A 480 square foot home in Oakland, Calif., with just one bathroom and no bedrooms can be a lucky buyer for a whopping $849,000.
Located in the Dimond District, the home sits on a 0.20 acre lot at 3800 Whittle Avenue in Oakland Hills and will likely fetch more than the asking price due to its location, not the size of the home.
Broken down, the cost per square foot works out to about $1,769.
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David Eckert of Coldwell Banker Realty listed the property and said the value of the property is in the land and house with utilities.
“There is considerable upside to this property,” Eckert wrote. “With the existing structure, you have access to all utilities and with occupancy, you avoid the expensive vacant property tax in Oakland, which adds to the upside potential.”
He also wrote that there are several multi-family properties around the lot.
According to Redfin.com, the house was built in 1914.
The house has a total of two bedrooms and the structure sits on a crawl space foundation.
The house is connected to public water and sewer and has wall furnace heating.
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It’s been on the market for 30 days, and although the list price is $849,000, the home’s estimated value by Redfin is $854,268.
Based on a 20% down payment of $169,800 and a 30-year loan at 7.259%, monthly payments are estimated at $4,591. When home insurance and property taxes are added, Redfin estimates monthly payments at $5,632.
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Redfin notes that home prices in the Oakland area fell 3.1% in September from a year ago. The median home price in the area is $873,000 and, on average, homes stay on the market longer than 24 days compared to 15 days in 2021.