Also price per square foot doesn't reflect lot size. Orinda will, I suspect, have larger lots than Rockridge.
If you wanted to buy a decrepit 600 sq. ft shack on a 10-acre lot in downtown Woodside, a price per square foot metric might seem like it should be <$1M. In reality the property would sell for $10M+ based on the land value, with the shack having negative value because of the cost to tear it down. (Ob. Steve Jobs Woodside reference here.)
Comments
Also price per square foot doesn't reflect lot size. Orinda will, I suspect, have larger lots than Rockridge.
If you wanted to buy a decrepit 600 sq. ft shack on a 10-acre lot in downtown Woodside, a price per square foot metric might seem like it should be <$1M. In reality the property would sell for $10M+ based on the land value, with the shack having negative value because of the cost to tear it down. (Ob. Steve Jobs Woodside reference here.)