RE: The Trainwreck That is Real Estate in the USA!
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One of my best friends growing up lived in 3 bedroom house in a fairly affluent Seattle neighborhood. Compared to other near by homes it wasn’t very well maintained. And while the neighborhood is affluent, it is a few blocks away from the VERY affluent part of the same neighborhood. His parents had owned the home for over 50 years when they finally sold it last year.
The selling price was $1 million.
Shortly after selling, the buyer completely tore down the house. I drove by yesterday and a new monster home is going up in its place.
Could you ever imagine $1 million being the price to pay for a house you would just completely tear down?
Crazy.
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Seattle is particularly crazy, when it comes to property prices... Our daughter and son-in-law bought an outdated, ill maintained 3/1 that has been a "hoarder house" in the Northgate area and paid $575K for what amounted to a "severe fixer." If it weren't the son-in-law being a contractor, it would likely have been a knockdown.
It's crazy. And who are the people who can afford those prices?