You know the market is hot when you see buyers competing for a property where the only livable room is the bathroom. You might think with the house’s dilapidated state, no one’s going to be interested but lo and behold, there was a line of people wanting to look in the house on its first open house.
The one bedroom, two-bath bungalow located at 383 60th St in the popular Rockridge neighborhood in Oakland, CA made no secret of its deteriorative state. The owners felt comfortable asking $495,000 when it went on the market in March. 9 days after listing, the home was sold for $755,000.
The dilapidated bungalow home was listed with inside walls caked in grime, rotting wood, peeling paint, and other not-so-amenable features.
The listing agent admits that everything is dilapidated. Probably, the only functioning room in the property is this bathroom with natural wood paneling, a pedestal sink, and a glass-walled walk-in shower.
The listing agent revealed that at least 200 people came to the open house and received a whopping 19 offers. Marketed as a ‘teardown,’ the property’s location was said to be the main draw for buyers.
This unbelievable real estate transaction and other similar multiple-offer situation happening across the country is just an indicator how hot the market is. Low inventory and strong buyer demand have pushed prices higher and created a challenging environment for buyers. This explains why even a dilapidated home like this one thrive in this market. For as long as the property is in a prime location, priced well, and there’s not enough inventory, expect a bidding war. Great location and low inventory drive prices up and create a multi-offer situation.