OMG This House Is Really $849k In California

The housing market is INSANE! This property will prove my point, a 480-square-foot home in Oakland, California is listed for $849,000. The what needs to be called a studio has no bedrooms and only one bathroom. The house was built in 1914 and is listed as a single family residence.

Would you pay $849,000 for a 480-sqaure-foot home in Oakland?

The details of this home listed on Redfin says "The value is in the land and the house with utilities."

The lot size seems to really be the selling point on this with a size of 8,760-sqaure-feet. You'll see in the pictures that this property is surrounded by other single family homes and apartments. There's a ton of protentional though to build on the land and according to the real estate agent David Eckert with Coldwell Banker Realty "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."

Now, I'm not a real estate agent but with mortgage rates going up this seems like a hard pill to swallow. It's been on the market since early October and I would like to know how many people might be interested in this property.

The listening price is $849,000 but the Redfin estimate is $908,847 and if you are just buying it for the land and opportunity you better hope that there isn't another market crash right? What's the area like? I know you don't hear many good things about Oakland but I'm sure there's some decent areas?