California dwelling dimension of resort room on the sting of Silicon Valley hits marketplace for $1.7M

Real Estate

By Richard Pollina

Builders are salivating over this pricy pocket-size palace.

A bite-size 384-square-foot dwelling on the sting of California’s Silicon Valley hit the marketplace for a whopping $1.7 million, according to ABC 7.

Situated on the finish of a quiet, residential cul-de-sac in Cupertino, the house is neglected by neighboring properties price $5 million.

The one-bedroom, one-bathroom house is described as “cozy” and the right “canvas” for a purchaser to include their very own “private contact,” in keeping with Zillow.

“Enhancing its attraction, the property boasts shut proximity to main commute routes, making it perfect for professionals searching for easy accessibility to Silicon Valley’s tech hubs,” the itemizing reads.

Nonetheless, regardless of the tiny dwelling’s costly price ticket, as of Wednesday, there had already been six affords on the property.

“It’s time to carry out the outdated cliché which simply occurs to be the reality — it’s location, location, location,” a spokesman for the Bay East Affiliation of Realtors, David Stark, informed the outlet.

Stark famous that whereas the house itself is small, a developer may assemble a brand new home on the 7,841-square-foot lot, doubling — if not tripling — the cash spent to purchase it as soon as flipped.

Maxwell Dukelow, a purchaser’s agent, informed the outlet that the home is the smallest he’s seen up on the market within the Cupertino space in over 10 years — however the alternative to broaden appears definitely worth the hefty price ticket.

“I think about, like an investor or a builder would have a look at the alternatives that this property has and construct a pleasant 3,200 to three,600 sq. foot dwelling and find yourself promoting it for like $4 million or $5 million,” Dukelow informed the outlet.

Alex Chiao, a dealer, contractor, and actual property developer mentioned the $1.7 million asking worth didn’t “shock” him. In actual fact, it appeared “just a little bit low.”

“I believe if it does promote within the first week, it’d promote for just a little bit extra,” Chiao mentioned.

Whereas the worth tag appears to be rising, Compass actual property agent Faviola Perez informed The San Francisco Normal that it’s nonetheless the most affordable single-family dwelling in Cupertino available on the market.

“This space is so extremely wanted,” Perez mentioned.

“Any person has simply bought to be prepared to roll up their sleeves just a little bit to unlock the entire worth of that property.” 

In accordance with the US Census Bureau, the median family earnings in Cupertino was greater than $223,600 in 2022.

Its high-ranking public faculties additionally make it a sought-after location for households.

In November 2023, a 750-square-foot home priced at $1.2M was sold inside 10 days of hitting the market in Denver.

Very similar to the residence in Cupertino, the three-bedroom dwelling inbuilt 1941 turned a sizzling commodity primarily based on its location — adjoining to the revered McWilliams Park,  the vendor informed Realtor.com.