A 3,900-square-foot, four-bedroom house in McKinney, Texas, is for sale for only $150,000. The problem with the home is that it is almost entirely burned down. There's no telling what a builder and materials would cost to get it back to its original condition.
8116 Yellowstone Drive in McKinney was the most widely searched house on Realtor.com this past week. None of those may be buyers, but each has to ask why anyone else would bother. Realtor.com researchers said this in so many words:
[T]his week’s most popular home was something else entirely. This sprawling place isn’t exactly a fixer-upper—it’s a complete tear-down. Located in the Texas town of McKinney, the fire-damaged home hit the market just over a week ago with a deeply discount price. It doesn’t appear as if the home can be saved, but maybe that’s what’s so darn appealing to potential buyers. The property is already pending sale and will likely be razed in favor of a new home.
For the noninvestor—we get it—it’s a chance to gawk at pictures of the devastating effects of fire and smoke. (Thankfully, no one was hurt in the February blaze.)
McKinney is on the northern edge of the Dallas metropolitan area. It has been one of the fastest growing towns in the country over the past two decades, and it has a population of 168,358, up from about 21,000 in 1990. With a median household income of over $63,000 and a poverty rate of 9%, McKinney is relatively affluent.
For those who cannot cover their eyes at the sight of something ugly, the listing:
ATTENTION INVESTORS - BUILDERS - ALL CASH BUYERS! House was destroyed by fire in February. Seller will demo it or leave it as is - your choice. HIGHLY DESIRABLE CUL DE SAC .7 ACRE lot in the STONEBRIDGE community. HUGE lot, in-ground pool with red brick coping, cedar arbor, stamped concrete patio, wood fence & 2 storage sheds. Original floorplan was the Pulte Broadmoor with 3 car garage, Master down and 3 beds, 2 baths, game & loft-office upstairs. FABULOUS OPPORTUNITY to build your dream home on an amazing lot in the heart of Stonebridge Ranch! CASH ONLY. DO NOT enter home - home is unstable. Keep children away from pool.
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At least someone has made a bid.