Sounds like a fiery deal…
A damaged two-story, four-bedroom house was just sold in Walnut Creek, California for about $1 million dollars. And we’re not talking about a few scratches here and there. The house had been damaged in a fire but that didn’t stop investors from bidding to get the best price which went up to $1 million from the original listing price of $850,000.
According to Melinda Bryne, from the firm Key Realty who sold the house, this home sale was ‘nothing out of the ordinary’ even for California’s anomalous real estate. “I was really surprised at all the hoopla this has caused because to me, it’s a great listing. We sell homes that are fixer-uppers, regularly.” Even though the house is damaged and most parts of the garage, laundry and family room have been destroyed, the bone structure is still there and Bryne is hopeful that it can easily be re-build within six months. Within a three-day period of advertising the house listing, Bryne was contacted by around 100 interested parties and received eight offers, with five more in line even after they had finalized a buyer in case the selected one didn’t work out.
This sale price doesn’t come as a shock since home sales have been on the low since the pandemic started in April 2020 and dropped to their lowest prices in June, with homebuilders being forced to focus on the high end of the market with the exceeding construction costs and neglecting the demand for low-cost houses.
The house was bought by an experienced investor who already has a team of contractors, architects and designers that will renovate the house within four to six months, put it back on the market and most probably learn a huge profit from it.
