PALO ALTO (CNN)–
It’s no secret that the northern California real estate market is hot.
But as hot as $2 million for a 180-square-foot teardown? Yep.
In probably the best example of what the San Francisco Chronicle calls the “insanity of Peninsula real estate,” realtor Alex Wang of the Sereno Group has listed an existing Palo Alto shack for $1,998,000.
Wang can’t even call the shack a house because it doesn’t have a sewer hookup.
What he says is really for sale is a nearly 7,000-square-foot lot in the highly sought-after Barron Park neighborhood.
With “very, very low inventory,” in the area, Wang’s listing is aimed at buyers looking to build their “dream home” in a “tight-knit” community with “excellent” schools.
After shelling out the $1.99 million, the lucky buyer can expect to spend $350-$400 per square foot to build a home — and that’s after connecting the sewer line, tearing down the existing structure and possibly facing the removal of a heritage oak in the middle of the lot.
Wang said despite the high price tag, the property is already under contract.