5 Gross Houses Selling For Insane Prices in Today’s Real Estate Market
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If it’s just a little “TLC” that turns a house into a home, there are some new homeowners who are going to need some tender loving care by the truck load.
News broke this week about a property in Vancouver, Canada that is halfway burned to the ground. It’s dilapidated. It’s abandoned. The lot looks average in size. The cost? Roughly $3 million in U.S. dollars. It’s this kind of ridiculousness that continues to crush millennials’ home-owning dreams. Unfortunately, this isn’t an uncommon occurrence. Here are the most insane home sales we’ve seen so far this year.
1. Burned-Down House in Vancouver: $3 million
According to the BBC, this house was destroyed in a fire last December and the owners had to foreclose. As for the insane $3 million price tag? The real estate agent says the pricing is fair considering Vancouver’s housing market right now, which is one of the most expensive in the world. With this “house,” you’re basically paying for the land plus the cost to dig out and haul away the destroyed property plus the cost to rebuild something new. “It’s what you can do with it. It’s not what you see on it,” said the real estate agent.
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2. House with Black Mold in Seattle: $775K
Don’t let a hunk of junk full of black mold hold you back, not on Puget Sound. This place sold for $75K over the asking price back in May. At 1,200 square feet, it’s pretty tiny and only has one bathroom. There’s also this warning in the listing: “Attn: Investors/Builders. Enter at your own risk. Wear mask as mold is present; type not tested. Do not enter if you are pregnant or have health issues. Lots of debris and steep stairs. Property sold ‘as is.’ Seller may want to remove personal items prior to closing but Seller is NOT removing most items in the house or items in the carport and items on the property. Value is in the land.”
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3. Burned-Out Home in Palo Alto: $1.5 million
This house burned down three years ago. It’s only 1,300 square feet. There’s a stern warning to “enter at your own risk.” Yet, because this bank-buster is in the Bay Area, it was listed for $1.5 million earlier this year. The real estate agent received four all-cash offers above listing price immediately.
4. Burned-Out House in San Jose: $800K
This doozy is another Bay Area home that burned down years ago but was listed on the market this past spring for almost a million dollars. Again, this is a case of the cost of the land, which is beyond insane in Silicon Valley. The realtor told CNBC, “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.”
Fire-Ravaged Home in Melrose: $650K
The Boston Globe noted that the family selling this home, listed earlier this summer, “received several offers following a recent open house (in which potential buyers weren’t actually allowed inside).” The house was last sold in 1982 for $65,000. Needless to say, a lot has changed since our parents went house-hunting!