About 6 weeks post Hurricane Harvey the number of flooded and gutted homes coming on the real estate market in Southeast Texas continues to grow. We are also seeing the first of these flooded and gutted homes start to be sold - go under contract. There are currently 12 homes under contract according to the SETX MLS.
What is the value of a "flooded and gutted" home?
- Prices are still all over the place.
- Of the 12 that have gone under contract $54.95 was the highest price/SF (asking price)
- $179,900 is the highest priced home to go under contract. Located in Hillbrook Estates in Orange. (This is the asking price not sales price.)
- The median price of the homes that are pending is $50,000.
- The lowest price/SF of these pending homes is $15.52
The market is still trying to establish a value of what these flooded and gutted homes will sell for. Many of these sales are cash purchases. Lenders are starting to bring construction loans into the market but they are still hard to get. If you are thinking about selling or buying a flooded and gutted home contact me for a more detailed analysis of any home in Southeast Texas.