Massachusetts
Massachusetts housing market is even competitive for burned down homes
(WJAR) — Massachusetts’ housing market is becoming so competitive, even homes destroyed by fire are attracting strong interest from buyers.
In Dorchester, a burned and condemned multi-family property recently sold in days.
Damaged homes in Massachusetts still have a competitive market. (NECN)
That Dorchester home, which had significant fire damage, sold for $776,000.
The home has been boarded up and empty for over a year and a half.
The listing agent says groups of people were quote “waiting in the wings” to see what would happen with it.
In a tight housing market like Boston’s, these types of properties offer rare opportunities for investors that are eager to take on major renovation projects.
It showcases a broader trend where even severely damaged homes can attract serious interest in the greater Boston housing market.
For developers, the limited land, strong demand, and potential to build equity are all very appealing.
The properties show even after a disaster, there’s still demand in the market.