AUBURN — Blight or bargain? A home for sale in the Auburn area is creating a lot of buzz.
James Frakes is the investor who owns the property. He's selling the two-bedroom, one-bath home for just $199,000.
"I think it's for anybody who really sees a potential in the property," he said.
Appraiser Ryan Lundquist says the current median price for a home in the Sacramento region is $560,000, and less than 1% are going for under $200,000.
"Whenever a property is priced under $200,000 or when you look and go 'wow,' there's this huge discount here, there's usually a reason," Lundquist said.
Frakes said this home has been vacant for about 20 years and needs a lot of work, including a water well, a septic tank, and structural repairs.
He said part of the home collapsed due to unusual digging done by the previous owner.
"He thought there was gold on the property, and he had excavated part of the dirt underneath the house and eventually the house just couldn't support itself anymore," Frakes said.
Some other homes in the neighborhood along Shirland Tract Road sell for a million dollars or more.
Frakes has produced renderings of what a modern rebuild could look like on the land, which sits on a hill with mature oak and pine trees. It's been on the market for just over two weeks, and he's already getting a lot of interest.
"It has been blowing up. We've had dozens of calls from real estate agents," Frakes said. "They're getting with their clients, they're putting offers together."
It could be a golden opportunity for the right buyer willing to take a risk on this foothill fixer.
The property has also racked up thousands of dollars in Placer County code enforcement fines, which will have to be paid off when the home is sold.
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