There's now a 180-sq-ft shack in Palo Alto that's listed for $1,998,000. Without a sewer hookup the structure was probably a toolshed on an estate that has since been subdivided. The property is 1½ miles from Gunn High School, frequently rated as one of the top 100 high schools in the nation.
The 6,886-sq-ft property can accommodate a two-story home of at least 2,500 square feet, so the value lies obviously in the land. A buyer's total cost would be at least $3 million, $2 million for the land plus $1 million ($400 x 2,500) for reconstruction. It's actually a better value than the San Francisco shack, which is an "historical property" that can't be torn down. Crazy times.
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