SUNNYVALE (CBS SF) – As the price of Silicon Valley real estate continues to defy gravity, an aging residence on less than an acre in Sunnyvale is being listed at nearly $5 million.

Billed as a “redevelopment opportunity,” the 0.728 acre property on the 500 block of East Maude Avenue is listed for $4.9 million and is being marketed towards those who plan to tear down the current residence and build new housing on the site.

“Identified by the City of Sunnyvale as an Underutilized Residentially Zoned Site, this 31,715 sq. ft. parcel represents the perfect residential infill project. Sunnyvale’s General Plan states all new residential development should be built to at least 75% of permitted zoning density,” the real estate listing said.

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The home presently on the site was built in 1930, according to public records. Photos in the property listing showed the roof and garage needing major repairs, and a shed in the backyard that appeared to be leaning to one side.

(Berkshire Hathaway Home Services)

(Berkshire Hathaway Home Services)

The property is in a “medium-density” R3 zoning district, where up to 24 units per acre can be developed, according to city code.

The multimillion dollar list price did not go unnoticed by at least one city official. Councilmember Jim Griffith opined on Twitter, “Sunnyvale real estate market in a nutshell.”

High-priced South Bay properties either billed as teardowns or are uninhabitable are not uncommon, a sign of the area’s lack of affordable housing. In neighboring Mountain View, a home that was destroyed in a fire years ago was recently listed for $1.48 million. It was sold for $1.62 million.