CUPERTINO, Calif. (KGO) – A 384-square-foot tiny home in northern California is listed for $1.7 million.
The home sits on the western edge of Silicon Valley in the city of Cupertino.
It’s just slightly larger than the average size of an American hotel room and features just one bedroom and one bathroom.
Experts say it will realistically go to a buyer who will tear it down and build a new, larger home on the plot of land.
The 7,800-square-foot lot is what is driving the price.
The home up for sale is at the end of a cul-de-sac, sandwiched between homes worth around $5 million, according to its Zillow listing.
“Whether you envision constructing your dream home, expanding the existing structure, or embracing a minimalist lifestyle, the potential is boundless,” the listing reads.
David Stark with the Bay East Association of Realtors said it’s all about the location.
“There’s one thing that we don’t make anymore, and that’s dirt. Residential real estate, particularly in the San Francisco Bay Area is unique. It’s unique because there are so few choices for buyers these days because sellers really like to live here,” Stark said.
Maxwell Dukelow, the buyer’s agent, said it’s the smallest house that has been up for sale in Cupertino in more than 10 years.
“This home has a lot of interest because of the lot size and the neighborhood. Cupertino is really well known for its school district and great schools,” Dukelow said.
He agreed that the most likely scenario is that a buyer will want the property for its land, tear down the tiny house and build a much larger home.
“I imagine like an investor or a builder would look at the opportunities that this property has and build a nice, 3,200- or 3,600-square-foot home and end up selling it for like $4 or $5 million,” Dukelow said.
The property has had a lot of interest already. Kevin Chiao – a broker, contractor, and real estate developer – stopped by for a tour.
He said the price tag didn’t faze him.
“I was actually looking at the home, for the lot, and so it was really attractive from a price-per-square-footage standpoint,” Chiao said.
He even said he thinks the price is “a little bit low” and wouldn’t be surprised if it sells for over asking price within the first week.
Chiao ultimately decided not to put an offer in after he found out that the home already had six offers on Wednesday.
The highest offer was more than $300,000 over its $1.7 million asking price at around $2 million.
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