An 897-square-foot home with two bedrooms in Silicon Valley is getting a lot of attention because of its asking price of $2.59 million, according to the Business Insider. That’s a steal.
The quaint residence in Palo Alto, home of Stanford University, is 15 minutes away from where many of America's tech giants call home. Home are in higher and higher demand there, with the same home selling for $899,000 in 2008, according to the website Redfin.
"Charming bungalow just a short stroll to all downtown Palo Alto has to offer," said a pitch for the property on Redfin. "Remodeled over the years retaining its original style this bright, spacious (two bedroom) has a large living room, quaint eat in kitchen with vintage Wedgewood stove.”
"Half basement used as laundry room and storage. Converted garage into cottage (200 square feet) with skylights and French doors opening to the private yard-use. Spacious yard with pergola covered in wisteria perfect for outside entertaining! Putting green to sharpen your skills."
The home, though, doesn’t even reach the median home value of residences in Palo Alto today, according to the real estate website Zillow. The median home value is $3.31 million, up 17.8 percent over the past year.
Thinking about renting instead? According to Zillow, the median price for rent is $5,950 per month and $3,600 in the surrounding San Jose metropolitan area.
Some on social media said costs like that could help slow the growth in Silicon Valley, while other complained about efforts to build more homes.
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