Even $600K ‘Nightmare’ House Fetches Multiple Offers
Housing inventories are so scarce that even “nightmare” listings are going under contract quickly and for above list price.
The real estate pro on a recent Colorado Springs listing wasn’t about to soften up the realities of a home in dire need of some TLC. Mimi Foster, a real estate professional with Falcon Property Company, writes of her $592,000 listing as a “formerly majestic” five-bedroom home that has turned into “every landlord’s nightmare.” The walls are covered in obscenity-laced graffiti. The home smells like “there’s a dead body in there.” Also, she adds, “you will notice there is not one surface of the home that has not been enhanced with black spray paint or a swinging hammer.”
“If you dream of owning your own little slice of hell and turning it into a piece of heaven, then look no further!” reads the now-viral listing.
The sad state of the home has made Foster refuse to accept any sight-unseen offers, including an offer of “well over” $600,000 from a California investor who did not tour the place first. “It’s too much of a liability,” she told MarketWatch.
Yet, she has still received multiple offers for the long-abandoned home—many in cash. The home is currently under contract.
The home is yet another sign of how the hot housing market is fueling a frenzy in interest from buyers looking for opportunity among limited housing stock.
“Only in this real estate market could we possibly sell the house like this,” Foster told MarketWatch. “On the flip side, only in this real estate market could the buyer make enough money flipping it to make it worth their while.” Foster did acknowledge that despite the home’s many flaws, it does have great bones and is in a cul-de-sac in a desirable location with great views.
Source: “The Housing Market Is so Crazy, This $600,000 ‘Horror’ Is Drawing Multiple Cash Offers,” MarketWatch (June 19, 2021)