A charred and utterly destroyed home in Mountain View, California has ignited a bidding war starting at nearly $1.5million.
The home, although in devastated state after suffering a fire three years ago, is a testament to the high demand for property in Silicon Valley.
The interiors of the home are completely burned out, the structure stands on singed wooden beams, and buyers are even warned to ‘Enter at your own risk’.
However, buyers are not judging the estate by its cover, and the shoddy home has already received four cash offers over the $1.49million asking price.
A humble and completely burned out home in Mountain View, California has hit the market starting at $1.49million, and has already received four cash offers
The home is completely devastated after suffering a fire three years ago, singed interior and crumbling fireplace pictured above
Despite its shoddy appearance, its location makes it a hot option for interested buyers as it is close to Silicon Valley, home to business such as Facebook, Google and Apple
The home is likely a teardown a real estate agent says as interested buyers would want to better utilize the 5,500-square-feet of land it sits on
The backyard of the home is covered in overgrown vegetation and broken branches. Despite its shoddy appearance, it is likely to receive more offers beyond the $1.5million asking price
And real estate agent Cheryl Rivera Smith with Coldwall Banker Residential Mortgage in Palo Alto, says there’s likely to be more offers.
The humble 230 Lassen Avenue property in Monta Loma, California has little to boast in its meager frame that fits three bedrooms and two bathrooms.
However its location makes it prime real estate as the value of Bay Area homes rise thanks to the success of the tech world in San Francisco area, home to businesses such as Apple, Google, and Facebook.
Rivera Smith says that the 1,300-square-home is a teardown that will likely be rebuilt to better use the 5,500-square-feet of land it sits on, according to KTVU.
‘I’ve told everybody on the Peninsula that I’m working with that everyone here has won the lottery. This is insane,’ she said.
However this charred home isn’t the first to hit the market and rake in thousands, if not millions.
In 2016 another severely burnt home in San Jose was put on the market and is in contract for more than $900,000.
Late last month, a home in Fremont, California sold for $1.23million, despite being uninhabitable. The home is pictured above
The listing agent wouldn’t disclose who bought the house, but says everyone interested in the home planned to tear it down and build anew. Above the rear of the home
Late last month another condemned home in Fremont, California sold for $1.23million despite suffering holes in the roof, mildew-covered ceilings, and being dubbed ‘totally unlivable’.
The three-bedroom, two-bathroom house at 3239 Bruce Drive was only on the market for a week before the owners got five cash offers well above their $1million asking price. The home closed on March 30, according to Kron4.
‘It was nonstop,’ listing agent Larry Gallegos of Better Homes and Gardens, Reliance Partners, told the Mercury News. ‘Nonstop phone calls and emails from the day I put it on the market until the day it went pending. Nonstop from morning ’till night.’
Gallegos wouldn’t reveal who bought the home, but said all of the prospective buyers had plans to tear down and build anew on the 9,400-square-foot lot.
‘The buyer was really buying the dirt to build a new home,’ Gallegos told SF Gate.
‘The home was in bad shape.’
According to Trulia, the average sales price for a home in Fremont has gone up over 11 per cent in the last year.
‘They sell so darn fast here now,’ Gallegos, who grew up in Fremont, said. ‘It’s unbelievable. I’ve been here 64 years. My father’s first house in Fremont cost $13,000.’
Thirty-one homes were sold in the last 30 days in the same zip code, with a median listing price of $1.35million.