$588,000 for a house with land for 56 years
Just when I thought I had seen everything – I found this:
269 ADDISON AV, Palo Alto Property Details – Palo Alto Real Estate – Palo Alto Homes for Sale – Movoto
269 ADDISON AV, Palo Alto 94301
Bedroom: 2 Bathroom: 2&1/2 Square Footage: 1239 $588,000
Status:
Active
Year Built: N/A List Date: 7/12/2006 Lot Size: 6098
Parking Spaces: 0 MLS#: 643318
Ask a Question Neighborhood Data Comparable Sale Data Email this to a friend
DESCRIPTION -
269 ADDISON AV, Palo Alto
Leased land 56 years remaining.Payment per month $1261. Prop.tax$269.per month for land. Great area.Must see to appricate this property. Inside laundry,large yard. “As is” sale all inspections and disclosures ready. Call LA for details
56 years remaining? What happens in 2062? In the meantime, can I buy the mineral rights for this property?
February 16th, 2007 at 8:25 pm
A lot of property in this town is owned by Stanford University. They did a bunch of long term leases (90 or 100 years) and those homes became freely traded as if they were fee simple interests.