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Exactly.
Fraud is allowed when setting advertised prices for houses, but not when setting advertised prices for toasters.
I have a proposal about this: https://patrick.net/1303455/2017-02-28-require-a-publicly-advertised-price-for-a-house-to-be-a-legally-binding-offer-to-sell-at-that-price
One bedroom but two kitchens? WTF?
2bd, 2bth
"The home is currently a single bedroom with two kitchens but, according to County records shows as a two bedroom. "
wow, just wow. Now in IL, the property taxes are horrendous, but what you get for the money is simply astounding. WI is much better in term of property taxes. One of colleagues went to look at this for 699k-this is after the run up in prices!. It won't sell for that-but property taxes chased him away though his wifey wanted it. This is close to the border of WI and decent job area. I mean just look at the photos and what you get vs what you are getting for crapshacks in LA and SF. Granted this is north of Chicago, close to the WI border
I am not sure they pay enough in CA to justify those prices-Chinese money laundering folks??
http://www.realtor.com/realestateandhomes-detail/38950-N-Crawford-Rd_Old-Mill-Creek_IL_60083_M73384-75617#photo0
I am not sure they pay enough in CA to justify those prices-Chinese money laundering folks??
http://www.realtor.com/realestateandhomes-detail/38950-N-Crawford-Rd_Old-Mill-Creek_IL_60083_M73384-75617#photo0
A million dollar home in BA really does look like a rotted shack for the dirt poor in Illinois.
Yes, $1M on the Peninsula is often a Halloween ready haunted house.
It's very very depressing what $1M gets you here.
sold for $1,000,888
that's $415,888 above asking.
This shows that the asking price is fraud.
The seller would never accept the publicly advertised asking price. It's simply a psychological trick to get interest from naive buyers, who will then be disappointed, and told they must bid some unknown but much larger amount than their budget to have any hope of "winning" the house (ie, getting themselves into way more debt than they can afford).
It's illegal to do this with toasters. If a store publicly advertises toasters for $20, but then refuses to sell them to you for less then $40, that's actually a crime called "bait and switch".
But because realtors have corrupted our laws via lobbying money, it's legal to commit that same crime when selling a house.
A million dollar home in BA really does look like a rotted shack for the dirt poor in Illinois.
Another deceptive point about Bay Area real estate is that you are simpy paying for the land and not the house. The house on the land is pretty much irrelevant because it is worth so much less than the land. In fact, if you scraped the rotted shack off the land, the selling price would go up and not down because it saves the new landowner the cost of scraping it themselves. It's typical to build your own house here.
But again, it's a psychological trick to make people think that the market is hot. "See what this obviously crappy house sold for?"
@Patrick
Wanna bet the seller wouldn't let it go for asking?
https://www.redfin.com/CA/San-Mateo/133-N-Claremont-St-94401/home/1957730