Although rather mindboggling, it isn't entirely unusual for rundown houses on prime land in Palo Alto to sell for prices that top $1 million. Just recently, there was the falling apart 2-BR at 202 Emerson that went for $1.6 million and the Depression-era log cabins that brought $1.895 million. So what becomes of those expensive teardowns after they are purchased? 1479 Hamilton Avenue near downtown Palo Alto is a good case study. When the home sold for $1.95 million back in 2011, it was a small house built in 1952 that had fallen into a state of disrepair. Now it has been rebuilt into a 5,225 square foot, 8-bedroom masterpiece and placed back on the market for $6.995 million, a $5.1 million jump over its 2011 price. While the 2011 version of 1479 Hamilton had only 1,834 square feet of space and a crumbling interior, the new version includes top-of-the line everything. There are European oak hardwood floors, a chef's kitchen and a finished basement. This new house fits more neatly into its surroundings, where the median list price is a cool $4.8 million.
· 1,154 Sq Ft Palo Alto Teardown Lists for $1M, Sells for $1.6M [Curbed SF]
· Cabins Sold [Curbed SF]
· 1479 Hamilton Avenue [Redfin]