Developers are salivating over this expensive pocket palace.
A tiny 384-square-foot home on the outskirts of California’s Silicon Valley has been put on the market for a whopping $1.7 million, according to ABC 7.
Located at the end of a quiet residential cul-de-sac in Cupertino, the house is overlooked by neighboring $5 million homes.
The one-bedroom, one-bath home is described as “cozy” and provides the perfect “canvas” for a buyer to incorporate their own “personal touch,” according to Zillow.
“Enhancing its appeal, the property benefits from close proximity to major transportation routes, making it ideal for professionals seeking easy access to Silicon Valley’s technology hubs,” the listing states.
However, despite the tiny house’s high price tag, as of Wednesday there had already been six offers for the property.
“It’s time to bring out the old cliché that turns out to be true: It’s location, location, location,” said Bay East Association of Realtors spokesman David Stark. , to the media.
Stark noted that even if the house itself is small, a developer could build a new house on a 7,841-square-foot lot, doubling — or even tripling — the money spent to buy it once flipped.
Maxwell Dukelow, a buyer’s agent, told the outlet that the home is the smallest he’s seen for sale in the Cupertino area in more than 10 years — but the expansion opportunity appears to be worth the high price tag. .
“I would imagine an investor or builder would look at the opportunities this property offers and build a nice 3,200 to 3,600 square foot home and end up selling it for about $4 or $5 million,” Dukelow told the point of sale.
Alex Chiao, a real estate broker, entrepreneur and developer, said the $1.7 million asking price didn’t “surprise” him. In fact, it seemed “a little weak.”
“I think if it sells in the first week, it might sell for a little bit more,” Chiao said.
While the price appears to be rising, Compass real estate agent Faviola Perez told the San Francisco Standard that it’s still the least expensive Cupertino single-family home on the market.
“This area is very sought after,” Perez said.
“It just takes someone being willing to roll up their sleeves a little bit to unlock the full value of this property.”
According to the United States Census Bureau, the median household income in Cupertino was over $223,600 in 2022.
Its high-level public schools also make it a sought-after location for families.
In November 2023, a 750 square foot home priced at $1.2 million sold within 10 days of hitting the market in Denver.
Much like the Cupertino residence, the three-bedroom home built in 1941 has become a hot commodity because of its location — next to revered McWilliams Park, the seller told Realtor.com.
New York Post
