Palo Alto teardown sells for $623K over asking

This perfectly charming home landed on the market in February for a cool $1,927,000. Quite the price for what amounts to a teardown, right? Well, it found a buyer, one who threw down an over-asking amount.

According to Sotheby’s, Palo Alto’s 280 Stanford, a circa-1937 home under 1,000 square feet, fetched $2,550,000.

Let that sink in.

Complete with hardwood floors, a brick wood-burning fireplace, and exposed wood beam vaulted ceiling, the well-worn abode was lovely in its own right. But the real selling point here was the lot, approximately 7,500 square feet of it, and the location, four blocks from California Avenue and around the corner from Peer Park.

In all likelihood, this home will be torn down for a new construction.

Alas, as Palo Alto, Silicon Valley, and the rest of the Bay Area suffer through a housing crisis, these kind of offers are to be expected.

• Palo Alto teardown asks $1.9 million [Curbed SF]
• Exclusive interview: Palo Alto mayor Patrick Burt fires back at housing critics [Curbed SF]
• Interview: Silicon Valley lawmaker says don’t build, ‘accept limits on growth’ [Curbed SF]
• Rockridge teardown asks $495,000 [Curbed SF]