The $1.23 Million Tear Down


Don't hold out much hope that you can get a CONDEMNED house in California for less than $1 million.

Why?

Well, in Fremont, a single-story, 3-bedroom, 2 bath, condemned home that comes complete with roof holes and mildew recently sold for $1.23 million.

And even better?  The asking price was only a paltry $1 million....which means there was a bidding war to get the house, all to....TEAR IT DOWN and build something new!

According to the realtor, the buyers didn't even check the house out before buying it.

So...why exactly did they buy it?  

Location, location, location!  If the new buyers build a two story home they'll have a nice view of the San Francisco Bay.

Realtors up there say it's just par for the course.  

According the L.A. Times:

"The median home price in Fremont, is $1 million as of late February, according to Zillow.com. That compares to $1.3 million in San Francisco and $1.28 million in Berkeley.

The owner of a burned-out house in nearby San Jose listed the property last week for $800,000. Holly Barr, the real estate agent selling that house, told the Mercury News that the price is standard for the desirable location."


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