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stocksjustgoup
2009 Oct 26, 4:04am
Oh, and did I say custom? Well, maybe it is, but I've seen this floorplan on a ton of homes in this area... none of them really tracts... so this floorplan is probably a favorite of local, independent, onesy-twosies builders.
Check out this house and acreage...
http://www.redfin.com/CA/Hollister/1000-Lima-Ct-95023/home/21976579
I know this area very well. These are custom homes on 5+ acres in Hollister (San Benito County, about 45 miles south of San Jose). The builders started building these homes back in '06, slapped them together, and started asking for over a million bucks. To my knowledge, none of them ever sold for that amount.
So this is one example, which appears that the land was purchased for $630,000, and now, over three years later, you can get a brand new 3,000 square foot house on it for at most $650,000. So while maybe the house isn't free, trying finding a brand new one like this for $20,000.
No wonder it's bank owned. From the looks of it, it always was, in a sense.