A burned-out shell of a house in East Rockaway, LI just sold for $435,000 — $35,000 over asking price — proving once again that the housing market’s red-hot frenzy shows no signs of cooling, The Post has learned.
Property destroyed by fire at 9 Elbert Pl. it went on the market last spring for $399,900 and, despite its heavily damaged condition – something that was very evident in its marketing images – attracted multiple offers.
“An investor bought it and is planning to build a new home on top of the existing foundation,” listing agent Brian Lewis of eXp Realty told The Post.
“I had multiple offers within the first two weeks of listing the property,” added Lewis.
Standing on a quiet street just a short drive from the New York City limits, the charred remains of the home haven’t spooked buyers.
The three-bedroom, one-bathroom home, spanning more than 1,300 square feet, was destroyed by fire in 2020, but Lewis says its potential exceeds its past.
The exterior structure and floors are still intact, Lewis notes, adding that the investor saw the opportunity for a major renovation — or perhaps a complete demolition.
“People want brand new homes. Being able to design and build a brand new home with the latest features is in even greater demand,” said Lewis. “There’s not a lot of vacant land left in this area, so if you want a new home, properties like this are really your only option.”
The listed photos show the dramatic story of the fire: walls covered in soot, a kitchen engulfed in ash and a bathtub blackened by flames.
Despite this, the competitive market has fueled interest. With mortgage rates hovering around 7% and inventory at record lows, buyers are faced with few choices.
In the East Rockaway school district alone, only 21 homes are available.
“Someone spends nearly $1 million to buy an updated home and still has to move in,” Lewis said. “With this home, they will most likely spend less than $1 million total and be able to build their dream home.”
While the fire that left the property in ruins was no accident.
In March 2020, former tenant Kevin Meyer intentionally set the fire and was later charged with arson, reckless endangerment and criminal mischief. Meyer was rescued by firefighters, only to burst into flames in a dramatic crash that nearly cost him his life.
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