Exclusive | Long Island house that was burned to a crisp sells for $35K over ask

A charred shell of a home in East Rockaway, LI has just sold for $435,000 — $35,000 above the asking price — proving once again that the residential market’s red-hot frenzy shows no signs of cooling down, The Post has learned.The fire-ravaged property at 9 Elbert Pl.

hit the market this past spring for $399,900 and, despite its severely damaged state — something that was very visible in its marketing images — it drew multiple bids.“An investor bought it and is planning on building a new home on the existing foundation,” listing rep Brian Lewis of eXp Realty told The Post.

“I had multiple offers within the first two weeks of listing the property,” Lewis added.Standing on a quiet street just a short commute from New York City limits, the home’s scorched remnants haven’t scared off buyers.

The three-bedroom, one-bath house, spanning over 1,300 square feet, was devastated by a fire in 2020, but Lewis says its potential outweighs its past.The outer structure and floors are still intact, Lewis notes, adding that the investor saw the opportunity for a major renovation — or possibly a complete teardown.

“People want brand new homes.Being able to design and build a brand new home with the latest features is in even higher demand,” Lewis said.

“There isn’t much vacant land left in this area so if you want a new home, properties like this are really your only option.”The listing photos tell the dramatic story of the fire: soot-covered walls, a kitchen engulfed in ash and a bathtub turned black from the flames.Despite this, the competitive market has driven interest.

With mortgage rates hovering around 7% and inventory at record lows, buyers are facing slim pickings.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 settle,” Lewis said.“With this home, they would most likely spend less than $1 million total and be able to build the home...