In downtown Palo Alto, rundown two-bedroom properties not only list for $1M, they then sell for $600K over asking. Although this 1,154 square foot home at 202 Emerson Street was advertised as "charming" and "in need of some repairs," in actuality it needs either a total rebuild or a complete remodel. This didn't hurt its appeal to buyers. The cabin-style home went on the market in mid-December and sold last week. The house does sit on a 2,775 square foot corner lot in the heart of Palo Alto, only two blocks from the University Avenue shopping strip and within walking distance of the Palo Alto Caltrain Station, but the price still feels hefty. If anything can make us feel grateful for the state of the housing market in San Francisco, it's looking at real estate in Palo Alto.
·202 Emerson [Redfin]