(RNN) – An Oakland, CA, home in shambles that has been listed for almost $400,000 is gaining attention, but it’s just one snapshot in a hyper-inflated San Francisco Bay Area housing market.
The home in Oakland is particularly noteworthy for its state of disrepair. The roof appears collapsed, the exterior is worn and in general it looks like it would need to be completely razed.
But the dilapidated 1,000-square-foot home sits on a sizable 5,347-square-foot lot, a short distance from water and the Bay Bridge. In the Bay Area, that’s often enough to drive up the price, even for a shanty. The realtor for the property told NBC Bay Area it already has 17 offers.
Home prices throughout the San Francisco suburbs and Silicon Valley would pop eyes in much of the rest of the country. Just down the street from the crumbling Oakland home you can find a newly-renovated property. This one, though, will set you back nearly $700,000 for 768 square feet.
"It is very rare to have a flat lot available in this neighborhood," Deidre Joyner, the realtor, told NBC.
According to Zillow the median home price in Oakland is around $750,000. Across the bridge in San Francisco it’s just shy of $1.3 million.
Neither of those compare to the heart of Silicon Valley, where tech riches are making homes some of the nation’s most expensive. In Atherton, a regular contender for the nation’s most expensive zip code, the median home price is nearly $7.5 million.
In Palo Alto, home of Tesla, an 804-square-foot home is currently listed at $2 million. That house, too, by the look of an April 2016 Google Street View picture, has had its share of issues.
An 848-square-foot house in Sunnyvale, not far from the headquarters of companies like Facebook and Google, actually sold last week for $2 million.
Doug Larson, the real estate agent who sold the home, told The Mercury News of San Jose: “I was blown away by it.”
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