Thursday, October 23, 2014

Real Estate Crazy

Everyone knows that property prices in the San Francisco Bay Area are insane. Here is a recent story about a house in my neighborhood. It is 2 blocks away from where we live. We drive by it nearly everyday.
The place has been an eyesore for years. Until recently it was covered in overgrown brush, vines and weeds. It is on the corner of a very busy residential street that is usually congested with commute traffic. I would not consider it a desirable location. Unbelievably the seller got two cash offers. Can't imagine paying almost $2 million dollars for a dump you have to bulldoze and rebuild. Insane!!
PALO ALTO (KPIX 5) — A home that may be infested with rodents is on the market in Palo Alto with a staggering asking price.
Neighbors were stunned when the dilapidated home went on the market for $1.8 million.
“We thought it would possibly go for $650,000, maybe $700,000.  Then when it came out originally for $1.6 million, and then they raised it to $1.8 million, we were like, I’m kind of dumbfounded,” neighbor Dave Ashton said.
The house is in such bad shape that prospective bidders can’t even go inside to take a tour.  Part of the house is being held up by wooden posts.
“It’s obviously uninhabitable,” Ashton said.
Realtor Debbie Wilhelm said if the home’s eventual new owners plan to bulldoze the house and start fresh, they will likely have to add nearly $1 million on to the price tag.
“I think it might be infested with, like, rodents, and it’s hard to even stand in it for three minutes,” said Wilhelm.
The seller received two offers Tuesday, and Wilhelm says it will sell to a group of investors.

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