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SAN JOSE, Calif. (KGO) – A seven-bedroom house in San Jose for $699,000 seems like a bargain, right?

Well, for a habitable house, sure. But that’s not the case with 2161 Elliot Street, which is actually dilapidated.

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In the never-ending story of Bay Area real estate inflated prices, this case is perhaps the most shocking of all. For $400,000, you can own a prime property in Alameda… but it’s completely underwater.

“The property had a number of building code violations and Santa Clara County deemed it uninhabitable,” said Robert Gosalves of Compass Real Estate.

It has seven bedrooms and is right on the corner of the street. Neighbors say most of the houses in the area are about 100 years old. Gosalves says several people have made offers and one is already on the table. He says the property’s location makes it desirable.

“Due to its prime location and zoning, this property has not only attracted the attention of home builders, developers and investors,” he said. “But also those looking for mixed-use properties who are eager to take advantage of this opportunity.”

VIDEO: You want to buy a house in the Bay Area? You can get one in Silicon Valley for $1.7 million

This is what you get in Cupertino for $1.7 million: A cozy 36 square meter home, a little more than the average size of a hotel room.

Most single-family homes in San Jose sell for over $1,000,000. Even if that’s below market value, Gosalves says investments are needed to make the home livable.

“Ultimately, the property will be sold to someone who will have to develop plans and obtain approval from the relevant authorities,” he said.

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