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That house costs how much? Housing prices continue to soar

A 448 square foot home in the Lincolnville neighborhood of St. Augustine is on the market for $349,000 and it can't be lived in yet.

ST. AUGUSTINE, Fla. — Something's "gone wild" in St. Augustine and it's not spring breakers.  

Housing prices are already soaring and now they're verging on surreal.  

One particular property that could be called a "humble home" is gaining attention because its sales price per square foot rivals cities like Boston, Seattle and New York City.

"It's a little farther gone than most," said real estate agent Bart Piniaz. "But not the worst I've seen."

And that's saying something!.

The house at 112 Moore Street in St. Augustine is for sale. It's a house that is a grand total of 448 square feet, it can't stand without supports and currently doesn't have a back wall. By the way, it's listed at $349,000.

Piniaz explains why a home that can't be lived in yet is priced so high.

"If you want to be walking distance to everything downtown, a lot that you can do vacation rentals out of the flood zone in a prime location, the market is dictating the price and it's up there right now," said Piniaz.

Real estate prices aren't just through the roof in Northeast Florida, the agents who listed this home say that they advertise internationally because it's a supply and demand issue across the entire globe. 

The property was one of the first school houses in Lincolnville before 1900, so co-listing agent Tomasz Muszynski says the new buyer will have many restrictions in terms of how much of the house they'll be able to renovate.

"They need to bring the property to its original shape and form, the city of St Augustine would like it to remodel it and keep it as original as possible."

That means the roof remains tin, the siding remains the same, and no second floor can be added.  The inside can be renovated to the buyer's choosing, but you may just have to outbid the competition.

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