Can Facebook's Lowliest Millionaires Afford to Settle Down? The 5 Cheapest Homes in Palo Alto

By Andrew Jeffery Feb 08, 2012 3:00 pm

As it turns out, that million won't stretch far.

With Facebook’s imminent initial public offering, the real estate communities in Menlo Park and Palo Alto, California, are abuzz with anticipation of how the estimated 1,000 newly minted millionaires will spend their money. The city of Menlo Park even commissioned a study to determine how the influx of (mostly) young, wealthy professionals could impact the local economy.

So just where will all that cash end up? Cirios took a look at the five cheapest homes in Palo Alto, to see where even the lowliest Facebook millionaire could settle down. That $1 million won’t stretch very far . . .

3370 Park Boulevard, listed at $508,888

The term “tear down” comes to mind, for this property that has been “abandoned for years.” A block from the train tracks but within walking distance from California Avenue, this probate sale should attract buyers dreaming of building their own little slice of heaven in Palo Alto.

947 Van Auken Circle, listed at $949,000

The only livable home in Palo Alto under $1 million, this Joseph Eichler home could be perfect for a family looking to line their kids up for some of the best public schools in the country. Of course, that family would also need to have a couple hundred grand in the bank for the down payment, closing costs, and reserves needed to compete when offers are reviewed this Thursday, February 9.

2340 Sierra Court, listed at $1,120,000 (down from $1,250,000)

Cute home, huge lot, what’s not to like? And although the house backs up to Highway 101, the agent claims, “You don’t hear any noise in the house at all.” The buyer of this home needs to be committed to buying into a neighborhood he wouldn’t be able to afford otherwise, not to mention paying a cool $610,000 per bedroom.

2365 Emerson Street, listed at $1,199,000

A bit dated, but with two bedrooms and two bathrooms, this 1,360-square-foot rancher is a short walk to California Ave. and Caltrain, with easy access to 101. The agent appears to be expecting a lot of interest, asking for offers just a week after coming to market, with a special note for “No pre-emptive offers.”

1003 Cathcart Way, listed at $1,395,000

In real estate, as in life, if something looks too good to be true, it probably is. And a 1,900-square-foot home in Palo Alto for under $1.4 million qualifies as such. Available exclusively for Stanford University faculty and qualified staff, this home that is owned by “Leland Stanford University” doesn’t just have a 10,000-square-foot lot, but also a Stanford “S” on the entryway floor.

Editor's Note: This article originally appeared on Cirios Real Estate.

Twitter: @schnageler

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Can Facebook's Lowliest Millionaires Afford to Settle Down? The 5 Cheapest Homes in Palo Alto

As it turns out, that million won't stretch far.

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