Monday, October 20, 2008

207:365 Why? That's why.

Anna: The girls and I went for a walk down a nearby ravine. The route back involved going up to street level and walking past this house.

It's on a 50x150 ft lot. Aside from a small area that's mowed, the yard is completely unkept. The house itself is in very rough shape. Whoever buys this lot will have to have it torn down.

Just out of curiosity, the last time we went past this house, I looked it up on the MLS listings when I got home. The asking price for this house is...

Half a million dollars. Yup. The current owners expect someone to shell out $500,000 for it.

Why, you might ask?

Check it out.

This is just part of the view across the street from the house. There's only a narrow strip of grass, trees and shrubs before things drop almost straight down into the valley. The listing didn't even have a photo of the house or lot. It just had a photo of the view.

Nearby is a set of stairs down into a ravine park, where you can see a few more pictures I took here.

With the housing market finally cooling down, I doubt the owners will get their asking price, but who knows?


Anonymous said...

I suspect many homes will be like this as this new Depression bears down on people.

Lynette said...

My reaction to that price is this--greed runs rampant for no realistic reason.

BouBou said...

Thankfully in Canada (so far, at least) we're not being hit as hard as the US is. We're doing pretty good, all things considered, but who knows how long that will last. Right now, there's people predicting woe and doom because housing prices are starting to drop. Which makes me wonder - if prices are so inflated, like in this lot, and people are finally unwilling to actually pay the ridiculous prices being asked for, can it really be blamed on the financial crash in the US?

Personally, I don't think so. Prices like this *had* to fall, eventually. With what's going on in the US, it might mean the drop will be lower than otherwise, but there's no way those inflated prices could sustain themselves.

Who knows. If things drop far enough, we might actually be able to afford to buy a house after all.