- An unlivable home is currently going for $500,000 in San Diego.
- The property exemplifies the challenges facing prospective homebuyers across the country.
- At 1,015 square feet, per Zillow, the uninhabitable house costs more than $500 per square foot.
San Diego homebuyers looking for a financial steal could score a half-a-million dollar home currently going for hundreds of thousands of dollars less than most other properties in the area.
But the lucky buyers won’t be able to go inside the house — ever.
An uninhabitable two-bedroom, one-bathroom home is on the market for $500,000 in the city’s Bay Park neighborhood, exemplifying the incredibly competitive housing market that prospective buyers face across the country, and especially in San Diego.
The county red-tagged the home after a fire left it damaged, which means anyone looking to splurge on the half-a-million-dollar property would have to level the current structure and start fresh with a rebuild, according to KNSD-7. Zillow photos of the property show a run-down, worn-out interior and threadbare backyard.
With oft-sunny skies, nearby beaches, and a thriving job market, San Diego is a homebuyer’s theoretical dream.
But real estate brokerage Redfin classifies the San Diego housing market as very competitive; homes in the area typically receive five offers and sell in 15 days on average.
The median home price in San Diego, the second largest city in California, was more than $900,000 in April, according to a Greater San Diego Association of Realtors report.
More than three million people live in the region, and the inventory of available homes remains low, according to US News and World Report. Home prices in the area jumped from mid-2020 to mid-2022 and listings remain high above historic norms, the website said.
“The homes around this area are worth about $900, to 1 million dollars,” Quan Huinh, who has been renting in the Bay Area neighborhood for two years told KNSD.
While a relative bargain compared to those sky-high prices, at 1,015 square feet, per Zillow, the unlivable house costs more than $500 per square foot.
Huinh told the local outlet he hopes to one day own a home — but not this house.
“No, I wouldn’t consider buying this home,” Huinh said. “If I’m going to pay something $1 million, I want at least a view.”
A real estate agent told the outlet that the seller is only accepting cash offers on the house, which rules out first-time buyers and other typical house hunters given the hefty price tag.