Condemned Home in Fremont Sells for $1.23 Million - NBC Bay Area
East Bay

East Bay

The latest news from around the East Bay

Condemned Home in Fremont Sells for $1.23 Million

    processing...

    NEWSLETTERS

    Condemned Home in Fremont Sells for $1.23 Million

    A condemned home in Fremont just sold for more than $1 million in the latest logic-defying home sale in what has become a stratospheric Bay Area housing market. Cheryl Hurd reports. (Published Monday, April 16, 2018)

    A condemned home in Fremont just sold for more than $1 million in the latest logic-defying home sale in what has become a stratospheric Bay Area housing market.

    Fremont is a city with good schools, low crime and clean streets. And it is now becoming as unaffordable as the rest of the Bay Area.

    The condemned house sits on dirt in Fremont’s Mission district, and the structure itself is not worth anything. The property sold for $1.23 million.

    A condemned home in Fremont sold for $1.23 million. (April 16, 2018)
    Photo credit: NBC Bay Area

    Larry Gallegos listed the home in January for $1 million. In one week, he received five offers before closing the sale.

    "We’re getting people coming from across the bay saying we can buy this house for a million one, we can pay two hundred thousand over, that’s a good deal for us," Gallegos said. "I advertise cash only because a lender, most lenders, would have a problem giving a loan on a property that needs to be torn down."

    The buying frenzy seems to be the new normal in the Bay Area, mainly because the buyers outnumber the amount of homes out there. Buyers are flocking to Fremont because of the schools.

    But the market is hot all over Silicon Valley.

    Just last week, a burned out home in San Jose's Willow Glen neighborhood went on the market for $800,000, and the realtor has six offers in hand, all well over asking price.

    "Nobody can tell the future; nobody can tell if the market is going to drop," said Carmela Morena, who just sold her home for $1.2 million, a $1 million profit she finds unbelievable. "It’s crazy, it’s absurd. I don’t see how people can do it."

    Get the latest from NBC Bay Area anywhere, anytime
    • Download the App

      Available for IOS and Android