Uninhabitable Melrose Home For Sale At $650,000 Price Tag
MELROSE (CBS) - A Victorian style home for sale on Lebanon Street in Melrose is not considered a fixer-upper but a total loss.
"It's completely burnt inside. It's very hard to walk inside, it's not very safe," realtor Bill Butler of The Butler Group said.
And yet this multi-family home is now on the market for $650,000. "I don't know how any buyer would want to salvage any part of the property," Butler said.
The home caught fire back in March. The owners lost all of their possessions. Now the home is uninhabitable. The owners are asking for $650,000 because they hope to buy a new home in Melrose. Butler says the 2,600 square foot home that sits on an 11,000 square foot lot is a reasonable asking price.
"There is a huge demand here for people from the city who want a little bit more space, not a far commute to downtown Boston and has good schools," Butler said.
There's been a lot of interest and multiple offers on the house already. "It's an extremely active market for sellers right now, simply not enough homes for buyers to buy," Butler said.
Butler also says there are not a lot of vacant lots in Melrose and the average multi-family home is close to a million dollars. "There is just way too much demand for housing in this area with companies like GE and Amazon moving in we can't keep up," Butler said.
An open house will be held on Saturday at noon. "There are rooms you can't stand in and that's why we are not letting people in," Butler said.
During the Boston Next series, WBZ-TV looked at the increasing costs and challenges in the housing market.
