Shell Of A Florida Home Still Smoldering From A Fire Listed For $259K—And The Property Is Pending
Who would want this hot mess of a house?
Yevhen Sukhenko | Pexels If you've ever been house-hunting you probably know what it sounds like when a realtor is attempting to sell you a house that has a couple of problems. Cozy means it's small. A colorful past means there was probably a violent crime or haunting and smoking hot ... well, in the case of one Florida home, it could be literally on fire.
A house located in Saint Petersburg, Florida, still smoldering from a total house fire, was listed for $259k. Sounds like the start of a hilarious joke. Punchline ... the sale is actually pending.
A burned-out Florida home that would likely be a complete teardown might have a buyer at $259K.
The property is a 3-bedroom, 2-bath home with 1,651 square feet — not that any of that matters since the property is in ashes.
It is advertised as a "prime opportunity for redevelopment," which, in realtor speak, means you're paying $259k for land only.
JLFCapture | Canva Pro
In what feels like a very sad commentary on the state of the housing market in the U.S., the property is pending, which means negotiations for its purchase are underway. However, the seller is still accepting backup offers.
Whoever is in the process of buying the home must be sure of the decision since they cannot even enter the home due to safety reasons.
Florida, like much of the U.S., is experiencing a housing crisis, which makes buying a home nearly impossible for most adults.
According to U.S. News & World Report, limited inventory, combined with high insurance and mortgage rates, has priced most buyers out of the market. Sellers, however, are reaping the benefits, as evidenced by bids on a house in ashes still hot from the fire.
The high hurricane and flood risks have also increased Florida's homeowner's insurance rates, making them the highest in the country. There was a sharp increase in insurance rates back in 2022 after Hurricane Ian; it's safe to assume there will be increases again with Hurricane Milton.
Americans across the country are in the same boat. Home prices are up 3.9% compared to last year, according to Redfin.
In the simplest terms, the housing crisis, which many blame on the pandemic because of the cost of raw materials increasing due to supply-chain issues, goes back much further than that. The blame more solely, although not entirely, rests on the fact that income has not kept up with the cost of living.
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Add to that limited inventory, which has multiple causes from increased population and the after-effects of the Great Recession of the early 2000s to investors with boundless resources buying up what little real estate is affordable and available to flip for profit.
It almost makes sense that the burning embers of a house are about to sell for much more than they are worth.
It is likely whoever takes on the property will completely renovate.
Since the property appears to be at the edge of total destruction, and the photo on the site is from before the storm, it's safe to assume that, as the website suggests, the next owner will utilize the property for new construction or totally renovate it.
Although taking on a renovation of any sort is tough, one with this level of damage will be a whole other story.
You need money and resources to complete a project like this one, which is why the buyer will likely be a builder with profit in mind.
According to Rocket Mortgage, a renovation of a house that is 1200-1600 sq. ft. on average costs $51,772, and with the effects of fire and storm damage, who knows how much more the price will increase?
Chances are, unfortunately, that the home in its reincarnated state will be a large McMansion, priced well above what the average consumer could even hope to afford because that's what will make the builder a profit.
Sahlah Syeda is a writer for YourTango who covers topics related to entertainment, news, and human interest.