Empty lot in Steve Jobs’ old neighborhood listed for $9 million
May 20, 2019
An empty lot in the heart of Old Palo Alto, a tiny neighborhood in Silicon Valley, went on the market in April 2019 for $9 million.
The leafy neighborhood of Old Palo Alto that Steve Jobs once called home is among the most coveted places in the Silicon Valley to own property. A vacant quarter-acre lot that hit the market for $9 million is a testament to its cachet.
It’s listed for triple Palo Alto’s median home value of $3 million, according to real estate listing site Zillow, and doesn’t even include a house, only a stucco wall surrounding a stretch of dirt with towering redwoods and old oak trees.
“The beauty of this property is you have a blank slate,” says Touni. “Many of the homes in Palo Alto are historic and so they can’t be torn down. You have to like that style. Here you have a lot that has never been built on.”
Old Palo Alto was developed in the early 1900s after the founding of nearby Stanford University. Professors bought lots and built grand homes; today, walking through the neighborhood under a canopy of trees, you might find a Dutch Colonial, English Tudor and California craftsmen all in a row. You might also pass the residence of Google co-founder Larry Page or former 49er Steve Young.
“It’s arguably the most coveted neighborhood in the Bay Area,” says Touni. “These are storied homes, built between 1900 and 1940. It’s different because it’s not guarded or gated. It’s a community. Neighbors converse with one another. People ride their bikes.”
The sellers purchased the property in 1972 and planned to build a home but never did. It was previously part of the adjacent estate at 1600 Bryant St., with a six-bedroom, 4,000-square-foot mansion that’s coincidentally also on the market for $19.8 million.
“The parcels are separately owned and being represented by different agents,” says Touni. “However, a prospective buy may want to purchase both.”
For the sale, an architect drew up plans for a three-level, 6,000-square-foot home to show the possibility with the property. Touni suspects if a home of this size were built, it could be worth $15 to $20 million.
The median home value in this small slice of Palo Alto is $4.38 million, according to Trulia, and the price per square foot is $2,231, making the average price of a 6,000 square foot home about $13.4 million.
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