The Boston real estate market is very hot right now – so hot that a fire damaged home in Jamaica Plain has been listed for $ 500,000.
The 1,242 square foot three bed, one bath building on its own lot on Union Avenue, near an Orange Line T stop, a brewery and Franklin Park. The list emphasizes the possibilities available to someone who can rehabilitate or rebuild the “real rough diamond” in their dream home – not so much its current, unlivable state.
“The asking price seems high for what it is now, but it’s really low because there is a lot of gap between what you could potentially sell it for and what we are asking for the property,” said Nate Rock. , the house’s real estate broker. .
The building is partially charred, the windows and doors are boarded up, and weeds grow around the site. The fire damage is mostly to the front of the building, and a structural engineer believes at least part of the property can be salvaged, according to Rock, although utilities are currently not functioning.
The Boston Fire Department said the fire that damaged the building took place on Dec. 26 and caused $ 250,000, according to Boston.com, who first wrote about the house. One person died after being injured in the fire, the Jamaica Plain News reported.
As millions of Americans began working from home at the start of the COVID-19 pandemic, many realized their homes were not working for them.
Neighbors weren’t too surprised with the price of the property – they also saw other buildings in the area reaching mind-blowing amounts.
“I think the base is still good and so people can build from scratch what they might like, so that might make sense. But it’s crazy the prices have gone up,” he said. Martha Gardner.
Boston’s real estate market is in a state of tear, especially since the start of the pandemic.
The median price of a single-family home in the Boston area was $ 760,000 in April, down from $ 620,000 two years earlier, according to data from the Greater Boston Association of Realtors. That’s a 23% increase.
Homes are on the market for an average of 19 days, according to the data, the fastest period they have been purchased at any given time in at least the past three years.
Another unconventional Jamaica Plain home caused a stir when it hit the market earlier this year – it had an open-plan bathroom.
A market house in Boston’s Jamaica Plain neighborhood is sparking online debate for its unconventional “open concept” bathroom.
Since the Union Avenue building has no functioning utilities and is currently uninhabitable, most regular buyers won’t be able to afford it, according to Rock – banks typically don’t offer mortgages for down payments. such places.
But for people who can raise money or a private loan, they have until 5 p.m. Friday. And Rock said he already has a lot of interest, so there may be some competition.