The insanity of the U.S. housing market can be summarized with this one listing

Photo by Kindel Media from Pexels

Thanks to liberal policies that have kept new homes from being built, the housing market makes no sense at all in California.

Despite a declining population and an economy teetering on the edge of disaster, there is a serious shortage of housing in Southern California.

And now one recent home listing summarizes the insanity of the U.S. housing market, and you won’t believe what it says.

Home with meth lab lists for $1.5M

A home in San Jose, California was recently listed on the market for $1.55 million, and it’s in an excellent location near the mall with plenty of room for the average family.

But there is one thing about the home that might cause most buyers to decline to make an offer: the previous owner allegedly used the home’s garage as a methamphetamine lab.

Keller Williams Realty is listing the house and notes that the home still contains the inactive lab and is considered contaminated.

A spokesperson for Santa Clara County’s health department said no one can enter the home until it is decontaminated.

However, according to the Keller Williams website, the home will be turned over to the new buyer in its current state.

San Jose real estate agency owner Zaid Hanna told the Washington Post that the home is priced similarly to other homes in the area.

He said it would be a “home run” for the selling agent if it actually sold for its current listing price.

Hanna said, “If you were my buyer, I would tell you to find a different opportunity.”

When asked for comment, a Keller Williams Realty spokesman directed interview requests to the listing agent, but they have not responded at the time of publishing.

The large single-family home has six bedrooms and four bathrooms with a total of 2,743 square feet.

But it’s currently boarded up and surrounded by a metal fence attached with signs warning people that there are hazardous substances and toxic chemicals on the property.

The home’s listing does not show any photos of the interior online.

Newport Beach real estate consultant John Pagliassotti told The Post that meth residue may still be in the heating and air conditioning system, inside the walls, or even on the lawn.

Pagliassotti said that it could cost hundreds of thousands of dollars and months of work to clean and decontaminate the property. 

“You’re not just going to walk in and move your family in and say, ‘Okay, we’re good to go,’” he said.

The prior owner was arrested

Peter Karasev, the 36-year-old previous owner, was arrested on multiple charges related to the alleged meth lab in March.

Detectives discovered the lab and found meth in the garage while searching the home, according to a complaint filed against Karasev by the Santa Clara County district attorney’s office.

A detective found a glass tube containing meth in the house, and Karasev said he used meth to replace Adderall due to a shortage of the prescription medication.

Karasev is currently being held at the Elmwood Correctional Complex in Milpitas, CA without bond.

The home was listed by Keller Williams Realty in mid-October, and a spokesperson for the County of Santa Clara Department of Environmental Health said that contaminated properties are legally allowed to be sold in the state, although no one can enter them until they’re completely decontaminated.

The home last sold for $1.51 million in March 2021, demonstrating just how insane the US housing market really is.

Informed American will keep you up-to-date on any developments to this ongoing story.