A home in Cupertino, California, that measures less than 400 square feet is making headlines in the United States for its surprising asking price: more than $1.7 million.
Some compare the one-bedroom, one-bathroom home to a hotel room, so small that there isn’t enough space in the kitchen for a full-size refrigerator or stove.
What also catches people’s attention is the size of the lot the house sits on: almost 7,900 square feet.
It received eight offers, all above the asking price, and the winning bidder is expected to close escrow in May.
“The marketing strategy was to market the (listing) like a house and get as many eyes on it as possible and it obviously worked,” said Faviola Perez, broker with the Compass Bonafede Team.
High real estate prices are not uncommon in California’s Silicon Valley, home to tech giants like Apple, Google and Oracle. The median price of homes sold in Cupertino is $2 million, according to a recent report from Rocket Homes. And the little house on Carmen Road shows that size doesn’t always matter.
Perez, the home’s co-listing agent, said the team knew most of the property’s value was in the land.
The property has potential for expansion or construction, but the “shock factor” for everyone was the size of the house and the price tag that came with it, she said.
The Zillow listing says the house is nestled at the end of a cul-de-sac, close to the hiking trails and tech hubs of Silicon Valley.
More importantly, Perez said, the house is close to the border of Los Altos Hills, an area where home values start at around $5 million, according to Zillow.
Los Altos Hills home values influence those of adjacent communities, an added bonus for someone looking to build. Perez said the city of Cupertino’s planning department would allow the homeowner to build a home larger than 3,600 square feet.
“It’s definitely a place, a place, a place, as cliché as that sounds,” she said.
The broker could not disclose the total price until the sale was final, but said it was selling at a price that was “considerably too high.”
Neighbors told Perez the house was originally used as a hunting cabin.
“The house was built brick by brick in the 1940s by the family who is now selling it,” she explained.
It was later used by the family as a rental but remained vacant for some time.
California Daily Newspapers
