Photo: zimmytws (Getty Images)
I’ve seen enough episodes of House Hunters to understand that prices on homes are pretty damn absurd these days. And they are only going to continue to get higher. But is anyone out there interested in a home that’s completely been destroyed by a fire? You know, it’s a fixer-upper, and all you need to do is hand out $800,000.
According to KTVU, the burned-out home is in San Jose’s Willow Glen neighborhood, but the realtor behind the property, Holly Barr says that the price is actually for the 5,800 square foot lot that surrounds the piece of garbage home.
Here’s what Barr had to say:
“They did leave it standing so you can remodel it versus tearing it down. You save a lot of money when you can leave a wall up and do a remodel versus a complete teardown. If you are in the market you know real estate you know that this is what it’s worth and the buyers set the price.”
Rick Smith of Santa Clara County Realtors Association said buying the burned out home for its asking price and rebuilding is a lot cheaper than buying a brand new house in Willow Glen. He also said nowadays, one of the main selling points for a property in Silicon Valley is its proximity to high-tech employment. The home is close to San Jose’s Diridon station near the proposed Google Village.
“Buyers are trading money for time all the time now so they can be closer to their employment,” said Smith.
The latest numbers in Santa Clara County show the median price for a single family home is $1,400,000. It comes at a time when 876 single family homes are up for sale, which is 22 percent less than last year.
Barr is confident that the house will sell in a few days as she has already received 10 potential buyers.
Sounds about right: If You Want to Buy a House in London by 2021 You’ll Need to Save £2,300 Every Month
Well, so much for me wanting to move in that area. I think the next move for me will be to move into another apartment in NYC and make sure I have 7 roomies to help me pay for the rent.
