Talk about a hot housing market.
In Dallas-Fort Worth, finding a home in the $400,000 range is not an easy task, given the existing inventory. But in suburban Boston, the market is so hot, the charred shell of a house is going for $399,000.
In Melrose, Mass., a 1,857-square-foot three-bedroom house was damaged in a fire on Aug. 27. The Marrocco Group with Coldwell Banker Realty listed it and Zillow advertised its availability.
It’s already under contract. Granted, the 61-year-old house is priced below its June value of $640,700, according to Zillow’s home-price estimate. It’s also priced below the $552,000 median price of a single-family home in Massachusetts in August, according to the Massachusetts Association of Realtors.
Firefighters had to rip out the walls and ceilings to fight the blaze. The windows also were blown out.
To be fair, it’s just the front facade of the house that’s damaged. But it does look like an overcooked slab of spare ribs and has no curb appeal at the moment. It’s doubtful that Chip and Joanna Gaines could make much out of it.
Zillow’s overview makes the best of it with this description, obviously targeting flippers or investors:
ATTENTION CONTRACTORS! This home suffered a fire that damaged the front facade. House is in need of a complete renovation or potential tear down and rebuild. Buyer to do due diligence. House being sold as is. Great potential to build a new and adorable home in desirable Melrose, a town where property values continue to rise, boasting a thriving downtown, a commuter rail to Boston, excellent schools and multiple restaurants, coffee houses and local boutiques.
Zillow OverviewWould that kind of listing fly in Texas?
CBS11 recently interviewed Dr. Luis Torres, a research economist from Texas A&M Real Estate Research Center, about how difficult it is to find single-family homes in North Texas for $300,000 to $400,000.
“That sweet spot of $300,000 to $400,000 it’s still difficult to find homes,” Torres told CBS11. “You have low months of inventory.”
In Massachusetts, listing agents apparently hope to move any kind of inventory in their hot market.
