Bay Area Bubble 4.0 is now officially entering insanity stage: $2.8M Teardown in (of course) Palo Alto
It may be just the tip of the Krazy Kool-Aid effect, but this is not how a reasonable housing market should work. Thanks very much to Burbed reader Wendie (as well as additional fans) for bringing this textbook definition of Irrational Exuberance to our attention.
559 TENNYSON Ave
Palo Alto, CA 94301
Listed for $2,088,000 on 1/25/2013
Price changed to $2,088,888 on 1/27/2013
Sold for $2,820,000 on 2/25/2013
1,353 Sq. Ft.
$2,084 / Sq. Ft.
Lot Size: 7,500 Sq. Ft.
Sold On: Feb 25, 2013
Property Type: Detached Single Family
County: Santa Clara
Community: Old Palo Alto
Located in the heart of wonderful old Palo Alto with top rated schools on a large 7500/SF lot. Charming 2 bedroom 1 bath plus den. One oversized bedroom. Hardwood floors , utility basement, and detached Garage. Sold as is in its present condition. Offers to be reviewed after 2/8/2013.
We’ll have plenty more evidence as we move into Spring Selling Season that the Real Bay Area is in a Real Bubbly Attitude. Maybe this can be the First 35% Overbid of Spring. Now let’s hear from Wendie.
This realtor did an amazing job with the photos of this house! How else could this 3/1 1300 square foot house have sold for 2.8 million dollars?? 800K over asking prices.
I mean, did you ever think that taking photos of a 1920′s bathroom and a CORNER of a room could do such magic?
You’re simply not giving the agent enough credit, Wendie. I see at least TWO corners. What, do you think these houses just sell themselves?