$1.6 Million California Home for Sale Comes with Meth Lab
California Homebuyers Have a Chance to Own a Silicon Valley Fixer-Upper
Attention, California homebuyers! An incredible opportunity awaits you in the heart of Silicon Valley. For approximately $1.6 million, you can become the proud owner of a spacious six-bedroom home in San Jose. This property offers convenient freeway access, a garage, in-home laundry, central air conditioning, and even a pool. It sounds like a dream come true, right? Well, there’s a catch.
According to realtor listings on Oct. 31, this seemingly perfect home also comes with an unexpected surprise—an inactive meth lab. Yes, you read that correctly. While it may not be the ideal feature for most buyers, it hasn’t deterred the price from skyrocketing.
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Despite the presence of this toxic contamination, the price of the home, which only Walter White from the TV series “Breaking Bad” could love, recently increased by $125,000. This price bump didn’t come as a surprise to Oscar Wei, deputy chief economist with the California Association of Realtors. He explained that in a tight market like this, it’s not uncommon for prices to rise. Furthermore, he suggested that the meth lab’s existence may not necessarily indicate the home is in bad condition.
Believe it or not, there might be buyers in the San Jose market who aren’t bothered by the property’s history of illegal drug manufacturing and the necessary cleanup. Mr. Wei attributes this to the significant drop in available homes for sale in the area. In fact, September saw nearly 39 percent fewer homes on the market compared to the same month in 2022.
Many residents are currently hesitant to list their homes for sale due to the rising interest rates and borrowing costs. However, Mr. Wei predicts that these factors may start to ease by the end of the year and into 2024. As interest rates decrease, the supply issue is expected to improve, although a sharp increase in supply is not anticipated.
In September, the median price for a home in the hot housing market of San Jose was nearly $1.4 million, according to the real estate company Redfin. Meanwhile, the median price for a home in California as a whole was approximately $843,000 during the same period.
When asked whether the presence of a meth lab would be a selling point for homebuyers, Mr. Wei responded with a resounding “typically, it’s not.” So, if you’re in the market for a fixer-upper with a unique twist, this San Jose property might just be the one for you!
What legal implications should potential buyers be aware of when considering a property with a former meth lab
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