A Hut Sold For Nearly $1 Million In Silicon Valley, Showing How Absurd Real Estate Has Gotten There

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Eric Lieberman Deputy Editor
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A house, if one can even call it that, in California’s Silicon Valley region recently sold for $938,000, according to an online listing.

The dilapidated home in San Jose, Calif., was originally priced at $800,000, but was eventually purchased for 17 percent above its asking price.

To contrast, several very nice homes in Houston, with apparently formidable structures and load-bearing walls, go for around $590,000. The inordinate price of homes in and around the tech hub show how prized of an area it is to live and to be near the vast amount of companies and startups.

Addressing concerns of why the house would be left on the 5,800-square-foot lot, realtor Holly Barr told local station KTVU that it can still be saved and could be considered a contributing skeleton to a new home.

“They did leave it standing so you can remodel it versus tearing it down so you save a lot of money when you can leave a wall up and do a remodel versus a complete teardown,” she said.

To many in the area, it’s expected to see such a substantial price tag for such an eye-sore of a home.

“I’m not surprised at all,” said Rick Smith of Santa Clara County Realtors Association, according to KTUV. “I ran some numbers in that area. There have been many sales within a quarter mile just in the last month or three that have been a million five, a million six.” (RELATED: There’s A Newfound Hatred Of Silicon Valley)

Another home in the larger Silicon Valley area in Sunnyvale, Calif., reportedly sold for a record price when comparing to the square footage.

In fact, as noted by Mike Rosenberg of The Seattle Times, homes in San Francisco directly are cheaper than many homes in the outlying area of Silicon Valley, “where the bulk of tech companies are.”

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