Even with the warning “Home is condemned. Enter at your own risk” on the house, the owners still priced it at a cool mil and wound up getting more than $200k over that. The reason? It’s in one of the priciest areas of San Jose, right in the heart of Silicon Valley.
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13 Comments on CA: Condemned home sells for $1 million
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And it will be completely razed and rebuilt, that was just the price of the land.
Despite what we know of the pattern of bubbles in History, the sheep will always RUN toward the cliff.
The most fortunate person involved in this orgy is the R.E. broker!
A pool of money are soon farted.
Or something like that.
Bubble, meet burst.
What sucks is I have a buddy that bought a dozen properties (cracker box houses) in San Diego for $30 to $40 thousand each, back in 1983, when we were in the service. He gets paid over half of that back EVERY YEAR in rent payments, and the houses are each worth $300 to $400 thousand.
What sucks about that is I could have done the same thing, but didn’t.
Watch what happens when H-1B visas are reduced.
After the big one, I shall buy in California again, at greatly reduced prices
Two Texans were spoonin’ each other with tall tales at the local bar. They had never met….The first guy sez….”I can get in my truck at the west end of my property and I have to drive for 12 hours to reach the east end….It’s worth $1.2 billion”….The second guy sez…” my property is worth $4.3 billion and I can walk completely around the whole outside of my property in 40 minutes”….First guy sez…”That’s impossible, where’s your property?”….first guy “Downtown Dallas”….
Yes. This is how real estate works. It’s the neighborhood you’re buying. The average value will rise because of this, too. Eyesore being gone adds (or recovers) value all by itself.
I’ve seen many decent homes bulldozed after being bought to make way for the new structures.
What were those houses really worth since they were paid for plus paid to have them thrown away.
Maybe there’s less to scrape with this one and that makes it a little more valuable to the re-developer?
If my house, an old style Craftsman built in the 1910’s was in Silicon Valley I couldn’t afford to live there or Seattle for that matter either.
@Poor Lazlo – “After the big one, I shall buy in California again, at greatly reduced prices”
Going for fishing rights? LOL
And after these hoarders collect their $1.2 million, they will move to Oregon where they will proceed to pay way more than the market price for a nice home in the country (thus inflating real estate prices out of the reach of locals). Next, they will turn their place into a marijuana farm, while the new house deteriorates to the point where it looks just like to old POS house. Oh, and they will bring their progressive politics with them, turning even more of Oregon blue. But I’m not bitter.
what is the local percentage of blacks?
To teach race realism: do some searches, search for the lowest priced rental type properties nationally, then check at the census website or city-data to see how black the area is. Then zoom in with google maps to see the collapsed roofs in the area.
Ask your student: how is it that landlords won`t fix or replace these houses – city real estate should be valuable, people commute a long way to work in the cities.
– rent control may be a factor, too – but it takes a lot of (D)umb people and stupid/ crooked rulers to get that. The (D)irtbag leaders can profit by knowing/ colluding when the area will be gentrified. “What a surprise, all that area needed was a bit of law enforcement and price the blacks out. ”
Rent control can be easily evaded by building “luxury homes” – rent control never applies to rich people housing.
If you think it’s evil to crowd poor blacks out with yuppies, consider what it was like for old white people when their nice neighborhoods were targeted for “block busting” and started filling up with blacks. Suddenly your house is worth hardly anything and the area is unsafe.