The Bay Area has some of the most expensive dirt on the market these days.
By which we mean land, of course. Yesterday brought word of a vacant lot in Potrero Hill asking nearly $1 million, but a tipster at OpenHouse points out that’s chicken feed: A similarly empty stretch of Palo Alto recently sold for (brace yourself) $2.7 million. For perspective, that kind of money could buy a three-bedroom Duboce Triangle Victorian circa 1905 in the city.
The property at Palo Alto’s 2257 Bryant Street is 5,270 square feet, more than double that of yesterday’s De Haro Street property, and the average Palo Alto home sells for roughly double that of a house in San Francisco, so the discrepancy between the two prices isn’t quite as nuts as it appears at first glance. There’s still quite a margin to work with, though.
It took 42 days for the Bryant Street property to sell. According to Zillow, the last time the lot changed hands was in 1989, for $696,000, the equivalent of about $1.3 million today. The $2.7 million sales receipt was more than $200,000 over asking.
Land routinely sells for seven figures in Tall Tree city, but normally you get a bit, well, more. There’s a nearly 10,000-square-foot lot for sale for $2.3 million on East Meadow Drive, for example, and over 6,800 square feet asking less than $2 million on La Para Avenue.
2257 Bryant was advertised as "a rare opportunity to design and build your dream home centrally located within walking distance of local shops and restaurants and the Caltrain station."