March 30, 2023

US: The housing market is so hot, the cost of burning a home is $ 399,000

The real estate market in the United States has been hot lately. But this is still a great time to spend a lot of money on a home, even one that needs a little renovation. Or what is left of the burnt house.

This is the situation in a house outside of Boston United StatesIt caught fire just over a month ago. The three-bedroom, one-and-a-half-bath house that burned down in Melrose, Massachusetts, was advertised last week for $ 399,000 and is already under contract, according to its listing in Zillow.

“The house needs a complete renovation or demolition and reconstruction,” the list says Properties Of the Moroccan Group with Goldwell Banker Realty. “Great possibilities to build a beautiful new home in the desirable Melrose, a city where property values ​​continue to rise,” the ad details.

Moroccan team agents were not immediately available to comment on the ad.

In fact, the advertising price is lower than the estimated value of the house in early summer (in the northern hemisphere) – before the fire catches. In June, the house was valued at $ 640,700, according to the district’s house valuation.

Now the price is below the Massachusetts house price. The average price of a single-family home in Massachusetts was $ 552,000 in August, 12% higher than the previous year, according to the Massachusetts Association of Realtors.

The problem is, it is unworthy of living now.

During a fire in late August, firefighters had to tear down walls and roofs from the house to put out the blaze, the Boston Globe reported.

Low inventory and strong demand pushed up prices this year and led buyers to compete even for the most undesirable homes.

This summer, a real estate agent advertised a five-bedroom house in Colorado Springs, Colorado for $ 590,000, which he called “a little piece of hell.” The house was destroyed by a former tenant who sprayed-painted almost every surface.

Rotten food and dead animals gave the house the scent that said “you can feel it on your skin”. It sold for $ 580,000 in July, according to Redfin Public Records.

* Translated text. To read the original, Click here