Latest real estate shocker: Silicon Valley tear down on 0.7 acres selling for $5 million

An abandoned tear-down in a coveted location about five miles from both the Google and Apple campuses is the latest shockingly priced property to become a symbol of Silicon Valley's insane real estate market.

The 0.7-acre property at 582 E. Maude Ave. in Sunnyvale, which includes an abandoned home and two smaller fixer-upper cottages, is listed for $4,915,825.

The land is identified by the city of Sunnyvale as as an "underutilized residentially zoned site," meaning that if you buy this property and tear down the houses, you can pack it with multiple residences and turn a significant profit.

"I'm told you can build up to 15 town house-type homes here," (Listing agent Steven) Ramos says. "Imagine a three-level townhome at 1,400 square feet. Retail price on that is going to be around $1.3 to $1.4 million, and then multiply that by 15. That will tell you what the potential investment would be here."

https://www.sfgate.com/realestate/article/Sunnyvale-real-estate-prices-Apple-Google-13227827.php#photo-16162225




Think of it as raw property, really ... with a few little piggies cashing-in on a lot of roast beef.