You get what you pay for when a house costs $79,000

Photo from theMLS.com

While home prices remain sharply below their peaks from a few years ago,  single-family homes priced below $100,000 still remain rare.  In the case of this $79,000 property in the City Terrace section of East Los Angeles,  a cracked and shifted foundation explains the low price.  “It is what it is – a major fixer,” said real estate agent F. Garcia of the 720-square-foot home built in 1928. “You can’t finance it. You have to pay cash.”   But the prospect of rebuilding a foundation and paying all cash didn’t scare everyone away. The Coates Avenue house received several offers within days of going on the market earlier this month, Garcia said. A sale is currently pending.

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