180 sq foot Palo Alto Shack selling for $2 million

[polychronopolous]

Smack in the heart of one of America’s most expensive cities, a tiny 180-square-foot shack is listed for sale at $1.98 million.

The one-bedroom, one-bathroom Palo Alto-based shanty is situated next to a two-car garage. According to the Daily Mail, this prime piece of real estate is just a 12-minute drive from Stanford University and 25 minutes from Facebook’s Palo Alto headquarters. The address is 829 La Para Avenue.

The shack, which was built in 1930, rests on 6,800 square feet of land, which is where the price for the property really stems from, as it provides the opportunity for the lucky purchaser to “build their dream home” on it, as the listing states in its description.

However, the size of that home might be limited due to a floor area ratio (FAR) measure that was enacted in 1991 when the City of Palo Alto adopted an anti-mansionization mandate that allows for homes to be built on just 30 percent of land that is over 5,000 square feet.

Accordingly, the Daily Mail points out that “the maximum floor area of a future home that could be built on the property is 2,816 square feet, which does not include a possible basement addition.

One resident in the coveted area said prices have almost doubled since he and his family moved to there in 2011.

Last month, a 764-square-foot rotting, wooden earthquake shack located close to San Francisco’s Mission district sold for $408,000.

[BIG ACH]

I live in this area. Prices are like the freaking twilight zone!!!

[Lustral]

Reminds me of here 8 years ago. Land in D4 (expensive part of Dublin) was selling for $55m/acre.

London is worse - £1m (1.5 million dollars) for ex social housing (ie like projects in NY).

[polychronopolous]

I live in this area. Prices are like the freaking twilight zone!!!

A freaking shack built in 1930! 2 Mil!!!! 

[Schnauzer]

This shack sold for $408,000




The one with the $2M asking price is this one:

829 La Para Ave. in Palo Alto, CA, is a 180-square-foot, one-bedroom, one-bathroom dwelling, but no one’s offering it up as a tiny house in which to live simply and get to Google right quick (it’s 20 minutes away by bike). Rather, according to the ad, this house—situated on a 6,886-square-foot lot—presents an “exciting opportunity to build your dream home.”

[The True Adonis]

California is an exaggerated piece of shit.  Shack is a perfect analogy for the state.

[Mr Anabolic]

Techie employees driving up the prices of real estate in that area to ridiculous levels.  Should be lots of fun when this real estate bubble pops.  Will make 2006 look like a joke.  Same goes for the stock market too.  This is why interest rates cannot never rise.

[The True Adonis]

Techie employees driving up the prices of real estate in that area to ridiculous levels.  Should be lots of fun when this real estate bubble pops.  Will make 2006 look like a joke.  Same goes for the stock market too.

Their whole mindset would destroy America if it were applied nationwide.

Its ridiculous how they live there.  No idea why anyone would want to live like that.  I guess they just don't care about getting nothing for their money and living in debt with nothing to show for it.  I guess at least they have an Iphone. 

Make any of them rake some leaves for an hour and they would probably fall over and die from exhaustion.

[Irongrip400]

Techie employees driving up the prices of real estate in that area to ridiculous levels.  Should be lots of fun when this real estate bubble pops.  Will make 2006 look like a joke.  Same goes for the stock market too.  This is why interest rates cannot never rise.

California alone is not enough  to bring down the rest of the USA. Most other areas have stabilized. That said, how the code enforcement department didn't condem that place long ago is beyond me. I'd have complained on it everyday until it was gone.

[Lustral]

Techie employees driving up the prices of real estate in that area to ridiculous levels.  Should be lots of fun when this real estate bubble pops.  Will make 2006 look like a joke.  Same goes for the stock market too.  This is why interest rates cannot never rise.

Gentrification's a bitch. I hate Facebook (no account, it ruins social interaction almost as much as arguing against the retards on here) but when any company makes massive profits with high margins and poaches/pays employees highly, that area will become more expensive, attract hipster coffee shops and skinny jean stores.

[The True Adonis]

California alone is not enough  to bring down the rest of the USA. Most other areas have stabilized. That said, how the code enforcement department didn't condem that place long ago is beyond me. I'd have complained on it everyday until it was gone.

I wouldn't have.  I think its probably the best thing on the street.  Everything else is built in 2001 with styrofoam walls.  At least that thing is made out of wood.

[Schnauzer]

Their whole mindset would destroy America if it were applied nationwide.

Its ridiculous how they live there.  No idea why anyone would want to live like that.  I guess they just don't care about getting nothing for their money and living in debt with nothing to show for it.  I guess at least they have an Iphone. 

Make any of them rake some leaves for an hour and they would probably fall over and die from exhaustion.

The reason is high salaries

Mark Zuckerburg lives there and the late Steve Jobs also called it home.  Palo Alto is desirable and no cheap place to be living.  With lofty high tech salaries from nearby companies like Apple, Google, Oracle and Facebook, it’s no wonder that residents of Palo Alto command the 3rd highest median family income, according to CNN Money’s Best Places to Live list.  With a median family income of $163,661, Palo Alto’s median was just a few thousand dollars shy of Bethesda, Maryland and Greenwich, Connecticut, which were the top two high earning towns in the country.

http://blog.sfgate.com/ontheblock/2012/10/12/palo-alto-residents-earn-3rd-highest-median-family-income/

[The True Adonis]

The reason is high salaries

http://blog.sfgate.com/ontheblock/2012/10/12/palo-alto-residents-earn-3rd-highest-median-family-income/

High Median income is completely meaningless when everything costs an arm and a leg.  Most people there live like poor people when compared to the rest of the United States.  They live in shitboxes without a car for the most part.

Again, why would anyone want to pay a million dollars for a house that should normally cost around 50-70 grand?

[Schnauzer]

High Median income is completely meaningless when everything costs an arm and a leg.  Most people there live like poor people when compared to the rest of the United States.  They live in shitboxes without a car for the most part.

Again, why would anyone want to pay a million dollars for a house that should normally cost around 50-70 grand?

Because that million dollar house in SF appreciates faster than a $50K house in another part of the country

[calfzilla]

I have always wondered. Could someone from a cheaper part of the country go there, get a job and just live in a van for a year or so while making a high salary? Then go back home with a load of cash.

[The True Adonis]

Because that million dollar house in SF appreciates faster than a $50K house in another part of the country

Not really.  By the time that happens, they won't have made enough money on it anyways.  Besides, they will just sell it for another shitbox.

Seriously, the "high" salaries are inflated.  Most there don't have any savings or the ability to save any money when the cost of living is so high.  They just live in the moment.  They also live right on top of each other and have no land or anything.  Its dismal.  Especially if you are someone who hates human beings.

What a shitty way to live.

[Schnauzer]

Not really.  By the time that happens, they won't have made enough money on it anyways.  Besides, they will just sell it for another shitbox.

Seriously, the "high" salaries are inflated.  Most there don't have any savings or the ability to save any money when the cost of living is so high.  They just live in the moment.  They also live right on top of each other and have no land or anything.  Its dismal.  Especially if you are someone who hates human beings.

What a shitty way to live.

 

[hazbin]

they say the lot is 6800 sq ft. but it is only 20 feet wide so it must be 340 feet deep??  doesn't look like it by the other structures and what you can see in behind.

[The True Adonis]

I have always wondered. Could someone from a cheaper part of the country go there, get a job and just live in a van for a year or so while making a high salary? Then go back home with a load of cash.

Most of the time they try to come to the east coast after living on the west coast.  They buy a big house or what have you, stay for about 3 years and are not used to things like yard work, upkeep of a house, relaxing and a different way of life.  They are used to being busy bodies, always having to do something on the go.  They end up having a giant meltdown and move back to the west coast after they destroyed an historic house and its character by "updating" it.

Fucking pathetic.  I have seen it hundreds of times.  I love watching it unfold.

[Irongrip400]

I have always wondered. Could someone from a cheaper part of the country go there, get a job and just live in a van for a year or so while making a high salary? Then go back home with a load of cash.

It's the other way around. I've noticed of of folks who retire from up north, move down here to VA/NC on their larger incomes, then complain about tractors in the road and slower pace of life. Fucking losers.

[Lustral]

I have always wondered. Could someone from a cheaper part of the country go there, get a job and just live in a van for a year or so while making a high salary? Then go back home with a load of cash.

Thing is if you only have 1 property you don't benefit from a rising property market unless you move elsewhere or sell at peak, rent during recession then rebuy... which would be pure luck.

A house is a place to live if you own one so don't worry about the paper value. If you are renting you are fucked if live in an area with rising prices - which is happening here, but I own house now thankfully.

BigRo - if he sees this - saw my old place I was renting 2 years or so ago. Total shithole, poorly made, well located. €800/month rent (worked out to half that cos got a year free when property was dispossessed but that was market value). It is now €1100 for that piece of shit, per month. Bit of wood and brick with poor construction, mice and no insulation. Cheaper to buy if you can but you need around €80k savings to even meet minimum deposit requirements for a mortgage here - hard to do when paying high rents.

[calfzilla]

It's the other way around. I've noticed of of folks who retire from up north, move down here to VA/NC on their larger incomes, then complain about tractors in the road and slower pace of life. Fucking losers.

How could they complain about slower pace of life  

[Irongrip400]

How could they complain about slower pace of life  

They're northerners, it's what they do. 

[hardgainerj]

Most of the time they try to come to the east coast after living on the west coast.  They buy a big house or what have you, stay for about 3 years and are not used to things like yard work, upkeep of a house, relaxing and a different way of life.  They are used to being busy bodies, always having to do something on the go.  They end up having a giant meltdown and move back to the west coast after they destroyed an historic house and its character by "updating" it.

Fucking pathetic.  I have seen it hundreds of times.  I love watching it unfold.

just like eastcoasters in texas

[The True Adonis]

They're northerners, it's what they do. 

Yep.  Westerners as well.

I really do not like them at all.