Fire-damaged Utah house selling ‘as-is’ for $440,000. Real-estate agent talks about housing market

Aug 9, 2023, 5:37 PM

KSLNewsRadio

SALT LAKE CITY — A fire-damaged house in Utah County is selling at “starter home” prices.

“Investors opportunity to bring this home back from recent fire damage. Home is being sold ‘as-is,’ ” reads the listing for a house in Saratoga Springs for sale: $439,900, 4 bedroom, 2 1/2 baths, 2,080 square feet.

In June, a fire started in the garage and spread to the upstair bedroom and kitchen. The homeowner’s hands were burned. The Eagle Mountain and Lehi fire departments assisted Saratoga Springs firefighters in extinguishing the blaze.

‘Anything can sell at the right price’

Dave & Dujanovic speak with Adam Speth, real estate agent and president of Northern Wasatch Association of Realtors, about the status of the real-estate market today and a distressed property in particular.

“Is this still a seller’s market, and buyers are willing to swoop in and scoop up anything, even if most of the house is burned out?” Debbie Dujanovic asked.

“I don’t know the details of this particular home, but in general, it doesn’t look like it’s realistically priced. I mean it could sell at some price point, but I’m not sure if it’s priced for the condition,” Speth said.

“Do you think this could sell, even given the fact that it’s burnt out?” Debbie asked.

“Again, I don’t know all the details. I haven’t seen it in person. I haven’t researched it a ton. But you know anything can sell at the right price. . . the market has shifted significantly since interest rates have doubled. And so, it’s just it’s probably a little unrealistic,” Speth said.

He said the median sales price for a house in Utah County lists between $590,000 and $600,000, and $450,000 would be considered the selling price for a “starter home” in Saratoga Springs.

“This particular home is probably going to be bought up by an investor, somebody with cash. I think you’d have a hard time getting financing on it in its current condition. Most investors are going to buy something and fix it up for a profit,” Speth said.

Dave & Dujanovic can be heard weekdays from 9 a.m. to noon. on KSL NewsRadio. Users can find the show on the KSL NewsRadio website and app, as well as Apple Podcasts and Google Play.