May 22, 2014 10:16 AM GMT
Lots of very highly paid techies are moving to SF, commuting to Silicon Valley jobs, and scooping up the available real estate at inflated prices. Last week, in a neighborhood of modest houses on small lots, a dilapidated small house was sold for $1.7 million. It will be demolished for a slight expense, and a new house rebuilt on the $1.7 million lot for another 1.5 million or so. Imagine what it would rent for.