This ramshackle property may appear to be down on its luck, but it inspired a bidding war.
In Silicon Valley, home of some notoriously high housing prices, a dilapidated fixer-upper has become a sign of the times after inspiring tons of interest and selling for significantly over its ask shortly after hitting the market, the San Francisco Chronicle first reported.
Located at 2161 Elliot St. in San Jose, the multi-unit seven-bedroom, two-bathroom home is hardly much to look at. Still, the property sold for $755,000 — well over its $699,000 ask — less than a month after it listed, to a developer who plans to work with an architect to build a new space on the lot and resell it.
Built in 1900, it has a visibly deteriorated exterior painted a bright teal. Interior listing photos reveal scuffed walls, a door off its hinges, dated appliances and a generally unrenovated space sorely in need of repair. To boot, “the county of Santa Clara deemed it unfit for human occupancy” as a result of its numerous code violations, Compass agent Robert Gosalvez, who holds the listing, told The Post.
However, the condemned house’s highly desirable address on a nearly 4,000-square-foot corner lot in the Burbank neighborhood had buyers clambering to buy it, the latest indication that the area’s red-hot market isn’t cooling down.
“Due to its prime location and zoning, this property not only attracted attention from DIYers, builders and investors, but also from those seeking mixed-use properties all eager to capitalize on the opportunity,” Gosalvez explained. “The level of interest while on the market was substantial, leading to the distribution of dozens of disclosure packages and resulting in seven offers, all of which were either cash or have access to hard money loans.”
“I believe in a couple years or less, we will see a modern, attached, multi unit property on this lot,” said Gosalvez.
Source Agencies
