Silicon Valley's housing market is so dire, a burned-out home just sold way over the asking price — for $938,000


The San Francisco Bay Area is one of the most expensive housing markets in America. Case in point: A fire-ravaged home in San Jose, California, has sold well over asking for $938,000. The home will need to be demolished.   It’s no secret that buying a home for under $1 million in the San Francisco Bay Area is a nearly impossible task. Case in point: Somebody has paid over $900,000 for a burned-out home. The one-story, single-family house at 1375 Bird Avenue in San Jose, California, was ravaged by fire two years ago. In photos, the structure appears dilapidated and held together with plywood. According to real-estate site Redfin and the Silicon Valley Business Journal, the home sold for $938,000 in April — more than $130,000 over the listing price of $799,000. Listing agent Holly Barr of Sereno Group told the San Francisco Chronicle the price was fair based on the cost of local housing and the lot’s potential. The home sits on a 5,800-square-foot lot and is located less than a 10-minute drive from downtown San Jose, where Google plans to build a new campus. According to Barr, the seller took the highest of six bids. The lucky buyer is paying…

Read more here: Silicon Valley’s housing market is so dire, a burned-out home just sold way over the asking price — for 8,000

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