What is your favorite kind of problem property? Do you like 100+ year old termite havens? How about severe price reductions chasing the market down? Or does an eye-popping you-have-got-to-be-insane wishing price make your day?
Here’s what burbed reader nomadic, who sent in today’s featured listing, had to say about this trifecta:
$2.5M for a tear-down on .47 acres in LG? That backs up to townhouses? How much is it worth to be a short walk to the middle school? Whatever it is, it’s probably off-set by the headache of all of the traffic that will
You know what the agent would say: the value is in the land!
16922 Mitchell Ave, Los Gatos, CA 95032
Sq. Ft.: 1,200
$/Sq. Ft.: $2,082
Lot Size: 0.47 Acres
Property Type: Detached Single Family
Year Built: 1900
Community: Los Gatos/Monte Sereno
County: Santa Clara
On Redfin: 821 days
Investors/Contractors Delight with many possibilities! 3 Lot subdivision capability to build 3 new homes. Remodel existing home and build two new homes at site. Replace/remodel existing home on large lot. Property walkable to Los Gatos shopping and schools. Huge price reduction for this in-demand LG location.
Yes you read that right, 110 years old, 1200 square feet, with each one of them priced over two thousand dollars, and it’s been on the market for 821 days. It’s like every single metric of horrible all rolled up in one. All we need is a wrecked foundation and a clouded title. (Um, wait… why is there an earthquake disclosure?)
So let’s see what nomadic meant about the neighborhood.
“Backs up to townhomes” wasn’t a figure of speech! But speaking of Many Possibilities, how about checking out the other MLS listing for the same location? Same price, same address, but they’re marketing the property as Residential Land and ignore the house.
Guess the Investing Contractors are in, demanding another Huge Price Reduction before delighting.