A one-bedroom, one-bathroom property with less than 400 square feet in Cupertino, California, has been listed for $1.7 million.
But the property has generated considerable interest, according to listing agent Faviola Perez, with about eight buyers raising their hand to acquire the property.
Perez told SFGATE that the unit is already under contract for “considerably over asking.” She would not reveal what that price was. The Zillow estimates puts the potential value at about $1.825 million.
Newsweek contacted Perez for comment via email on Wednesday.
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The property is at 10036 Carmen Road in what its Zillow listing says is the “heart of Cupertino” with 384 square feet of residential space.
“Nestled at the end of a cul-de-sac, this property presents a rare blend of charm, potential, and premier location within a district renowned for its top-tier Cupertino schools,” the listing said. “While compact, this property is a powerhouse of possibilities. Whether you envision constructing your dream home, expanding the existing structure, or embracing a minimalist lifestyle, the potential is boundless.”
Perez told SFGATE that part of the “possibilities” the property offers is due to the size of the lot it sits on. The Zillow listing points out the total size of the property is 7,841 square feet.
“[The] lot itself offers ample space to bring your vision to life, surrounded by $4M-$5M homes, highlighting the exceptional value and investment potential at hand,” the listing said.
“It is more than likely that the structure will come down and a new home will be built in its place,” Perez told SFGATE.
Typical home values in Cupertino are about $3 million, according to Zillow, which is up close to 11 percent from a year ago.
One key selling point for the property appears to be that it is close to some of the area’s tech companies, which may explain why its valued so highly.
“Enhancing its appeal, the property boasts close proximity to major commute routes, making it ideal for professionals seeking easy access to Silicon Valley’s tech hub,” the Zillow listing said.
It also promises a plethora of hiking trails for nature lovers.
“Outdoor enthusiasts will appreciate the nearby trails and parks, offering abundant opportunities for recreation and relaxation amidst nature,” the listing added.
The unit, described as a single-family residence, was built in 1948 and is a one-story home.
“This property is more than just a home; it’s a canvas waiting for your personal touch,” the listing said. “Don’t miss out on this exceptional opportunity to own a piece of Cupertino’s highly sought after real estate market.”
Uncommon Knowledge
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Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.