Developers are salivating over this pricy pocket-size palace.
A bite-size 384-square-foot home on the edge of California’s Silicon Valley hit 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 home is overlooked by neighboring homes worth $5 million.
The one-bedroom, one-bathroom home is described as “cozy” and the perfect “canvas” for a buyer to incorporate their own “personal touch,” according to Zillow.
“Enhancing its appeal, the property boasts close proximity to major commute routes, making it ideal for professionals seeking easy access to Silicon Valley’s tech hubs,” the listing reads.
The 384-square-foot is located at the end of a quiet, residential cul-de-sac in Cupertino. ABC 7
However, despite the tiny home’s expensive price tag, as of Wednesday, there had already been six offers on the property.
“It’s time to bring out the old cliché which just happens to be the truth — it’s location, location, location,” a spokesman for the Bay East Association of Realtors, David Stark, told the outlet.
Stark noted that while the home itself is small, a developer could construct a new house on the 7,841-square-foot lot, doubling — if not tripling — the money spent to buy it once flipped.
While the home may be small, the opportunity to develop a bigger house on the land is what’s attracting buyers. ABC 7
Maxwell Dukelow, a buyer’s agent, told the outlet that the house is the smallest he’s seen up for sale in the Cupertino area in over 10 years — but the opportunity to expand seems worth the hefty price tag.
“I imagine, like an investor or a builder would look at the opportunities that this property has and build a nice 3,200 to 3,600 square foot home and end up selling it for like $4 million or $5 million,” Dukelow told the outlet.
Alex Chiao, a broker, contractor, and real estate developer said the $1.7 million asking price didn’t “surprise” him. In fact, it seemed “a little bit low.”
“I think if it does sell in the first week, it might sell for a little bit more,” Chiao said.
The one-bedroom, one-bathroom home is described as “cozy” and the perfect “canvas” for a buyer to incorporate their own “personal touch.” ABC 7
While the price tag seems to be rising, Compass real estate agent Faviola Perez told The San Francisco Standard that it’s still the cheapest single-family home in Cupertino on the market.
“This area is so highly sought after,” Perez said.
“Somebody has just got to be willing to roll up their sleeves a little bit to unlock the whole value of that property.”
Cupertino’s high-ranking public schools also make it a sought-after location for families. ABC 7
A developer could construct a new house on the 7,841-square-foot lot, doubling — if not tripling — the money spent to buy it once flipped. ABC 7
According to the US Census Bureau, the median household income in Cupertino was more than $223,600 in 2022.
Its high-ranking public schools also make it a sought-after location for families.
In November 2023, a 750-square-foot home priced at $1.2M was sold within 10 days of hitting the market in Denver.
Much like the residence in Cupertino, the three-bedroom home built in 1941 became a hot commodity based on its location — adjacent to the revered McWilliams Park, the seller told Realtor.com.
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