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Q2 2026 · Quarterly

Peninsula Teardown Report: Q2 2026

The Q2 2026 read on Peninsula teardown land

This is the quarterly report on the SF Peninsula's teardown market: what builders actually paid for buildable dirt, where demolition and new-construction permits are being pulled, and the quarter's notable spec filings. Every number below is computed from recorded sales and city permit filings. Nothing is modeled or estimated.

What the dirt cost. We tracked 393 teardown-profile sales across the footprint in Q2 2026: homes under 2,100 sqft on lots over 5,000 sqft that traded above $1,500,000. In these deals the house is incidental; the buyer is paying for land and entitlements. The footprint's median land basis was $366 per lot square foot.

Where the basis moved. Burlingame rose the most quarter over quarter: its median land basis hit $476/lot-sqft, up +16.6% from Q1 2026. San Mateo went the other way at $328/lot-sqft, -9.8% versus Q1 2026. City medians are published only where at least 5 qualifying sales closed in both quarters.

Where the permits are. Within our tracking window (2026-05-18 to 2026-06-30), Peninsula cities filed 6 demolition and 18 new residential construction permits, led by San Mateo. Tracking came online mid-quarter, so these are a floor for the quarter, not a total.

What Builders Paid for Dirt

Median price per lot square foot across teardown-profile sales: homes under 2,100 sqft on lots over 5,000 sqft that traded above $1.5M. Deltas compare the prior quarter and appear only where both quarters had at least 5 qualifying sales.

CitySalesMedian $/lot-sqftPrior quarterChange
Palo Alto71$502$451+11.4%
Burlingame24$476$408+16.6%
Menlo Park41$434$429+1.3%
Los Altos27$396$396+0.1%
San Carlos37$386$352+9.6%
Redwood City69$337$334+0.9%
Belmont38$330$340-3.1%
San Mateo77$328$364-9.8%

Too few qualifying sales to publish a reliable median this quarter: Atherton (3), Woodside (3), Hillsborough (2), Los Altos Hills (1). In the estate markets this is the norm, not a data gap: a handful of very large lots trade each quarter.

Demolition & New-Build Permits

AddressIntel permit tracking came online mid-quarter, so these counts cover 2026-05-18 through 2026-06-30, not the full quarter. They understate the quarter's true totals and are not comparable to a prior quarter yet. San Mateo permits are dated by when our tracker first observed them because that source does not publish an issue date.

CityDemolitionNew residential
San Mateo011
Atherton43
Hillsborough20
Menlo Park02
San Carlos02

Notable Filings

The quarter's standout permits, straight from the public record: the biggest new residential construction filings and the structures that came down.

New build2026-06-16
2708-2722 Tiburon St, San Mateo · 4 units
Single Family (New) - New · $452,575 declared valuation
New build2026-06-24
227 Edgehill Dr, San Carlos
Building Residential-New Single Family & ADU · $1,000,000 declared valuation
New build2026-06-16
116 S Idaho St, San Mateo
Single Family (New) - New · $427,160 declared valuation
New build2026-06-18
3040 Mason Ln, San Mateo
Single Family (New) - New · $254,354 declared valuation
New build2026-06-18
146 N Grant St, San Mateo
Single Family (New) - New · $200,000 declared valuation
New build2026-06-12
1044 Holly St, San Carlos
Building Residential-New Single Family & ADU · $139,900 declared valuation
Demolition2026-06-29
2225 Forest View Ave, Hillsborough
DEMOLITION - DWELLING
Demolition2026-06-25
207 Atherton Ave, Atherton
DEMO - OTHER
Demolition2026-06-04
79 Deodora Dr, Atherton
DEMO - FULL SITE
Demolition2026-05-27
94 Palmer Ln, Atherton
DEMO - FULL SITE

Looking for the live deal flow?

This quarterly report covers the recorded market. The monthly Developer Market Opportunities Report ranks current teardown and spec-build listings by estimated developer ROI, with the top plays free with an email.

Report FAQ

What does teardown land cost on the SF Peninsula?

In Q2 2026, the median land basis across tracked Peninsula cities ranged from $328 per lot square foot in San Mateo to $502 in Palo Alto. A teardown-profile sale is a small home on a real lot trading above land value: the buyer is paying for dirt and entitlements, not the house. Full city-by-city medians are free on this page.

Which Peninsula cities are getting more expensive for teardowns?

Quarter over quarter in Q2 2026, the median teardown land basis rose most in Palo Alto, Burlingame, San Carlos. AddressIntel publishes the delta for every city with at least 5 qualifying sales in both quarters, so the movement is measured, not anecdotal.

Where can I find off-market teardown opportunities on the SF Peninsula?

This quarterly report tracks the recorded market: land-value sales, demolition permits, and new residential construction filings across the Peninsula. For live deal flow, AddressIntel's monthly Developer Market Opportunities Report ranks current teardown and spec-build listings by estimated developer ROI, and Pro members get the full pipeline with alerts.

How is this report compiled?

Every number is computed from recorded sales and city building-permit filings across the SF Peninsula. Teardown-profile sales are homes under 2,100 sqft on lots over 5,000 sqft that traded above $1.5M. City medians appear only where at least 5 qualifying sales closed in the quarter, and permit counts carry an explicit coverage window. Nothing is modeled, estimated, or invented.