Bombs Away…$1 Million Sausalito Tear Down

tear-down.jpgIt’s amazing when the median price home in the US hovers just above $200,000 that you would encounter fixer uppers and tear downs going for a cool 1 mil in the bay area.

This $1 million tear down is in the tourist haven of Sausalito.  Located at 71 Glen Drive, this fixer upper, which is being sold as is, bills itself as a…

“Vintage house had its charms, but most likely a tear-down. What is being sold is this spectacular view lot, located in a wonderful neighborhood close to town.”

The lot is just under 7,000 sq ft and plans and survey for a 3600 sq ft house is included in the $1 million asking price.  With a ”gentle upslope,” this is a mostly flat lot, which is key if you are going to knock down and rebuild. The views are quite spectacular but doesn’t seem anything way above and beyond the usual Sausalito panorama.

Doing some quick math, this $1 million asking price for ~ 7,000 sq ft translates to approximately $6.2 million an acre.  (wow!) Looking at other current Sausalito properties on the market: 40 Currey Ave and 460 Sausalito Blvd , this number feels about right.  At least these two other listings come with a nice and more than livable house. 

One other interesting fact is the sales history.  It last changed hands in 2004 for $810,000 and it’s a rather safe assumption that no work has been done to the house since then.  Just sitting on the property for the last 3 years garnered a ~7% annual appreciation.  Pretty nice.

Depite that, $1 million dollars for a tear down is still a little eye popping in my eyes.  But, I guess this is the price premium you pay for the bay area.  Would you pay $1 million to have your chance to start from scratch?