- A one-acre dirt lot in Palo Alto, California, is selling for a whopping $US15 million.
- The property’s future owners would not only have to shell out that sum for the land but likely millions more to build a home on top of it.
- The hefty price tag is reflective of Silicon Valley’s notoriously inflated real estate market – the lot sits minutes from the hubs of major tech giants like Google, Tesla and HP.
A lot in Palo Alto, Calif., located about 15 minutes from Google’s famed Googleplex Headquarters, is selling for a whopping $US15 million. And that’s just for the one-acre of dirt.
The vacant lot at 4103 Old Trace Road is the only available 1-acre lot in Palo Alto, according to Redfin. The property’s future owners would not only need to shell out the $US15 million for the property, but likely millions more to build on top of it.
The listing also makes it very clear that the property’s future owners would be buying the lot for its “Location! Location! Location!” with the headquarters of multiple tech companies, including Google and Tesla, just minutes away. The listing also invites prospective homebuyers to “visualise an exquisite villa with vineyard” to be built on the premises.
That “exquisite villa” wouldn’t have much privacy, as the lot sits directly in front of a busy two-lane road.
Nevertheless, homeowners on the prowl in Silicon Valley’s overheated real estate market can likely handle the hefty price tag of both the lot and the construction of a home on top of that – tech workers in the region have some of the highest salaries in the country, though it balances out with the Bay Area’s infamously expensive cost of living.
Some of the prospective homeowners are also likely looking for listings exactly like this, wanting a space to build their customised dream home literally from the ground up.
Though something must be turning them off; the lot has been listed on Redfin for 1585 days.
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