Real estate fans shared their shock after viral footage showed what $2 million will get homebuyers in affluent Palo Alto.
McNally Real Estate posted the video on Instagram, showing viewers around a rundown three-bedroom 1950s 'fixer-upper' located on a quiet cul-de-sac in Palo Alto's wealthy Barron Park neighborhood.
The California enclave is home to tech moguls including Mark Zuckerberg and Tim Cook and boasts some of the highest property prices in the nation.
'I understand why people elsewhere might think, ‘Oh my gosh, I could buy a mansion for $2 million in my hometown,' realtor Olivia McNally told the San Francisco Chronicle.
'We’re in such a bubble here. We’re in this 1 percent of the world doing real estate differently.'
Realtor Olivia McNally sparked debate this week as she shared a walk-through of a dilapidated and run-down home that hit the market for $2 million
In McNally's viral walk-through of the home, she opened the door to a home reminiscent of one from the 1950s.
Ugly green shag carpets, which didn't fill all the space, featured throughout the home, while the walls were covered in either wood-paneling or old floral wallpaper.
The realtor satirically moved through the home to show off the barren rooms, including a bathroom with dim yellow wallpapering and ancient amenities.
And while the downstairs has potential with a huge open-plan kitchen and living room, its current state leaves a lot to the imagination and is devoid of any features or utilities.
McNally captioned the video, 'what $2M gets you in Palo Alto, CA', with the clip since garnering over 12 million views and a wave of comments.
One stunned viewer said they would 'be ashamed of even showing the listing', as another questioned: 'Is this a legit advertisement or a parody?'
'That's how much 6 acres and a 4 thousand sq ft of home gets you where I live,' added another non-Californian.
The home is filled with ugly green shag carpeting that fails to cover the space
Although it is found in the affluent Barron Park neighborhood, the property leaves much to be desired
Walls are covered either by ancient wallpapering or floor to ceiling wood paneling
The 'fixer-upper' includes an open-plan kitchen and living room, but the new owners may want to give it a renovation
The realtor said despite its current state, 'from an investment standpoint, it’s great for a family who can't afford a $5 million mortgage'
While the home leaves much to be desired, it undoubtedly has promise for a wealthy developer looking to turn it around - particularly as the average sale price for a single-family home in the region tops out at $3.4 million.
The property in the affluent Barron Park neighborhood has three bedrooms, one bathroom, a detached two car garage and enough garden space to convert into an oasis.
McNally said she was not surprised that the video sparked such a strong reaction, but said most Americans don't understand the cost of living in the opulent area.
'You're living among $4 to $5 million homes,' she told the San Francisco Chronicle.
'The neighborhood is incredibly beautiful, surrounded by walking paths, creeks and parks. There are great schools. Many of the neighbors are people who have lived there for 40 years and never plan on moving.
'From an investment standpoint, it’s great for a family who can't afford a $5 million mortgage... You want the ugly duckling in the nice neighborhood.'
The run-down home would count neighbors including Mark Zuckerberg, whose Palo Alto home (pictured) was constructed for $37 million
Apple CEO Tim Cook also calls Palo Alto home (pictured) in a modest property
For the ramshackle $2 million property, McNally said its place in the affluent neighborhood may attract buyers looking to renovate
The home features three bedrooms, one bathroom, a detached two car garage, and enough garden space to convert into an oasis
The ancient home also includes a bathroom with dim yellow wallpapering and ancient amenities
The same was true for the $2 million home's current owners, who lived in the home for 59 years before putting it on the market.
'This is an emotional sale for my client,' McNally said. 'Her father left this to her and she had to make the difficult decision to sell it because she initially wanted to honor her father's legacy.'
She added that while she received backlash over the video, it paid off as she has also seen a number of applicants wanting to take on the project.
My job as a listing agent is to get as many eyes on any property as possible,' McNally concluded.
'It doesn't matter if it's a $500,000 condo or a $50 million estate in Hillsborough. My job is to share a story. My job is to sell the house.'
