Land Drives Value On Homes In Palo Alto - New York News

Land Drives Value On Homes In Palo Alto

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Homes in Palo Alto, California are skyrocketing in value and real estate owners say it's the land that's driving prices up.

This tiny home on Emerson Street can be yours for a cool $1.6 million!

That buys you a train running through the backyard, missing bricks, 1100 square feet, and cracks in the foundation, but it's only three blocks from the city's main road and most importantly it's got a garage, something Palo Alto values since parking is so limited.

Homeowners in the area say they bought their homes years ago for well under $50,000.

It's a common theme in many older neighborhoods in California cash poor, but land rich.

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