480-square-foot home listed at $849,000 in Oakland Hills
3800 Whittle hit the market in early October with a listing price of $849,000. The 480-square-foot home has no bedrooms and one bathroom.
OAKLAND, Calif. - A 480-square-foot home in the Oakland Hills comes with a list price of $849,000, according to Redfin.
The 0 bed/1 bath home located at 3800 Whittle Avenue sits on an 8,760-square-foot lot in the Dimond District. And if it's like other home sales in the Bay Area, there's a high probability it will go for more than asking.
At $1,769 per square foot, the value of the home might not be in the actual structure itself, but in the lot it's sitting on, according to the property's listing agent.
View above 3800 Whittle Avenue in Oakland. Photo credit: Redfin
Kitchen at 3800 Whittle Avenue in Oakland. Photo credit: Redfin
Living area at 3800 Whittle Ave, a listing in the Dimond District. Photo credit: Redfin
"The value is in the land and the house with utilities," writes agent David Eckert of Coldwell Banker. "Considerable upside on this property exists."
The agent describes that the existing structure would give a new homeowner access to all utilities, avoiding the vacant property tax if someone wanted to build new. The property sits in the middle of other multifamily properties, he said, offering potential to build more.
But market experts say they are seeing the Bay Area housing market cool down in recent months. A recent report said Northern California is cooling faster than anywhere else in the U.S. amid high mortgage rates and a faltering stock market.