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fire-damaged home in East Rockaway, Long Island, has sold for $435,000, a staggering $35,000 above its asking price, highlighting the frenzied state of the real estate market. The property at 9 Elbert Pl. was ravaged by a deliberate fire in 2020 but still managed to attract multiple bids.

    The three-bedroom, one-bath house, spanning over 1,300 square feet, has an intact outer structure and floors, making it appealing to buyers in a market with limited inventory. The investor who purchased the property plans to rebuild on the existing foundation or possibly tear it down and start from scratch.

    Real estate agent Brian Lewis notes that people are eager to build brand new homes with the latest features, but there's a scarcity of vacant land in this highly sought-after area. With mortgage rates hovering around 7% and inventory at record lows, buyers are facing slim pickings.

    The East Rockaway School District has only 21 available homes, making properties like this one a rare opportunity for buyers to build their dream home without breaking the bank. The investor who purchased the property plans to spend less than $1 million total on construction, compared to nearly $1 million for an updated home in the area.

    The fire that damaged the property was set by its former tenant, Kevin Meyer, who was charged with arson and other crimes after a dramatic standoff with firefighters.