Think home prices in your area are unaffordable? If you live in California, especially the Bay Area, you might be right. For everyone else, reading this article might help you feel better about home prices in your area.
A home just sold in the Bay Area for $1.23 million. It was condemned, infested with mildew and has holes in the roof, according to a new report from Travis Fedschun for Fox News.
Don’t believe me? You don’t have to. Check out the picture of the home below.
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(Source: AP Photo/Ben Margot)
What’s more, the owners weren’t shocked at the price their home sold for, and even saying they originally wanted a little more than what it finally sold for.
From the article:
The home in Fremont was originally listed for $1 million but ended up closing at $230,000 over its asking price, listing agent Larry Gallegos told KTVU.
“We had a couple of offers that were very close. Actually, my client, when I first met them, wanted a little bit more than that with the price they had in their mind. But they ended up being happy with this one,” he said.
The home is about 35 miles southeast of San Francisco and has three bedrooms and two baths. It was condemned in 2013.
But the two investors that bought the property don’t care about that. Actually, they intend to tear it down and build a 4,000 square foot “masterpiece” on the lot. The investors explained they were impressed with the location, which could have a view of the bay from a second-story window.
The median home sale price was $920,000 with a $173,783 minimum salary needed to purchase a home in the San Francisco area, according to a report from the National Association of Realtors back in February.
The report also showed the San Francisco area was the second most expensive city in the U.S., beat out only by the San Jose, California, area.