California 480-square-foot home sells for well over $800k

A 480-square-foot home in Oakland, California, with only one bathroom and no bedrooms can be one lucky buyer’s 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 most likely fetch more than the asking price because of its location, not the size of the home.

Broken down, the cost per square foot comes 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 the house with utilities.

"Considerable upside on this property exists," Eckert wrote. "With the existing structure, one gains access to all utilities and with occupancy one avoids the costly vacant property tax in Oakland adding to the upside potential."

He also wrote that there are several multifamily properties surrounding the lot.

According to Redfin.com, the house was built in 1914.

The home has a total of two rooms and the structure sits on a crawl space foundation.

The house connects to public water and sewer and has wall furnace heating.

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It has been on the market for 30 days, and although the list price is $849,000, Redfin’s estimated value of the home is $854,268.

Based on a 20 percent down payment of $169,800 and a 30-year loan at 7.259 percent, monthly payments are estimated to be $4,591. When homeowner’s insurance and property taxes are added in, Redfin estimates the monthly payments to be $5,632.

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Redfin notes that home prices in the Oakland area were down 3.1 percent in September, compared to last year. The median price for homes in the area is $873,000, and on average, the homes remain on the market longer than 24 days compared to 15 days in 2021.