We’ve spent far too long with overpriced real estate in Google’s back yard.
Let’s return to the other City By the Bay (San Pablo Bay), and see what bargains are to be had in Vallejo real estate. Thanks very much to Burbed reader Scott for sending in today’s featured house.
SQ. FT.: 1,860
$/SQ. FT.: $6
LOT SIZE: 0.28 Acres
PROPERTY TYPE: Residential, Detached, Single Family
YEAR BUILT: 1959
ON REDFIN: 5 days
This property has been partially burned and is not habitable. No roof, electrical or plumbing. Please show with extreme caution.
If you haven’t already read Michael Lewis’ “California and Bust,” on how our state and municipal budgets are doing in today’s economy, I strongly recommend it to you. He closes his look at Golden State finances with a look at the bankrupt city of Vallejo. To say city services have been cut would be like describing strip-mining as thinning. In his meeting with City Manager Phil Batchelor, Lewis mentions there is one other employee; when she takes a break she has to lock up the entire office because nobody else is there.
“Do you know that some cities actually pave their streets?” says Batchelor. “That’s not here.”
Maybe that explains why, if the value is in the quarter acre of land, that the value barely heads into five figures. At these fire sale prices, you can rebuild or scrape it down! Heck, you can rebuild AND scrape it down, then build something else! So many possibilities!