Crumbling Shacks Selling For Over $1 Million
The housing market may be on a slow recovery, but you wouldn't know it from the whopping $1 million price tags of some shacks. INSIDE EDITION has the story.
Broken windows and cracked walls. Bathrooms from the 1930's and serious water damage. Trash-strewn back yards. And old kitchens. Some of these shacks look like a good wind could bring them crashing down.
A local realtor told INSIDE EDITION, "A lot of people are coming through and they don't know what they are in for."
So what's the price of this wreck-of-a-home? It's $585,000. That's right, more than half-a-million dollars! A nearly identical house in Dallas is just $27,000. Another one in Richmond, Virginia is $29,000.
So, why is this home considered a great investment? Because of three things: location, location, location.
The shack is in San Jose, California. The Bay Area. Right now, it's one of the hottest real estate markets in the world.
Cracks in the walls and broken windows are the first things you notice at a propery in Redwood City. Once inside though, it's the unobstructed mountain views that explain the sky-high price. It's for sale for $1,275,000. Wow!
And a shingled mess in the city of Los Gatos needs a new roof and so much more. But it has a spectacular view. It can be yours for $1,350,000.
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