A garage in the city of Palo Alto just went on the market for $1.98 million, listed by realtor Alex Wang of the Sereno Group, according to MarketWatch's Daniel Goldstein.
The 1930s era one-bedroom, one-bathroom garage at 829 La Para Avenue doesn't have a sewer hook up, so it can't even be technically certified as a home. Wang commented that the 180-square-foot home already has an offer pending.
A mortgage at that selling price, minus a 20% down payment of $399,600, would run you $7,471 a month, not including the more than $1,000 a month in property taxes and insurance.Moreover, if the property sold at that amount, the price per square-foot would be $11,000, even higher than the most expensive real estate in Manhattan along Billionaires’ Row, where some penthouse condominiums with breathtaking views of Central Park have sold for $100 million, or $6,000 a square foot. But of course, it’s not the shack that’s commanding the selling price, but the location and the land underneath it.