Beds: 2 Baths: 2.5 Sq. Ft.: 1,239 $/Sq. Ft.: $521 Lot Size: 6,300 Sq. Ft. Property Type: Detached Single Family Style: Cottage/ Bungalow Stories: 2 View: Neighborhood Year Built: 1896 Community: Downtown County: Santa Clara MLS#: 81033538 Source: MLSListings Status: Active This listing is for sale and the sellers are accepting offers. On Redfin: 4 daysNice home on large, landscaped lot minutes from downtown Palo Alto. 2-story house has 2 master suites, hdwd flrs & wood beamed ceilings. French doors in LR open to spacious backyard w/ lush lawn, fruit trees & gardening beds. Buy a single fam house in downtown at a DISCOUNT! This is leased land. Buyer pays $1391/mon rent to landowner & keeps low prop tax base (only $293/mon). Go to 271 Addison.
Here’s what Burbed reader Herve had to say:
$645K for that seemed really cheap… Then I read the last part: "Buyer pays $1391/mon rent to landowner & keeps low prop tax base (only $293/mon)."
Indeed! What’s going on?
Well, it turns out that this house has been on Burbed before. Let’s take a look:
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
Wow. Don’t you wish you had bought this house in 2006? You could’ve flipped it and made a $57k profit. And now, there’s only 52 years remaining on this lease.
You snooze you lose. Better buy this house soon because every year the lease gets shorter, the price goes higher apparently!