Walnut Creek, Bay Area is known for its gorgeous real estate, but who knew that the burned-down ruins of a home are a valuable possession?
Besides being burned down and stripped out, the house is known to cover 0.32 acres and host four spacious bedrooms and two baths.
A two-alarm fire almost destroyed the home on September 11th, 2020. For context, the roof had collapsed and the garage was entirely covered in flames. Reports said that the fire started in the garage, but the cause was never found out.
Despite the devastating fate and poor condition, the property at 254 Tamarisk Drive sold for $1 million, in just two weeks. That’s above its listing price of $850,000. Why would people be interested in ruins?
Realtor Melinda Byrne stated that she received a flood of 13 offers above the listing price before she could sell it out. Seems like buyers really saw past the superficial image of a burned house in front of them.
Byrne owed the worth of the house to its prime location and potential for a major and customized upgrade.
The burned-down house allowed its owner to make dramatic changes to the mid-century floor plan and renovate/refurbish it to suit their desires.
She made sure buyers saw the potential in her listing. It said, “This one is ready to start fresh. Great neighborhood, large lot…Bring your contractor, architect, and designer: this is more than a fixer.”
The house is situated 28 miles off San Francisco, at East Bay, surrounded by Walnut Creek and Mount Diablo. While the median real estate rates in this area come at around $1.2 million, Byrne confidently claimed that homes comfortably sell for $2.1 million, driven by their size and state.
Walnut Creek is home to an extensive school system, local shops, and lots of recreational trails, making it a tempting locality and driving up the real estate demand.
This isn’t the first time a ruined has sold at a promising rate. An extremely vandalized house in Colorado received 72 offers in 5 days and eventually went out for $590,000. Seems like buyers have an eye that looks for the potential of a good property than the current condition.