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Old 05-14-2018, 01:42 PM
 
Location: Los Angeles (Native)
24,147 posts, read 13,668,407 times
Reputation: 11353

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Quote:
Originally Posted by Tex Luthor View Post
So I guess you think this is worth $2 million, just because some IDIOT was willing to pay that much for it then, huh?

https://www.cnn.com/2015/11/06/us/mi...ack/index.html
It doesnít matter what you or I think is the value . I read in the news about famous artwork auctioned off for insane amounts like $100 million for one painting. I think thatís crazy but itís not going to change the sales price or value .

With the shack , Itís someone buying for land value . If someone buys it and could get a house built cheaper than it would cost to buy an existing one , or maybe sell it for a profit , would they still be an idiot ? Or did they make a smart purchase /investment ?

Bay Area real estate has appreciated well so who knows really .

The bet is that the area will still continue to be desirable in the future . Meanwhile the amount of land will be the same .

Look at Manhattan . There are condos for $5 million or more like itís nothing . I actually get that a lot less than paying a lot for a house .
But people thought it was crazy when those same places were $1 million Iím sure .

Something cheap doesnít mean itís going to be a good investment . Say you spend $20,000 or so to buy a house in a lower end neighborhood in the Midwest . But what if you have trouble getting decent tenants that will pay rent and the prices donít appreciate ?
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Old 05-14-2018, 01:58 PM
 
2,029 posts, read 1,429,792 times
Reputation: 3030
Quote:
Originally Posted by jm1982 View Post
It doesnít matter what you or I think is the value .
So basically, no. Okay. Gotcha!
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Old 05-14-2018, 02:18 PM
 
595 posts, read 375,721 times
Reputation: 1021
What goes up, must come down. Real estate is no different, though there is more collateral damage.
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Old 05-14-2018, 02:30 PM
 
5,076 posts, read 6,225,432 times
Reputation: 7825
Quote:
Originally Posted by Dad01 View Post
why do people do that ?

I mean they must be on some really good anxiety meds
I would never be able to live like that. But I know her parents pretty well too, and they know diddly squat about personal responsibility and finance either. In fact, her mom lost her house about 5 years ago. They can't afford health insurance, but apparently they can afford a new house. BTW, the house was $239,000, and they paid the asking price. As I mentioned, it is a crazy hot market and area. It was actually about the 10th house they put an offer in on. Lots of investors swooping in and buying up these houses with cash.
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Old 05-14-2018, 02:41 PM
 
4,542 posts, read 11,542,319 times
Reputation: 3063
Quote:
Originally Posted by photogal9 View Post
What goes up, must come down. Real estate is no different,
over what kind of time frame?
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Old 05-14-2018, 02:51 PM
 
595 posts, read 375,721 times
Reputation: 1021
Quote:
Originally Posted by TimtheGuy View Post
over what kind of time frame?

I read James Stack articles, he's had a pretty good ratio of predictions, not 100%,, close enough. End of 2018? By 2020?

There's a lot that factors in, outside of real estate. And I'm no analyst, an observer, absolutely.
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Old 05-14-2018, 02:54 PM
 
Location: Phoenix-Valley of the Sun
2,461 posts, read 1,200,617 times
Reputation: 3046
Quote:
Originally Posted by Tex Luthor View Post
So I guess you think this literal shack is worth $2 million, just because some IDIOT was willing to pay that much for it then, huh?

https://www.cnn.com/2015/11/06/us/mi...ack/index.html


That's a lovely shack. I want to place a bid on it? 2 million you say? Make that 3....
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Old 05-14-2018, 02:57 PM
 
10,265 posts, read 6,491,094 times
Reputation: 10837
Quote:
Originally Posted by Tex Luthor View Post
So I guess you think this literal shack is worth $2 million, just because some IDIOT was willing to pay that much for it then, huh?

https://www.cnn.com/2015/11/06/us/mi...ack/index.html
It is worth $2 million because it is on a 7000 square foot lot in a very valuable area.

Here is another story for you to learn that's it's about location, not necessarily the home. A tear down for $3.9 million
'Brady Bunch' actress Eve Plumb sells the Malibu home she bought at age 11
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Old 05-14-2018, 03:41 PM
 
5,445 posts, read 4,393,490 times
Reputation: 14992
Quote:
Originally Posted by TimtheGuy View Post
over what kind of time frame?
Exactly. Why haven't home prices come back down to 1950's prices?
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Old 05-14-2018, 03:49 PM
 
10,265 posts, read 6,491,094 times
Reputation: 10837
Quote:
Originally Posted by photogal9 View Post
What goes up, must come down. Real estate is no different, though there is more collateral damage.
Rents go up and don't come down.
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