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The housing market has lately cooled from white-hot to simply red-hot. But it’s still a grand time to get top dollar on a home, even one that needs a small work. Or one that is a burnt shell of a house.
That’s the case with a home out of Boston that was factually on fire only a month ago. The home in Massachusetts in Melrose which is a burned-out three-bedroom, one-and-a-half bath, was listed for $399,000 last week and is already under contract, according to its listings on Zillow.
“House is in need of an entire reconstruction or potential tear down and rebuild,” the real estate listing from the Marrocco Group with Coldwell Banker Realty reads.
“Big prospective to build a new and adorable house in desirable Melrose, a town where property values go on to rise.”
Agents at the Marrocco Group were not directly available for comment on the listing.
Indeed, the listing is priced well under what the house was anticipated to be worth earlier this summer before it caught on fire. In June, the home was esteemed at $640,700, according to a home price estimate on Zillow.
And the price is below what the usual home is going for in Massachusetts right now. In Massachusetts, the median cost of a single-family home was $552,000 in August, up 12% from a year ago, according to the Massachusetts Association of Realtors.
The hitch is that it’s not fit for human habitation now.
In the course of the fire at the end of August, firefighters had to tear out walls and ceilings in the home to prevent the blaze, according to the Boston Globe.
The home’s rapid time on the market is a real-life edition of the Onion’s satirical headline from early August: “Anxious California Homebuyers Locked in Bidding battle over Charred Remains of Ranch House.”
Low inventory and strong demand have caused prices to go much higher this year and have pushed desperate homebuyers to battle over even the most undesirable houses.
This summer an agent listed a five-bedroom home in Colorado Springs for $590,000 that she called a “little slice of hell.” The home had been cluttered by a former tenant with nearly every surface spray painted.
The smell coming from the house of rotten food and dead animals, she said you could “feel.” According to public records on Redfin, the house got sold for $580,000
Reference Source: CNN Business
