Empty Palo Alto lot listed for $9 Million displays crimson sizzling actual property market

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PALO ALTO, Calif. (KGO) — Sky-high actual property costs are usually not new for the Bay Space, however one $9 million greenback itemizing in Palo Alto might have set a brand new normal.

The quarter-acre lot in Previous Palo Alto, only a few blocks from Stanford College and Paly Excessive College actually options… nothing.

The lot at 1628 Bryant Road options nothing however grass and timber, however its location alone makes it so invaluable that representing brokers felt comfy placing a $9 million price ticket on the land.

“It is open to probably anybody, who can afford it. The barrier to entry is excessive,” says itemizing agent Adam Touni with Resolve group.

He thinks the seemingly purchaser will probably be somebody in tech or from abroad. “These are the most likely the 2 purchaser profiles.”

Touni says worth is decided by provide and demand. And in Previous Palo Alto, the market dictates costs. The home subsequent door is listed for $19 million.

We got here by, we cleared all the lot. And once we made our strategy to the again of the property, we found these, you could not even see them from the road. It is a attractive ring of redwood timber,” says Touni.

These redwoods are heritage timber, which implies the brand new house owners cannot lower them down, additional limiting area on this already small piece of land.

“There’s all the time an urge for food so long as Silicon Valley stays a spot the place there’s innovation,” explains Margartet Chia Maloney, who lives blocks away from the vacant plot.

She says it is an awesome neighborhood with world-class faculties, to not point out that tech titans, like Google and Fb, are close by.

All of that provides to the neighborhood’s enchantment and price ticket, however she can be involved about escalating costs.

“A $9 million plot, that’s solely 12,000 sq. toes, demonstrates that capitalism is alive and thriving in America. It is aspirational, I believe the worth is aspirational,” says Chia Maloney.

4 weeks in the marketplace they usually have already 4 showings, however nonetheless no supply.

This isn’t the primary time {that a} vacant lot in Palo Alto has garnered multi-million greenback consideration.

Final 12 months ABC7 information did a narrative on one other empty quarter acre lot on Coleridge Avenue offered for almost $5.four million. Two years earlier than that the identical property offered for simply $3.1 million.

Palo Alto is house to a few of the costliest actual property within the Bay Space.

RELATED: $97 million Palo Alto house is costliest on the market in Bay Space

In 2018 a twenty room mansion went on sale for $97 million {dollars} and on the time it was the most costly house within the Bay Space.

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