Only asking $1029 sq/ft

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1,339
Location
ZFW
An instance where you're paying for the land that the dilapidated building sits on. Looks like they have drawings of what <span style="font-style: italic">could be</span> built, which looks pretty nice.
 
Messages
5,124
Location
Atlanta,GA
No doubt 90% of that sales price is in the land. A dwelling over 4 units would qualify as multi-family (Apartment/Condo) and consequently it would become a commercial project. Of course I'm sure there's some wacked out zoning restriction with regards to building height which is why the listing specifically mentions 5-unit.
 

CT8

Messages
15,408
Location
Idaho
Originally Posted by dareo
what a crazy price. last year i paid less than 1/10th per square foot and got 3.3x the land.
Utah VS the Bay area . Sold the House in Millbrae California , It was built in 1957 and while maintained it was original, sold instantly in 2015 for 1.5 million cash deal.
 
Messages
8,955
Location
MA
Originally Posted by dareo
what a crazy price. last year i paid less than 1/10th per square foot and got 3.3x the land.
Seems ok to me depending on what you're building. Construction costs are probably in the $250-$300 range per square foot. Probably worth at least 600+ per square foot for new construction. If you can get 5 units with about 5000 square feet or more, at $600 a square feet, you're looking at 3 million total. Construction costs of 1.5 million and about 1 million for the property. So just half a million minus carrying costs and other costs. Probably worth it if you can get a few thousand extra square feet over 5000. Don't know what kind of field area ratio would be needed in that area.
 
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1,250
Location
USA
It's on a small lot. There are expensive areas of Oakland but that's not it. There are always people reaching for the stars. Singling out one doesn't prove too much. Here is one I am familiar with, very nice couple owned it, both teachers who raised their kids in this little house. They paid 8k in 1957. Still has the 1952 wall heater. Extremely cheap construction. Sold 3,175,000 in 2018. Who would have guessed all this internet/electronic tech would remain in the area and kids working for google etc could fork down over 3 million for a tear down. Freeway noise, loud, and in a flood zone are all nice extras. https://www.redfin.com/CA/Palo-Alto/3360-Vernon-Ter-94303/home/1762070
 
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1,564
Location
Cali's Central Coast Wine Country
Thread starter
Originally Posted by Farnsworth
It's on a small lot. There are expensive areas of Oakland but that's not it. There are always people reaching for the stars. Singling out one doesn't prove too much. Here is one I am familiar with, very nice couple owned it, both teachers who raised their kids in this little house. They paid 8k in 1957. Still has the 1952 wall heater. Extremely cheap construction. Sold 3,175,000 in 2018. Who would have guessed all this internet/electronic tech would remain in the area and kids working for google etc could fork down over 3 million for a tear down. Freeway noise, loud, and in a flood zone are all nice extras. https://www.redfin.com/CA/Palo-Alto/3360-Vernon-Ter-94303/home/1762070
And if you were to buy this little house, property taxes would be close to $40k per year. Scott
 
Messages
1,250
Location
USA
Originally Posted by SLO_Town
Originally Posted by Farnsworth
It's on a small lot. There are expensive areas of Oakland but that's not it. There are always people reaching for the stars. Singling out one doesn't prove too much. Here is one I am familiar with, very nice couple owned it, both teachers who raised their kids in this little house. They paid 8k in 1957. Still has the 1952 wall heater. Extremely cheap construction. Sold 3,175,000 in 2018. Who would have guessed all this internet/electronic tech would remain in the area and kids working for google etc could fork down over 3 million for a tear down. Freeway noise, loud, and in a flood zone are all nice extras. https://www.redfin.com/CA/Palo-Alto/3360-Vernon-Ter-94303/home/1762070
And if you were to buy this little house, property taxes would be close to $40k per year. Scott
Yes, and I don't know how people, kids many of them, make that much money. I knew the owners of this and they were paying around 260 per year some years ago. Maybe 600 recently? Now that is like three days of tax.
 
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4,461
Location
Los Gatos, CA
Palo Alto is not the most expensive, but is the most expensive per square foot in Silicon Valley. At least that's my understanding... Maybe 15 years ago, a close friend went through a divorce and bought a 2/1 fixer upper, less than 1000 sq ft, for like $700K. I thought she was crazy. This was in a sought after Palo Alto area. Tanya's neighbors were Steve Young and Steve Jobs. I have no idea what it is worth now.
 
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6,856
Location
California
Originally Posted by SLO_Town
But they say it's a nice Victorian "gem".... https://www.redfin.com/CA/Oakland/1...mp;utm_nooverride=1&utm_content=link Scott
Jeez. That part of Oakland is a hot spot with the tech crowd - it's next to BART and Apple/Google/Facebook buses stop nearby on Adeline. A long time ago, if you made that much money, you'd move to Walnut Creek/Danville/Pleasanton but not anymore. Realtors are marketing the commute in Oakland(being close to BART or the Transbay/tech buses and ferry) as a major selling point. Oakland schools suck, but if you work in tech you have money to send them to private school. Not to mention that future development is rent control exempt once done.
 
Messages
6,856
Location
California
Originally Posted by JeffKeryk
Palo Alto is not the most expensive, but is the most expensive per square foot in Silicon Valley.
East Palo Alto is hot now, and Atherton/Woodside is as expensive as ever.
 
Messages
16,002
Location
Silicon Valley
Includes approved shovel-ready plans for a beautiful redevelopment of the massive lot into 5 units That's why it is worth $1M, the approved shovel ready plan means you don't need to deal with the messy public hearing right?
 
Messages
16,002
Location
Silicon Valley
Originally Posted by JeffKeryk
Palo Alto is not the most expensive, but is the most expensive per square foot in Silicon Valley. At least that's my understanding... Maybe 15 years ago, a close friend went through a divorce and bought a 2/1 fixer upper, less than 1000 sq ft, for like $700K. I thought she was crazy. This was in a sought after Palo Alto area. Tanya's neighbors were Steve Young and Steve Jobs. I have no idea what it is worth now.
I'd guess about 2-2.5M by now, at least.
 
Messages
16,002
Location
Silicon Valley
Originally Posted by dareo
what a crazy price. last year i paid less than 1/10th per square foot and got 3.3x the land.
You probably get paid 1/4 as much as the potential buyer/renter of the finished home too, that's why it is 1/10th per square foot and 1/3 the total price. Real estate is all about location and local income level.
 
Messages
2,448
Location
utah
Originally Posted by PandaBear
Originally Posted by dareo
what a crazy price. last year i paid less than 1/10th per square foot and got 3.3x the land.
You probably get paid 1/4 as much as the potential buyer/renter of the finished home too, that's why it is 1/10th per square foot and 1/3 the total price. Real estate is all about location and local income level.
Median household income for my county 75k. "The typical San Francisco household makes about $96,677 each year." 2018 census bureau. All that real estate is just grossly overpriced.
 
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