REDWOOD CITY (CBS SF) — You may be able to buy a home in Redwood City for $1 in an area where the average home costs $1 million. But before you move in, your house will have to move out.

The buyer of this circa 1900 Queen Anne Victorian at 103 Wilson St. would have to remove it from its downtown Redwood City plot so the developer can build a seven-story apartment in its place.

Although the single-story home has been designated as a “historic resource,” the Redwood City Historic Resources Advisory Committee considers it at the lowest level of protection. Last month, the Committee endorsed the removal of the home, which is in need of repairs.

Since the city’s downtown plan mandates that attempts be made to relocate historic structures before they can be demolished, it’s typical for a developer to offer it to the public for a dollar for 90 days before it’s removed.

It’s likely that Greystar Development will offer the home for that price if and when the Planning Commission approves the 175-unit apartment project, scheduled for a hearing next month.

The historic home was last sold in Oct 2003 for $366,000. The online real estate database Zillow estimates the home is worth $749,318 today. Moving a home can cost anywhere from a few thousand dollars to over a $100,000.

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