'Tiny' home with no appliances listed for $1.7m
ฝัง
- เผยแพร่เมื่อ 11 เม.ย. 2024
- Just when you thought the Bay Area real estate market could not get any crazier than it is already, a house in Cupertino, basically the size of a hotel room, sold on Friday after just six days on the market.
Subscribe to KTVU's TH-cam channel:
/ @ktvufox2
KTVU delivers the best in-depth reports, interviews and breaking news coverage in the San Francisco Bay Area and California
Watch KTVU's newscasts on www.ktvu.com/live
Download KTVU's news and weather apps for free at www.ktvu.com/mobile-apps
Subscribe to KTVU's newsletter at www.ktvu.com/newsletters
Follow KTVU on Facebook: / ktvu
Follow KTVU on Twitter: / ktvu
Follow KTVU on Instagram: / ktvu2
![Genshin Impact | กาชา Clorinde ไวฟุนั้น ควร C6 [เทสตัวละครต่อ]](http://i.ytimg.com/vi/SOVaBvL7K20/mqdefault.jpg)
Very misleading. The house is irrelevant, as the new owner is after the land.
Exactly. The structure will be demolished and a nice $1.7M will be built on that lot.
Exactly
@@user-yn2pi3nv4gbig for the area
They smell opportunities!
they should really just say that..
They bought land that happened to have a house on it. They will tear it down (or leave an interior bathroom so it doesn't qualify as a full rebuild) and build on top of it.
You should have done the story . 🙄 The news is unwatchable these days it’s so far from the real story.
I wish i could say what's on my mind ...
Precisely.
Not to mention the fact that the buyer can more than likely get a significant amount toward their mortgage each month, w/ it as (relatively steep) rental prop… while and/or even after building a full-size new home on the land, for themselves.
Cuz seems like it could easily work for a single person/even young couple/etc - ‘tiny’ tho it may be.
Sounds kinda like a win overall, tbh (and a NON-story, right..? Next.🙄)
Agree. This is a great opportunity to make a 1M+ profit.
It’s a wedge home. It’s actually a bargain in a neighborhood with homes worth $4 to $5 million. The seller knows real estate.
Mayor rip off
Anybody who would pay that is an idiot.
Yeah it's garbage in the homes aren't worth that to anybody. People fall for anything.
Cupertino has excellent public schools and is home to many tech companies. The buyers bought the land and for sure will tear it down.
Its full of liberals🤦🤮
The seller is laughing all the way to the bank.
These people are nuts.
These people maybe nuts, but do have a high skill set to afford it. After it is built, the home will be worth at least $4M.
@@jml9550 No one to buy it.
@@iveyhealth2266 are you in this area? I am for 30+ years, homes are selling over asking every day of the week. From $1M+ townhome to $5M+ mansion. Sure it might not sell in 2 days like before, but they are selling, You don’t have to believe me, just go to Zillow and look at recently sold homes in the Bay Area. Be careful though, you might not like what you see and feel worst. It is ok, you and I might not have what it takes. But some do.
Nope. Very smart. They invest 1.7M, rebuild, and sell for 5M. $1M+ profit. A great investment.
@@iveyhealth2266: it's Cupertino, of course there will be buyers.
They bought it for the dirt and the water/sewer tap. The existing structure is irrelevant. I'm not sure why they even wasted money staging it.
Real estate agent desperately trying to justify their commission. They put a lot of time & effort into “marketing,” that’s why it sold so fast 😅
Sound more magical
@@AA_BB_CCC Most of the time you earn that commission, and sometimes you really don't. You just know the right people, such as this instance.
California is just nuts.
Most ridiculous thing I have ever heard. No wonder the country is going down the toilet.
Yeah the Bay Area is nothing but a scam to live in unfortunately. There’s enough land that anyone can own up to 200 acres yet they sell small lots for millions. Who decided this nonsense as the norm?
Perfect reason why no one who is making less than 500k/year should live in San Francisco or anywhere near it.
Bet once they finish the speed train most tech ppl are moving to the valley and buying big houses like crazy. Then just commute to work each day.
I grew up in that area, my parents paid $14,000 for our house. The purchasing power of a dollar has decreased >99% in my lifetime.
Chinese lady buying on behalf of a foreign Chinese national.
This drastically affects real estate prices for everybody, and is somehow legal because we're not a serious country.
Don’t hate the player, hate the game.
@@jml9550 Oh, we're hating the game alright. The law should be that no foreign national can purchase residential real estate.
@@user-dw1ls3rp1l Sure, you can hate the game all you want. The fact of the matter is the current law does allow it, IF it is true that she is buying it for a foreign national. BTW, Once the new home is built, the property value will be re-accessed. Guess what? More property tax revenue for the county and state. Our government sure loves that. Now the question is what can you and I do about it besides bitching? You may want to run to become a Senator to start changing how the system operates.
@@user-dw1ls3rp1l Capitalism has no rules against foreign trade and only allows government to serves an admin function around making sure parties honor contracts.
The free markets are perfect and attacking it with your slander makes you a socialist commie. Who cares if US citizens suffer? Their suffering is already priced into the free market.
Yup
"No appliances."
Well, what in the hell for you expect for $1.7 mil?🤣🤣
If new owner build a 3000 sqft house at 500/sqft, then the cost is 3.2m. If the houses in surrounding area sells for 4-5 million dollars, then the buyer got a steal if he/she has the fortitude to build a new house from ground up.
Nailed it. They are not dumb people. Cupertino, Palo Alto and other surrounding areas are highly sought after. They hold their value with good school district, parents whom have a nice skill sets can make money just on stock incentives. AI software engineers are making at least $500k a year.
Plus they don't have to apply for a new water/sewer tap. Those fees can run six figures each these days.
@@user-dw1ls3rp1l they will probably have to upgrade the water meter for dual service (fire sprinklers required for such a big new house) as well as upgrade the sewer lateral. Also, the days of $500 per square are pretty much gone. Its probably higher now unless you have your own dedicated crew who you can fully control and keep them from fleecing you. The problem is when contractors see what you are doing they are going to try to take as much of your potential profit as possible (i.e. delta between market price per square foot in the area vs your projected cost). Are you really going to go through all the trouble and risk and pay all those loans just to make $200K?
Exactly. And if they can leave part of the structure intact, they can claim it is a "remodel" and keep the current Prop 13 tax base. That will keep the tax calculation on the structure based on the $1.7M until they sell it.
A contractor will purchase the property and erect a new home. He will make a million dollars in profit when done.
So the Corporation is buying the home, what a surprise?
This reporting is stupid. The house will sell for what buyer is willing to pay. It’s capitalism! Buyer is interested in the land and it’s in Cupertino.
Exactly. Those who said insane or not worth it are sour. They don’t have what it takes to make those kind of money and bitching makes them feel better.
Cupertino isn’t any better than San Jose.
Then why median home is double than SJ? Oh I get it, because those Cupertino buyers are not smart. Atherton median home price is $7.4M, they gotta be the dumbest of all dumbs.
I'm gonna put one of those sheds that looks like a house in my backyard and rent it out on a AirBnB $1500 a night, people will pay that if you say it's haunted
1.7+ million for a piece of tiny land. What a ripofd just move out of the sf bay area
For you maybe, for those who had a highly sought after particular skill set, like AI software engineers, this is a bargain.
The buyer will not live there. They are going to rebuild and sell a much larger home on the same lot for $4-5 million. That is what real estate investors do.
@harry8201. Good riddance!. When people scream, I move out of the SF Bay Area. For those of us who love it here, was that supposed to hurt our feelings?. More are dumping money like drunken sailors to move in. Bye Felicia!.
@harry8201: it's a big lot that can accommodate a 3,600 sq ft property.
Just off this statement alone, I know your income bracket. 😂
Cheap money leads to this type of distortion!!!
Foreign real estate speculators is also a problem
What amazes me is, I hear Millionaires and politicians quacking about how raising the minimum wage drives inflation. I dont hear one peep from these same people about a situation like this, whereby you have people with millions, buying a property like this, flipping said property, and inflating the price substantially.
Anybody making minimum wage isn't contributing to this type of scheme.
I understand that this is capitalism. All well and good.
But please STFU about someone making minimum wage causing inflation. ✌️
As is BlackRock and the other investment management companies.
Shh, don't tell anyone that's where Apple is based, they might get a clue.
Apple just laid off 600 employees. What’s the point of even concidering the possibilities? Everything is going down the drain it seems.
The lot is a good size totally worth the price
First World mindset...
People like you are THE PROBLEM!!
It’s a tear down house. The buyers bought the 8000sqft of land it sits on.
I bet the address is in the Monta Vista High school attendance area. Top 5% of Calif high schools.
It is Monta Vista High. And no one mentioned it, but the lot also has a nice view across the valley to the east foothills. Escrow closed couple days ago for $2m even.
Back when that house was built land was cheap so has a big ol' lot.
Location, location, location.
Overpriced . Dirt is free.
Scam on scam on scam
I don't know anybody that has that kind of money in my life.
In Seattle region, I’ve just got a crazy expensive house with appliance and 7x the size of this tiny one for 1.6m. Guess mine is just not crazy enough.
So the lot value is 1.7 million in an extremely valuable area near San Francisco. Shocker.
Near San Francisco??? Almost an hour drive.
Its in Cupertino. thats an upgrade from the city! LOL. This will sell well.
Obviously you don’t know the area. Cupertino is Apple’s HQ. Price has been high for 30 years.
No Cupertino. Home of Apple and a ton of other tech companies. People are making $1M in their 20's.
You are not buying the house. You are buying the land.
And they like to say affordable housing.. who the hell can afford that, city should investigate
Should the city investigate every honest sale? Every luxury car sale? Every luxury meal over a certain amount?
Chinese nationals paying cash can afford it
People got money to buy expensive homes. I saw one with no garage attached sold for $1.6 mil… truly insane.
It’s not the value of homes going up, it’s the value of the dollar going down. When a 384 sq ft piece of shit property like this sells for 2 million the endgame is very near.
What does your crystal tells you?
This house will be flipped and sold for 2.9-3M+ at least. Well done to the listing agent for not under selling!
$4-5 mil is more like it
@@JBoy340a I’m not sure about that, the only $5-6 million home in the area has six bedrooms on a lot just shy of 10k sf and that was during the Covid buying boom in 2022.
other sales recent sales in the area are more between the 3million dollar range.
(noting I edited my original comment).
It will be interesting to see what they sell it for in a year or so.
To those of us not living in CA, this is not worth the price. We can get a mansion in other states for that price
It wasn’t about the house it was about the size of the land and location…
Buy land for $2M, spend $1M on new home, sell for $4M with nice profit even after crazy state and fed income taxes.
1.7 mil to live in a toilet. Doesn’t make any sense.
Doesn’t make sense to you. For he or she, it is a bargain. $1.7m for the land, $1.7M to built. The home in that area is $4-5M on average. Don’t think those with money are stupid.
Homes in California are selling at a premium and if you look at the buyers, you see why. What working class American has 1.7 million+ to buy this home?
Wow this is insane for that’s price . No way Jose
Somebody sold off their guest quarters. And they’ll build a very nice home on the property
That makes a great guest house on my back yard.
Unfortunately thats a great deal for the lot size and location.
It might be worth it...only if there's a buried treasure chest in the backyard
The money is out there!
Plenty out there if you know what you are doing with a highly sought after skill set. We are not talking about standard software engineer now, we are talking about AI software people.
7800 sf land for $1:7mil that’s hotter than OC market !!!
There is a fool born everyday .
'she's buying on behalf of another person....' yeah, i bet his name is winnie the pooh.
Sounds like gold rush land property! My Siberian Husky would dig like crazy!!
Next year the property and beautiful, brand new custom home sitting on it will sell for 5 million +. How's that for an excellent short-term investment??
I wonder what the buyer does for work
The hottest jobs now are AI software engineers. $500k+ plus incentives.
@@jml9550BS.
They build custom houses and sell them for a profit.
With all these layoffs how can people afford these million dollar homes, that are not investment homes. If everybody’s getting layoff and if all of these companies are changing the direction of where they want to do business, if people keep leaving, how is housing so expensive👀 I would be afraid of investing millions of dollars just to turn around and it be worth a lot less in a couple years, when everybody’s tapped out. Scammers 👀
It’s hard to understand this without knowing something about the Mainland Chinese property market. $1.7 million for 384 ft.² works out to more than $4000 a square foot, which seems outrageous locally. But if you converted it into Chinese yuan, it still may be less costly than Chinese property.
they are buying the land and the utility hook ups not the house. if they don't want to start from scratch they can just do a huge addition to the house and call it a major remodel and save a lot of time fighting the NIMBYs.
chinese 'property,' lol. as their entire system is collapsing, i wouldn't count on its value there, which last i heard was crashing. since no one over 35 can seem to get a job, that's a problem.
chinese love home ownership. it's a thing for them. this chick, imo, has a high likelihood of buying for a chinese company/government.
@@CoolHand273 over the years here, we certainly have seen a lot of knockdowns and new builds - I don’t know what the current cost per square foot of building in Cupertino is? The story seems worth a follow up. Sometimes initial impressions can be misleading.
FAVIOLA 😘😍🥰
Because there gonna tear it down and build a new one duh
😂😂😂😂😂😂😂 welcome to California
She tried to jack up the price, so the buyer must pay more property tax. Plus, she would make more bonus.
That is a good deal.
This is not a starter home for newbies
08 again remember DE JaVu🤣💯
sickening just sickening
Because you can’t afford it? Or you don’t have a skill set to make that kind of money.
@@jml9550 I don't share that information with a commoner such as yourself
ou revoir !!
@@jannyzhingaz9562 it is ok man. Some of us don’t have what it takes. I will be the first one to tell you I can’t shoot 3 pointers like Curry, so i don’t deserve to buy a home at Atherton at $35M+. Yes, I am a commoner, unlike you who may be a big shot, choose to bitch about how sickening life is yet can’t figure out the issue from looking at the mirror.
@@jannyzhingaz9562 it is ok to admit it. I don’t have what it takes. And I don’t go whining about it.
I'm sure the investor, building contractors, landscape designers, ect, real estate agents, CA Franchise Tax Board and eventual new owner/residents would all disagree.
It makes all the sense. Simple math
Probably could put it up for sale as is and still make a profit.
wow
Not news - if you are familiar with Silicon Valley neighborhoods. Pretty normal stuff.
Bullsh!t, things like this is why Gavin Newsom laughs every time he's on the big screen.
Hey news anchor guy, the neighborhood has homes in the 4 to 5 million range, this has nothing to do with raising their property values
Shame on the mess!
These fucking real estate agents are so crooked. The agent said “compact but powerhouse of possibilities”.
TLDR: Chinese bought it for land.
That agent is full of crap. She keeps talking about the unit with "possibilities". Just say it's the area and what you can do if you mow down the small house.
I've seen the same thing happening in the San Diego area. But they were old houses that didn't fit the neighborhood anymore. The buyer wants the land.
That is crazy no bedroom.
It’s a $1 million house surrounded by $4 million homes. A wedge home.
Enjoy the huge property tax bill year after year.
Nope. Only for one year. The buyer will rebuild and flip for $5M after that. And CA property taxes bills are largely fixed at around 1% of the selling price. As prices continue to rise around them, homeowners pay the close to the same property tax year after year, decade after decade, regardless of the home's market value.
Insane…
that's ridiculous.
lot size matters
The lot is 7,800 square feet. Some just spend this kind of money because that can.
Steph Curry’s home at Atherton was bought at $34M+…….he makes that just on endorsements.
It is a shame this piece of history will be destroyed to make a quick buck.
Very possibly bought by the owner of the large house next door?
It's about the land, not the home.
Kind of defeats the purpose of a tiny home if you’re making it so damn expensive the point of it with the costs
HILARIOUS No-ONE is even thinking of My Cali anymore. The entire nation, America the world has shifted EAST my friends IT is already over for my Cali. The young, artist, bohemians, those that want a family or a reasonable way of life do not even care about Cali. Just happens trends shift everyone is going EAST. I have never seen so many for rent, lease and for sell signs in So Cal in MY over 70 years HERE. Laugh and feel SORRY for anyone who is in the real estate game here.
And they wonder why people don't trust them
It’s time to move to Dubai
Yeah and people wonder why they have no homes. Its house getting too big. No its because of Peggy hills who sell houses for more than they are worth. Give it a year it will be 9 million dollars. Does HOA allow me to breathe there funny
everybody knows the land is what the buyers are after
Haha, that builder talked to is a well known predatory buyer of distressed homes since at least the mid 00s.
Smdh
Exactly. He didn't make an offer because he knew he wasn't gonna get a bargain, this one got too much exposure. Escrow just closed the other day for $2 million even.
Privileged
I truly hate what these people have done to this country...may the Grand Matriarch return right now and reclaim her land and her people...
Housing crash soon? Nope
Why did we stop fighting against the wealth gap!
Because the two types of politically skewed divisive media has us too busy fighting one another along political party lines to recognize the ever widening wealth gap.
Nice, Chinese coming in and paying over market for a home on behalf of a Chinese national to send their kids to school here, great job America 😊
I would not buy a home in comifornia 😂
Yea, the house gets scraped off the property within a month.
Sad
Why sad? Because you can afford it? I can’t afford a Ferrari, i ain’t sad about it.
Still stupid 😂go ahead Bay Area people pay that high price, then when the market turns and crashes, you will see foreclosure all over the Bay.
The economy is collapsing...even if they build a new home there, who is going to buy it???
someone who is working in a rapidly growing sector (AI, machine learning, self driving cars; there are even plenty of people who lack talent but they are able to work a very high paying job off of the backs of people who actually do have skills) despite a collapsing economy. the biggest fortunes are made when there is blood in the streets. There are not as many of these high paid workers as you are led to believe but unfortunately for the rest of us there are enough of them to move the housing market.
Trump maga economy is collapsing. Just look at DJT stock. CA economy is booming.
land is 2.5mil
This is your world on inflation and Bidenomics