Condemned house in Northern California sells for $1.23 million

[jpak]

Source: LA Times

A condemned house in Northern California with holes in the roof and mildew in the pipes sold last month for $1.23 million, a price that highlights skyrocketing home prices fueled by a housing shortage in the Bay Area.

Listing agent Larry Gallegos said Wednesday that he received three cash offers after listing the Fremont home in January for $1 million. The three-bedroom, two-bath house closed $230,000 over the asking price on March 30, Gallegos said

"There are so many 20-year-old millionaires in the area that it really didn't surprise me," he said.

Two investors bought the house with plans to tear it down and build a 4,000 square-foot, "completely green" home they hope to put in the market within five months, Gallegos said.

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Read more: http://www.latimes.com/local/lanow/la-me-ln-million-dollar-condemned-house-20180418-story.html

[PoliticAverse]

1. If the house is condemned the sale would be highlighting skyrocketing _land_ prices.

Article really needed to mention the size of the property.

[nitpicker]

9. In certain sections of Northern VA

the assessment on a single-family house can claim that the 6000 square feet of land is worth over $500000.

There have been a number of tear down/rebuilds near me. ((Of course, some of them were built pre-1960, so it may have been easier to do this than put the effort in to bring the buildings up to code.))

[briv1016]

2. What was the acreage?

[blake2012]

3. In Fremont? Likely not large. Theres also a large Chinese population in Fremont

With many holding millions in cash between parents and children. Housing is insane down here.

[PoindexterOglethorpe]

4. So basically that's $1.23 million for a lot.

Scary.

[Hassin Bin Sober]

7. A lot plus the tear-down costs.

[meadowlander]

8. Depends on the location, the size of the lot and the zoning rules.

It's not that much for a sought after location zoned for and with a lot large enough to build a ten unit apartment complex on, for example.

[AllaN01Bear]

5. more like overstated .

[C Moon]

6. We're about to have a refi appraisal on our place that we bought JUST before the fall...4/2007

The value dropped nearly half in 4 months after the crash. It sucked so much we laughed nervously.
It's finally up above what we paid (according to website values), but we're nervous that the appraisal will still be below what we owe.
Frigging 11 years later!!
Thanks fucking Bush/Cheney!! Don't think you're sliding into home safe now that Trump's at bat, Bush! Y.O.U. SUCKED AS PRESIDENT!

[dembotoz]

10. Friend spent quite a lot of money with up grades to sell their home

New owner promptly tore the whole thing down, new construction. She still sputters about all the money she put into windows...
This was a nice suburb, not the best by any means. Nice lot, a corner, but nothing really special...
Fool and their money?

[CountAllVotes]

11. Probably best to bulldoze the sucker down

What a nightmare of a house! Note the car in the driveway with the flat tire and it isn't a new car by a long shot.

Why isn't my house in northern Calif. worth $1.23 million? Location location location ...

It is not for sale anyway.

[shanti]

13. My duplex in NorCal

isn't worth that much either, but an identical unit sold for 3x what I paid for mine in 1996, and almost everything in the pics shown is all original, including the 1978 kitchen. I get flyers all the time to sell, but I'm just not ready. I'm in Sacramento, and suspect most of the buyers here are from the Bay Area.

[CountAllVotes]

15. this house was a foreclosure

No one wanted this place and no one had been living in it for quite a long time.

I've put a lot into it as it is a vast improvement over where I was before.

I am happy to have "it" but and it has gone up in value.

No plans to move however. Just had it painted which was very costly indeed.

[kwassa]

14. This in real estate lingo is "charm".

[ansible]

12. The California housing market is a nightmare for the rest of us who aren't rich

I wish nothing but pain and suffering to all the bloodsucking scum who keep raising rent and making our lives miserable. And no, I don't want to move away from California, this is my home!

[OldHippieChick]

16. We will eventually be a segregated country, but

it will be determined by wealth rather than skin tone. Most of us will not be able to afford to live in the best areas of CA, NY, VA, WA, CO or MA. I'm sure there are others, but those come first to mind. Workers servicing the wealthy will either have to live out of state or in dormitories. Glad I won't be around to see all that.

[lucca18]

17. Houses selling in my neighborhood are out of control.

I live in the San Francisco area of Marin county.
The prices that people are getting are insane.

My neighborhood is nothing fancy, just small 1200 sq ft ranch homes.

When we first bought the house 30 years ago, we thought it was an "up and coming" area.
Well, that never happened; but the houses are sold immediately with multiple offers