RE: The Trainwreck That is Real Estate in the USA!
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The views are beautiful. Where is that house located? I imagine that if an investor bought it at 335k, invested time and money to shift it upmarket and thought it could generate a profit, that investor might have done some research prior, and he can perhaps find a buyer at that price (another investor ?)
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The "luxury" places end up sitting for sale for a long time... people don't do much market research, it is more a rush to "cash in" on retirees from California who just sold their $2 million house in San Francisco or LA... most local people don't make enough money to support the property prices.
The real demand is for affordable houses, but nobody wants to mess with that because the profit margins are lower, even though the sales are almost immediate.