Condemned home with holes in roof mildew sells for $1.23 million

[Account Closed]

My question is whether the car comes with it. ;-)

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Condemned California home with holes in roof, mildew, sells for $1.23 million

A condemned home in Northern California — with holes in the roof and mildew inside — recently sold for $1.23 million, becoming the latest example of the Bay Area's tight housing market.

The home in Fremont was originally listed for $1 million but ended up closing at $230,000 over its asking price, listing agent Larry Gallegos told KTVU.

[Robert C.]

For those not from the Bay Area, I was chatting with my banker the other day just comparing the "craziness" now vs 2004-ish. What he said was 2004 was scary because anybody could buy with a 0-down loan. What's scary now is that the people buying actually have the money to buy. 

So, lots of money (and Fremont has a lot) plus serious lack of new construction SFR plus still historically low interest rates mean something like this is a great deal for a developer, and actually not that risky a bet.

Another small thing to consider is that there's a shortage of good construction workers around here, and some developers need to just keep their guys (including subs) working so they don't go somewhere else. Profit margin for some people is less important than (or at least equal to) pipeline.