Such is the case with a house outside Boston that literally caught fire just a month ago. The burnt-out three-bedroom, one-and-a-half bathroom home in Melrose, Massachusetts, Cannes Listed last week for $399,000
And it’s already under contract, according to its Zillow listing.
“The house is in need of a complete renovation or possibly demolished and rebuilt,” said the listing of properties from the Marrocco Group with Coldwell Banker Realty. “Great potential to build a new and wonderful home in coveted Melrose, a town where property values continue to rise.”
Marrocco Group agents could not immediately be reached for comment on the listing.
In fact, the listing was priced below the home’s appraised value earlier this summer — before it caught fire. In June, the home was valued at $640,700, according to Zillow’s home price estimate.
And the price is lower than the price of a typical Massachusetts home now. The median price of a single-family home in Massachusetts was $552,000 in August, up 12% from a year ago, according to the Massachusetts Association of Realtors.
The snag is that it is not habitable now.
During the blaze at the end of August, firefighters had to tear down the walls and ceilings in the house to stop the blaze, according to the Fire Department. Boston Globe
Cause low inventory and strong demand Prices are on the rise
This year I paid Desperate homebuyers
To compete even at the most unwanted homes
This summer an agent listed a five-bedroom home in Colorado Springs for $590,000 she described as A little piece of hell.
The house had been demolished by a previous tenant with almost every surface painted. Moldy food and dead animals gave the house a smell that she said you could “feel”. It sold for $580,000 in July, according to public records at Redfin