Derelict Florida house lists for $650,000. It's already under contract.
Real estate developers appear to smell financial opportunity in a badly dilapidated Florida home that comes fully ventilated via sizable holes in its ceiling.
The single-family house in Miami Shores Village is listed for $650,000. It has drawn multiple offers and is currently under contract, according to Robin Bird Realty, which has the listing. The home's owner recently passed away, leaving the residence abandoned for at least a year, listing agent Tamika Moses told CBS MoneyWatch.
"As you can see, he was a collector of many great things, and it's unfortunate that the house fell into disarray," she said.
Despite its state of disrepair, the home's location in a good neighborhood makes it a desirable property, Moses said. Miami Shores has a population of roughly 11,000, according to the latest available Census data, and boasts public amenities such as golf, tennis, sculpture gardens and other open spaces.
"Due to where it is located, I'm not surprised [it received offers]. It's a beautiful neighborhood, it's highly desirable, has great schools and in is a great location, so I wasn't so shocked," Moses said of buyers' interest in the property.
The median value of owner-occupied homes in the area is $590,100, while the median household income is $127,721, according to the Census Bureau.
The property that's under contract, located at 823 NE 96th street, spans 1,834 square feet and has three bedrooms and two bathrooms. It sits on a 0.26 acres of land and was built in 1950.
Photos of its interior show gigantic holes in ceilings, broken appliances, debris on the floors and tears in walls. Collectibles such as large sea shells and model airplanes are scattered throughout the home.
South Florida home inventory remains tight, according to Moses.
"You could say there is a shortage of listings, especially in neighborhoods that are highly desirable," she said.
The buyer's name has not been disclosed, but the property would be well-suited for a developer with plans to raze the existing structure and rebuild it.
"It might also even be suited for a private owner who is willing take on that type of work," Moses said.
