I’m pretty sure the width of the lot is 50 feet. One can build a path along the side of the house to the rear, and put another structure back there. I’ve seen it done, and it can work well. If this property were located in North Palo Alto, then the premium will be there, because that’s where the well heeled want to build their grand estates. Mid-town is more of a moderate area (relatively speaking).

There is a house on Waverley a few houses down from this one and next to the creek where the city allowed the owner to build a house behind his house, but that lot looks wider than this one and the total size of that lot is bigger.

I just don’t see much of a premium being paid for the 11,000 sq ft lot here – if they get the $1.5 million they are asking, its $136 per sq ft of lot. The standard 6250 size lots have been selling for around 1.2 to 1.3 million, or about $200 per sq ft.

I just checked the lot on Zillow. It looks like there is no street running behind the lot, so you’re right. It won’t be possible to divide the lot and build homes back to back (facing each street).

However, there are still lots of possibilities, e.g. putting a second unit in the back as a flag lot (would require city approval), or just recreational use (swimming pool, tennis court, etc.).

Any idea why they created these long lots in the first place?

I think that PA allows “in-law” cottages to be build on lots over 8000 sq ft, so that could be built, but the land can’t be subdivided.

I am sure the 6700 sq ft lot will be overbid – probably to 1.25 or so.

This seems crazy to you because you don’t see the potential. This particular lot is so long it runs across 2 streets. If you break it down the middle, you can build 2 houses on there, one facing each street. Each of those houses will have market value of over $2M. Of course, alternatively you can build one large mansion. Buying this property is the same as picking up $1 million dollars.

Good for your kids. You can install Thomas and Friends Railroad there. Good school district and Thomas Train. That’s good enough reason to ‘overbid’.

6700 is definitely a buildable lot. That $925K price is just the opening bid. There will be lots of people interested for sure.

Remember – Steve Jobs lives on Waverley and you can to.