A Palo Alto home apparently has sold for $30 million. Yes, that's right. Thirty. Million. Dollars.
The Mercury News pulled county records that show Audrey Scott from Jones Family Trust paid the shocking amount for the home at 1107 Cowper Street, located in the city's Professorville neighborhood.
This home’s price tag is not one that is commonly seen in the neighborhood. Realtor.com estimates the four-bedroom, seven-bath home to be worth around $1.5 million. Average prices in the neighborhood show homes have sold in the ballpark of $2.5 million.
In an interview with the Mercury News, real estate agent Steve Mohseni said the purchase may have been looked at as an investment and driven by the land accompanying the home.
In this case, the existing residence may be replaced with several smaller houses, Mohseni said.
And with multiple properties comes multiple profits.
Although this real estate anomaly may be rare for the Palo Alto community, it is a telling sign of the need for property in the Bay Area. For decades now, the rising demand for housing in high-ticket San Francisco neighborhoods have pushed homes to be sold for an average of several millions of dollars.