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The "I really miss 'America's Overvalued Real Estate'" thread
2006 Jul 5, 6:36am 33,901 views 377 comments
by HARM follow (0)
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M. Corchuela better watch out. He's been holding out for close to a decade. That POS will be taken through eminent domain in the interest of economic redevelopment and he will be given a few bucks and sent packing. No matter how much he has saved up, the lawyer fees to fight it will bleed him out in a matter of days.
This wonderful property abuts the Keating Industrial Park and seems a natural for expansion of the Keating industrial park. The property has approximetely 2 acreas of its 6.75 in the ALR at the rear of the property.
If you ask me, this is pretty ugly for the price. The reference to the ALR means 2 acres of property is only allowed for farming purposes. Check out the ugly basement view in the rollover images.
Marketing a home where a third of the property is in the ALR and the rest abuts an industrial park doesn't sound that appealing to me!
Please note, the property is being marketed as a residential, not a business property.
Peter P
@
2006 Jul 5, 7:27am
I’m irresponsible to stay in my rental that costs 25% of our take-home pay, because all the equity I build will provide my pregnant wife with easier motherhood and more choices in life.
Why is rent thrown-away money while PITI minus P is not? Oh, it must be the perma-ppreciation.
What do you think will happen to property values way out in the far-burbs when soccer moms driving hummers start realizing it costs $400 to fill up the tank for a few days driving???
I figure higher transportation costs are going to provide a long term boost to transportation hub handy real estate and savage the stuff up and down those long windy roads miles from anything but other houses.
That's why property in Victoria may still go up while property in Sooke and Langford could correct in an ugly fashion.
Sooke and Langford?
Uh, that's local in BC Canada.
Sorry, this is now an international real estate blog.
Bwahahahaha!
$4/gal will be the new $1/gal.
Awesome quote --very similar to the one coined by txchick57 from Ben's blog:
"Broke is the New Black"
Peter P
@
2006 Jul 5, 7:48am
Sorry, this is now an international real estate blog.
It is an universal blog. Remember home'roid?
Folks,
You have to see it to believe it. NOTHING comes as close to insanity as this listing. On ZipRealty the price is shown to be reduced by 100K.
I miss the AORE site as well. It was my daily dose of humor.
Nice article on current state of affairs in BA market. I know people are still looking to buy, and some might stumble on this blog before they take the "plunge". I highly recommend this little piece for them.
http://www.financialsense.com/fsu/editorials/2006/0705d.html
SFWoman,
not to defend that ridiculous listing and the one that To BA quoted, but they both are in an area where you can hardly find any homes listed for below 1M. Supposedly falling into the best school districts within Cupertino, not the best location in Cupertino, but close.
I am not saying this is not insane, just to provide some perspective on why parents are paying this kind of money. I have a friend who was just trying to buy into this area at the beginning of the year, she was bidding on a 1500 sft home on a 1/4 acre with 1.17M (listed for 1.08) and was outbid. It sold for above 1.2M. Of course she is trading up, so she is less concerned with the issue of buying at top compared to the urgent needs of sending kids to the right school.
Peter P
@
2006 Jul 5, 9:32am
You have to see it to believe it. NOTHING comes as close to insanity as this listing. On ZipRealty the price is shown to be reduced by 100K.
What is it? Is it a halfway-done "dream" home project? Or is it a halfway-demolished crapbox?
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As many of you know, we recently had a casualty in our extended bubble-battling blog family. Sadly, it looks as though the founder of one of my personal favorites, "'America's Overvalued Real Estate", has sold out to the highest bidder --a commercial RE company :-(. (Note: previous rumors to the effect that the site had been hijacked/sabotaged by the NAR have proven to be unfounded.) As Different Sean might say, "there's the perfect free market at work again." ;-)
This site --an instant classic-- hosted hundreds of examples of absurdly overpriced wrecks sent in from all over the U.S. and Canada, along with the satiric and often hilarious commentary from the blogmaster. It was wonderfully cathartic and priceless for its comic relief and real-life illustrations of how unhinged sellers have become, thanks to our Fed & GSE-blown liquidity bubble. I spent many a Friday afternoon perusing the latest submissions, often reading them aloud to Mrs. HARM. Truly fun for the whole family.
In honor of this fallen giant, I dedicate this thread as a tribute to A.O.R.E. Please post local examples --with photos and/or MLS links if you have then-- of the most outrageously overpriced $hitboxes in your local neighborhoods. International submissions are also welcome. I shall kick things off by re-posting one of the most egregrious and well publicized examples from last year -- the infamous $1.2 million shack from "Naked City", Las Vegas:
Post & enjoy...
HARM
#housing