Buying a hoarder house not a turnoff for most investors



Read More in an overheated real estate market riddled with cash-rich buyers and developers prowling for a virtually nonexistent bargain, it also raised quite a different question. At SocketSite, a real estate website that first reported the story and obsessively tracks the smallest twists and turns of the citys housing market, commenters weighed in on the property value, what would it take to rebuild it and how much money it might fetch once rehabbed. Similar discussions took place at real estate offices across the city, said veteran real estate agent Kevin Birmingham. Under California law, if someone dies on the property, its considered a material defect that must be disclosed to potential buyers or renters, but only if the death occurred within three years of the date an offer is made to purchase or rent the home. A trustee of the family estate has already appointed Tim Hawko of Zephyr Real Estate to sell the property. A recent comparable property near 152 Lake St. showed how desirable the area is: A pair of flats on Lake Street and Fifth Avenue went for more than $2.4 million, despite a leaky roof, warped wooden floors, mold spores on the walls and ivy that had spread into the buildings interior, said Dale Boutiette, a broker with Zephyr who handled the listing. Real estate brokers say that death on property is a turnoff to some investors and home shoppers, particularly Asian buyers. […] it will probably attract bids from turnaround specialists who squeeze value out of headache homes, said Tom Anthony, an Oakland builder and investor who has made a handsome return fixing up some nightmares of domestic despair. Cindi Hagley, a Pleasanton broker specializing in luxury homes, has developed an expertise in selling stigmatized homes, which make up about 10 percent of her business. […] under a tarp in the garage, we found it. Tim Curran, a broker with Coldwell Banker who specializes in probate sales, said that in the sale of 152 Fourth Ave., the number of buyers turned off by the nauseating history would probably be outnumbered by the fact that so much capital is chasing so few homes.”]