Silicon Valley’s housing market is so dire, a burned-out home just sold for US$938,000
A fire-ravaged home which will need to be demolished in San Jose, California, has sold well over the asking price
By Katie Canales and Melia Robinson
It’s no secret that buying a home for under US$1 million in the San Francisco Bay Area is a nearly impossible task. Case in point: Somebody has paid over US$900,000 for a burned-out home.
The one-story, single-family house at 1375 Bird Avenue in San Jose, California, was ravaged by fire two years ago. In photos, the structure appears dilapidated and held together with plywood.
According to real-estate site Redfin and the Silicon Valley Business Journal, the home sold for US$938,000 in April — more than US$130,000 over the listing price of US$799,000.
Listing agent Holly Barr of Sereno Group told the San Francisco Chronicle the price was fair based on the cost of local housing and the lot’s potential. The home sits on a 5,800-square-foot lot and is located less than a 10-minute drive from downtown San Jose, where Google plans to build a new campus.
