Tue. Dec 6th, 2022

A Bay Place fixer-upper ravaged previous September by a home fire just fetched a scorching selling price in a white-incredibly hot actual estate marketplace.

Posted for sale with out cupboards, sinks, doorways or even a dwelling home, the 4-bed room, two-bathroom household in Walnut Creek offered for $1 million.

The “dream property to flip” was on the marketplace just 3 days and garnered eight features, six of which have been over the inquiring value of $850,000, according to real estate agent Melinda Byrne of Critical Realty.

By Byrne’s estimate, a 4-bed room house in the upscale Northgate neighborhood of Walnut Creek, 15 miles east of Berkeley, would normally promote for $1.7 million to $2.1 million. The neighborhood offers top schools and is shut to Mt. Diablo hiking trails.

The several presents did not shock Byrne. What astonished her was that a single was under the asking value.

California’s housing current market has cooled a little bit due to the fact the start of summertime, but it is even now hot, a end result of low inventory and a glut of consumers. In July, the median residence price tag in the state was north of $800,000, up 21.7% from July 2020, according to an August report from the California Assn. of Realtors.

No just one was hurt in the 2020 residence fire in Walnut Creek, but its result in is beneath investigation, according to Contra Costa County Hearth Protection District spokesperson Steve Hill.

“Extensive damage from a fire has this property stripped to the studs on each floors,” claimed Byrne’s listing, posted on the genuine estate web site Redfin. “This one is ready to start new and make to accommodate your style choices.”

In this circumstance, the point that the dwelling place and garage have been burned severely more than enough to expose the wood frame, electrical wiring and plumbing worked in the buyer’s favor.

“What you did is you essentially saved me some income on demolition,” stated Stephane Dessus, a Bay Space real estate agent contracted to flip the home on behalf of an investor he declined to identify. “The bulk of the dwelling is however standing and in very good condition.”

The trader life on a 150-acre ranch in Castro Valley, 20 miles south of the Walnut Creek household, in accordance to Dessus.

“The only time we’ll really discuss,” he explained, “is when we speak to see what is the gain.”