If the listing says that it’s “basically a shell” (and knowing that listings like to sugar-coat things) why were you surprised to find it gutted? Also, the listing notes that the front of the house must remain…I’m not familiar with California historical designations or anything, but I would look into those things before thinking you can just demo a property and rebuild.
The listing explicitly states that the property is priced as land-only; if the property is gutted, why are you upset that the value is solely in the land? I’m guessing that your qualm is not that the value is placed in the land, but that the land is overpriced.
