public schools also make it a sought-after location for families.
In November 2023, a 750-square-foot home priced at $1.2M was sold inside 10 days of hitting the market in Denver.
Much just like the residence in Cupertino, the three-bedroom home inbuilt 1941 became a hot commodity based on its location — adjoining to the revered McWilliams Park, the vendor told Realtor.com.
