‘It just shows the demand’: Condemned San Jose home now sells after multiple offers

Land is California’s new gold, and the rush for a piece of it online might raise eyebrows when browsing the real estate listings.

This month, a seven-bed, two-bathroom home on a 4,000 square-foot lot is on the market for nearly $700,000 in San Jose’s Burbank Neighborhood. It may sound like a bargain, but that’s because the home has been condemned by Santa Clara County — unsafe to live in by government standards. And while its multiple kitchens, exterior staircase and neon teal paint job amused locals online, realtors say it’s not nearly the most expensive condemned home one can find in Silicon Valley. Rather, it’s just an example of how hot the market has become for investors looking for land value in one of California’s most expensive and housing-strapped locales.