Thursday, July 30, 2009

An Addition to the Preceding Shorters: "Excellent opportunity for Rehab potential."

Must add 2¢ worth on

Real Estate Moment of the Week

as I took a look at the advert for the $1,000,000 mansion Mlle. McA. was snickering at. id=Yes, it's 103 yrs. old & sold for $149,000 in 1996, but is now hoped to be worth a cool million. What the hell? How can you base an economy on something like that? Have tips, wages & income increased sevenfold or whatever in the last 13 yrs.? I think not.

4 comments:

Ken Houghton said...

All right, it's listed for a cool MM.

But it also has been since 24 Sep 2008, which is ten months ago.

So it's not a sign of anything now, no matter what Megan thinks, except an offer that is long in the tooth and hasn't gotten any attention. (See the 2007 tax assessment for $506K and the Zillow's overrating at $502K.)

It would probably clear the market around $400K, if it's in decent shape. (Not indicated.) So that's basically an attempt to double your money in 12 years. Rule of 72: 6% annual appreciation, ignoring any monies that were put into the house.

That they are asking for 12% p.a. and apparently didn't do much maintenance on the property is not an indicator of anything except McMegan cherry-picking her "research" badly.

James said...

Megan wants us to know that she's getting married, and is in the market for a house. A cool million is within her budget. But this house isn't sufficiently grandiose. I mean, who on earth do these people think they're messing with? She has a MBA from a prestigious private university, and writes for an important publication.

This is how the well-to-do/socially-unfashionable brag.

Also, Sully linked to Meggy as the quote of the day. Again.

Anyone else here think that the Atlantic brain trust have asked Sully to do more to flog her as a "serious" commenter? But Sully being Sully just couldn't help himself; he used Meggy's announcement as an intro to a three-paragraph screed about how wonderful his marriage is, how it's a blessed and special thing--like Trig?--and how he loves his spouse more everyday.

Bleagh!

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