This is just another example of how crazy the Silicon Valley real estate market is.
The listing agent published a photo of the fire ravaged home, priced at $799,000. The post has been shared several hundred times now. The house is clearly not move in ready. The home will need a complete remodel or even be demolished. The agent says the price is based on the cost of local housing and what other homes in the area are selling for, which is closer to $1.6 million (not burned out though, of course.)
On Facebook, people are pointing out that this house is a sign of the incredibly high cost of living in one of the nation’s hottest housing markets. One person wrote, “What has this area come to when a family earning good money cannot even afford to buy even a burned-out wreck?” And, yet another posted a picture of a house he built in Texas for a quarter million dollars.
According to SFGate, the listing agent is defending her pricing saying the 5,800 square foot lot’s location is close to downtown San Jose and near where Google is planning to build its next campus. In face, she even believes the property will be so hot, it will cause a bidding war.
We shall see! In the meantime, it’s good to live in Sacramento!