Markets & Economy

Tech boom fallout: $1.8M teardown under contract in Silicon Valley

Buyer could build new 2,438-square-foot home near old Facebook office

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Coldwell Banker Residential Brokerage listing agent Debbie Wilhelm is upfront in the listing description: "Property is not habitable. Property is located in a flood zone. Prospective buyers to drive or walk around property only." She hints at what you might do with this 1,356-square-foot, three-bedroom, Palo Alto, California, home, constructed in 1925: "According to city, maximum square footage allowed is approx. 2,438 s/f including the garage. Buyer/agent to verify." It's a $1.8 million teardown -- and it's under contract. As Valleywag notes, the property's location -- 15 minutes from Facebook's old offices -- is its main appeal....