Ummm ... there's not too many places that you could find a 7000 sq.ft. lot
on the S.F. peninsula for $225k. As a point of reference for the McMansion
craze, a nice 18,000+ sq. ft. lot with a 3 bedroom, 2 bath home, in a nice
part of Palo Alto sold for $5M last year. Perhaps the existing home is going
to be bulldozed, the lot subdivided, then two homes built, but it is perhaps
more likely that someone was wanting to build the largest house allowed by
the city zoning - 6,000 sq.ft which can only be built on a lot of at least
18,000 sq.ft. So for about $7M someone may end up with the largest new house
in town. (some of the older homes may be larger)
Thirty year old condos sell for $400K, new luxury condos (1300 sq ft) sell
for about $1M.
Another little tidbit of info is that local contractors bid the price of new
construction starting at $300 sq.ft with $600 not all that unusual. The ball
park estimate for a bathroom remodel is $20K. Needless to say a lot of
people find it worth while to do their own remodeling.
The money may look the same but it sure doesn't buy the same amount as
elsewhere.
-jeff
(who cut a hole in his wall in November to install a heater - and is still
working on it)
----- Original Message -----
From: "Jim Brokaw" <jbrokaw@xxxxxxxx>
> In the Bay Area that place is $225 'starter home' and you're promised that
> in a couple years you will be able to sell out for $300K and 'move on
> up...'
>
> Of course, if it were in Silicon Valley, it would be a teardown for a 5500
> square foot mini-mansion on a 7000 square foot lot... pretty much walls at
> the minimum setback on all four sides.
> --
>
> Jim Brokaw
> OM-'s of all sorts, and no OM-oney...
>
> on 2/15/05 7:36 PM, Richard Lovison at sylv4700@xxxxxxxxx wrote:
>
>> Now there's a place that if found in the Berkshires, would be
>> advertised as a handyman special with potential for only $180,000. :)
>> Nice shot, looking forward to the others.
>>
>> Richard
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