Yes, home prices are soaring in Cambridge and Somerville.
But even so, would you put down $400,000 for a fire-gutted wreck?
That's the listing price for 27 Dickinson Street in Somerville near Inman Square. The value obviously is in the location and land, not the charred frame, though $400,000 could be pushing it.
The lot size is tiny - 1,853 square feet. That's micro. So why is this pushing it? Well if this were a quarter acre, the price would be more than $2 million.
Two other nearby homes - untouched by fire or other disasters - are listed in the $500,000 range, according to Redfin
Here's the pitch to would-be dream home builders:
VERY rare opportunity to build YOUR DREAM HOME in one of the most desirable locations just outside of Boston. .. Inman / Harvard Square location (Somerville-Cambridge line). .. .Recent house fire makes this home uninhabitable and needs to be reconstructed. Foundation appears good (no warranties or representations however) as the house was raised approximately 10 years ago for an in - law apartment in the basement and a new foundation was poured. All permits, fees, demolition costs, etc. . to be responsibility of buyer. Incredible location! Most homes on street with identical zoning are multi-family and/or condo conversions; opportunities exists (no representation being made) for change of use, not sold subject to such zoning changes however.
Here's a link to a story about the fire last fall that wrecked the house - fortunately, no one was hurt.
An opportunity or an overpriced slice of charred urban turf? What's your take?
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