$1 million clearly doesn’t get you very far in the Bay Area, after a 328 square foot home recently sold for a little over six figures. While a million-dollar price tag isn’t unusual for the area, the small size of the property is what’s been getting people talking. Located in Santa Cruz’s Seabright neighborhood, the small cottage features only one bed and bathroom, which includes a shower and tub.
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The garage was previously converted into more living space. But the renovations were done without the proper permits, so the space isn’t included in the official square footage.
There’s room to expand even further, though. The tiny house sits on 3,833 square feet of property and comes with a spacious backyard, which could be converted into more livable space or storage.
According to SF Gate, the home was originally listed for $998,000. But after five bids, the property eventually sold for a little over $1 million to a buyer who paid all cash. The outlet notes that the owner made quite the profit on the sale, as the home was last purchased in 1999 for $250,000, meaning it quadrupled in value.
However, size isn’t the only issue with the home. The new owner reportedly has a lot of work ahead of them, the property’s listing agent Walter Strauss told the publication. According to him, the new buyer plans to make the space their primary residence. But they’ll likely conduct renovations before officially moving in.
Strauss added that he believes location is the reason the home sold above asking price (and had so much interest), explaining “It’s close to the beach and restaurants.” He added the neighborhood has a lot of ‘character’.
Tiny homes have been growing in popularity in recent years. They range in size, usually extending anywhere between 60 to 400 square feet, though some can be upwards of 1,000 square feet.
But despite the lack of living space, some tiny homes still come with gigantic price tags. In a round-up of some of the priciest tiny homes across the United States, Business Insider features a metallic tiny home in Los Angeles that sold for $615,000, despite having only 650 square feet.
Even more expensive, a 510-square foot adobe hut in Santa Barbara, California as once listed for $1.1 million. Similarly, a tiny beach cottage in Cape Cod is currently going for $925,000. Location of course makes a difference in price, but even in Texas a 336-square foot cabin was sold for $434,000.
Could you live in a tiny home?
Sources: SF Gate, Business Insider, Cold Well Banker Homes,
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