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In Case There Was Any Doubt
I did a post less than a month ago called Won't You Be My Neighbor? which vividly captured a crumbling rustbucket of a "house" that was being offered for $1.8 million. The house is located on a very busy boulevard (in spite of the "very desirable area" mentioned below), and I've been keeping an eye on it for a "Sold" sign ever since. The absence of such a sign made me think, well, people have finally come to their senses. No one is buying this dump.
Of course, this isn't the case.........I present to you this news from this morning's paper:
I recognize that some of you might be disappointed to have let this one get away. Take heart; in the same paper, this beauty (whose paint color choices must surely be very forward-thinking) is being made available for $5.5 million. Go get 'em!
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Money has become meaningless to the 1%. They have almost all of it so most inflation is in the things they buy: houses, stocks, art, jewelry, and most luzury items.
The 99% cannot create or accept inflation since they have no money to spend. I am not convinced that adding to record levels of consumer credit is possible, but I also never thought America would be as it is today, so wtf do I know.
For many years in this area, especially Atherton, anything short of a recent modern mansion is considered a teardown even if it is in prime condition. The prices are so high because so many newly rich millionaires and billionaires want to live in this area and are willing to pay these prices.
Should have said pay these prices to get the lot to build a mega mansion.
Possibly a money laundry scheme for illegal cash?
HO LEE FUK!
REARRY?
Fucking idiot investotwats...
Location Location Location, they will knock it down and build a custom home on it. what is the lot alone worth is the first question
Exactly. This happens every day. Buy an old piece-of-shit home in a good location and tear it down and build someting new. Why is this a story?
The lot is not even buildable and the existing dump only existed because it was grandfathered in (because it's so old).
Peculiar grandfathering rights can make a piece of land more valuable and desirable to a peculiar builder.
I am going to take a guess and say that the new owner will have the right to build a tall narrow 1300 square foot house on a corner lot. Perfect for an artiste.
Heck, the neighbor probably bought it so that he can have a larger yard.
Who knows? May be it is an iHome!
Location, location, location.
They'll put up a Google Frat House and charge $500K per member/per year.
10 bedrooms, bamboo flooring, solar panels, with fiber-optic broadband and a patio for bong hits.
Hmm.... Thats actually pretty good.... for that group you would have to add the on-site hookers but it would work!
Holy shit.
Crazy Cat Lady just found the house of her dreams.
The fool and his money are soon parted? - or
"Real Estate" ALWAYS goes UP in PRICE (not necessarily value)?
"The three bedroom one bath home built in 1925 was put on the market after its owner died.
"It smells awful" Wilhelm said"
Eeeewwww
"after its owner died....'It smells awful' Wilhelm said"
Maybe he hasn't moved out yet. I'd keep the looters away from your copper wiring and pipes - Oh yeah, nobody wants that anymore.