Florida home still smoldering from fire on sale for $259,000

If you’ve ever been house hunting, you probably know what it’s like when a realtor tries to sell you a house that has a couple of problems. Cozy means small. A colorful past means there was likely some violent crime or stalking and some hot smoking… well, in the case of one Florida home, it may have literally been on fire.

Home located in St. Petersburg, Florida.still smoldering from a house fire, sold for $259,000. Sounds like the start of a hilarious joke. The highlight…the sale is actually pending.

A burned-out Florida home that will likely be completely demolished could find a buyer for $259,000.

It’s a 3 bedroom, 2 bathroom home with 1,651 square feet – not that it matters since the property is in ash.

It’s being advertised as a “great redevelopment opportunity,” which the realtor says means you’re paying $259,000 for the land alone.

house sale sign JLFCapture | Canva Pro

In something like a very sad commentary on state of the US housing marketThe property is under consideration, which means negotiations are underway to purchase it. However, the seller is still accepting reserve offers.

Anyone who is in the process of buying a house must be confident in his decision as he cannot even enter the house due to security reasons.

Florida, like much of the United States, is experiencing a housing crisis that makes buying a home nearly impossible for most adults.

According to US News and World ReportLimited inventory coupled with high insurance and mortgage rates has driven most buyers out of the market. Sellers, however, are reaping the rewards, as evidenced by bids on a house in the ashes, still hot from the fire.

The risks of hurricanes and floods have also increased. Florida Homeowners Insurance Ratesmaking them the highest in the country. Back in 2022, after Hurricane Yen, there was a sharp increase in insurance rates; it is safe to assume that there will be an increase again after Hurricane Milton.

Americans across the country are in the same boat. Home prices rose 3.9% compared to last year. according to Redfin.

Simply put, the housing crisis, which many blame on the pandemic due to rising costs of raw materials due to supply chain issues, goes much further than that. Much, although not entirely, of the blame lies with the fact that income does not match the cost of living.

Woman worried about expenses and trying to make a budget Carolina Kabumpix | Canva Pro

Add to that the limited inventory, which has many causes, from population growth and the effects of the Great Recession of the early 2000s to investors with limitless resources snapping up what little real estate is available and available to sell for a profit.

It is almost logical that the burning coals of the house are going to be sold for much more than they are worth.

It is likely that whoever takes over the property will completely renovate it.

Since the property appears to be on the verge of complete destruction and the photo on the website is taken before the hurricane, it is safe to assume that the next owner will either use the property for new construction or completely renovate it, as the website suggests. .

While it is difficult to make any repairs, with this level of damage it will be a different story.

To complete a project like this, you need money and resources, so the buyer will most likely be a profit-oriented builder.

According to Rocket Mortgage, renovation of a house with an area of 1200–1600 sq. ft. averages $51,772, and with the effects of fire and hurricane, who knows how much more the price will rise?

Unfortunately, there is a possibility that the house in its transformed state will be a large McMansion.at a price significantly higher than what the average consumer could afford, because this is what will bring profit to the developer.

Sahla Saeda is a YourTango writer covering topics related to entertainment, news and human interest.