This Burned-Out House In Melrose Is On the Market For $400,000

The housing market is red hot - especially in Melrose. The house at 20 Berkeley St in Melrose was seriously damaged in a fire last month and is now up for sale - as is - for a hefty $399,000.

According to the listing (which you can see here), "This home suffered a fire that damaged the front facade. House is in need of a complete renovation or potential tear down and rebuild. Buyer to do due diligence. House being sold as is. Great potential to build a new and adorable home in desirable Melrose, a town where property values continue to rise, boasting a thriving downtown, a commuter rail to Boston, excellent schools and multiple restaurants, coffee houses and local boutiques."

The house has garnered national attention because of the condition vs. the price. It's obviously a great location but does the hefty price tag shock you? Let us know in the comments.

UPDATE: According to Zillow the house is currently under agreement.