A home in Melrose, Massachusetts, that was ravaged by a 3-alarm fire in March has hit the market, and the price is drawing shock from neighbors.
The eight-bedroom, two-bath, 2,700-square-foot home on Lebanon Street is currently boarded up and deemed uninhabitable. But it's also for sale, as is, for $650,000.
"Wow!" said Steve Sardina of Melrose.
When asked if the price surprised him, Sardina said, "It does surprise me, but property's going for quite a bit around here now."
The property was originally listed two weeks ago for $599,900, and the seller received multiple offers above asking, leading to the increased list price.
"I think that's bizarre. Well, it's Melrose, and Melrose is a hot city right now," resident Bill Kaliris said.
Listing agent Bill Butler says it's a product of basic supply and demand, where supply is very low and demand is very high.
"What we're selling here is the value of the land, right, so this is an 11,125-square-foot lot that you can build two town homes on, and you're right smack dab in the middle of Melrose," Butler said.
Because of the extensive damage done by the fire, prospective buyers showing up for this weekend's scheduled open house won't even be able to get inside.
"Unfortunately, it's too dangerous in there," Butler said.
While some may question the list price, the home was comping out close to $1 million prior to the fire, according to Butler.
"It's just a tough deal," he said. "These guys lost everything, so it's not so much of a situation where they're celebrating anything."
Butler said if his clients don't get a high enough offer, they may consider rebuilding.