Saw that one on the boob-tube. Sure sign of a bubble. 5,800 ft lot is about 1/8th acre, is a square about 76 feet on a side.

“They did leave it standing so you can remodel it versus tearing it down so you save a lot of money when you can leave a wall up and do a remodel versus a complete teardown,” said Barr

Riiiiggghht! The building is literally ashes. This way they don’t have to deal with teardown and disposal costs. Any standing wall can’t be saved because it is burned out. You would need to ‘rebuild’ that one wall first – which could violate the ‘change’ rule for avoiding taxes etc that you would get an a tear-down and build new.

The Realtor said in less than 24 hours since posting it on Facebook, 10 potential buyers have contacted her. She anticipates it will sell in a few days.

Yeah.. it is always ‘pending’ until it really goes pending. Lets create a feeling of scarcity or you gotta jump in or be forever left behind – I think I remember hearing something like that said before.

Yes I know the median house is going for $1,400,000. That does not justify pricing a burned out tear-down for $800K.

NOTE: Yes, salaries are higher in that area, however if all your salary is going to pay the mortgage, then what is the point? You just end up hoping someone will eventually take it off your hands for more than you paid. At the same time you lived ‘house poor’. The people who really profit are the realtors, bankers and state (property taxes). What is the point of life if you are spending all your time to pay off the mortgage and taxes?

How about 14754 Clayton Rd, San Jose CA. 3.91 acres under 800K. I am also seeing a bunch of properties in the Santa Clara area that look like they are in pre-foreclosure. Interesting.