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Hot Topic (More than 10 Replies) Look At What $800,000 Can Buy In Calif (Read 332 times)
Luther
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Look At What $800,000 Can Buy In Calif
Apr 15th, 2018 at 7:09am
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Maybe even a bidding war? Shocked Grin  (Video)

Quote:

An uninhabitable burned-out home in San Jose went up for sale at the price of $800,000.

While it may sound crazy, there are people willing to pay. A realtor said in less than 24 hours, 10 potential buyers contacted her. She anticipates selling it in a few days.

So what’s the reason for the high interest? Buying the charred home and rebuilding on the property is a lot cheaper than buying a brand new home in Silicon Valley.



http://kevinwhiteman.com/pelosis-california-silicon-valley-burned-out-shell-of-a...
  

All throughout our American history, world history, "ordinary people can do extraordinary things"


un·known quan·ti·ty
noun
a person or thing whose nature, value, or significance cannot be determined or is not yet known.
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crepe05
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Re: Look At What $800,000 Can Buy In Calif
Reply #1 - Apr 15th, 2018 at 8:19am
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I haven't figured out why anyone with any sense wants to live in California.  This thread reinforces my lack of understanding why.
  
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Re: Look At What $800,000 Can Buy In Calif
Reply #2 - Apr 15th, 2018 at 9:08am
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crepe05 wrote on Apr 15th, 2018 at 8:19am:
I haven't figured out why anyone with any sense wants to live in California.  This thread reinforces my lack of understanding why.


So you picked a polluted swamp that smells like corndogs

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Re: Look At What $800,000 Can Buy In Calif
Reply #3 - Apr 15th, 2018 at 11:08am
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billy.pilgrim wrote on Apr 15th, 2018 at 9:08am:
So you picked a polluted swamp that smells like corndogs

"College boys from LSU, went in dumb, come out dumb too"
Randy Newman



Grin Cheesy Grin
  

All throughout our American history, world history, "ordinary people can do extraordinary things"


un·known quan·ti·ty
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a person or thing whose nature, value, or significance cannot be determined or is not yet known.
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Re: Look At What $800,000 Can Buy In Calif
Reply #4 - Apr 15th, 2018 at 11:51am
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I don't know why so much is being made of this house sale.  Obviously the price is for the land.  People buy houses and tear them down all time so they can build a new house on the property.  Whether the house is burned out, pristine or somewhere in between.  The value (and price) is in the land.  Nobody would be writing articles if it was simply an empty lot.   But for a potential buyer, it is a tear down away from being just that.  And that is the goal of any buyer.
  
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Re: Look At What $800,000 Can Buy In Calif
Reply #5 - Apr 15th, 2018 at 12:05pm
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wyattstorch2004 wrote on Apr 15th, 2018 at 11:51am:
I don't know why so much is being made of this house sale.  Obviously the price is for the land.  People buy houses and tear them down all time so they can build a new house on the property.  Whether the house is burned out, pristine or somewhere in between.  The value (and price) is in the land.  Nobody would be writing articles if it was simply an empty lot.   But for a potential buyer, it is a tear down away from being just that.  And that is the goal of any buyer.

You are, of course, 100% correct.

But at a very surface level, you have to admit to the obvious humor and meme-worthiness of seeing a completely destroyed home with a pricetag of nearly $1 million. It seems absurd to probably 90% of the nation's population, again, at a very surface-y level.
  

Wadsworth wrote on Jun 11th, 2018 at 3:40pm:
You are awfully concerned about who gets to live.  Why is it so important to you?
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Re: Look At What $800,000 Can Buy In Calif
Reply #6 - Apr 15th, 2018 at 12:30pm
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Rabbit_Reborn wrote on Apr 15th, 2018 at 12:05pm:
You are, of course, 100% correct.

But at a very surface level, you have to admit to the obvious humor and meme-worthiness of seeing a completely destroyed home with a pricetag of nearly $1 million. It seems absurd to probably 90% of the nation's population, again, at a very surface-y level.


That's true.
  
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Re: Look At What $800,000 Can Buy In Calif
Reply #7 - Apr 15th, 2018 at 5:27pm
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wyattstorch2004 wrote on Apr 15th, 2018 at 11:51am:
I don't know why so much is being made of this house sale.  Obviously the price is for the land.  People buy houses and tear them down all time so they can build a new house on the property.  Whether the house is burned out, pristine or somewhere in between.  The value (and price) is in the land.  Nobody would be writing articles if it was simply an empty lot.   But for a potential buyer, it is a tear down away from being just that.  And that is the goal of any buyer.


Word™

The land it's on is where the value originates. Anecdotal example, when we built our home in '99 the value of the land was approx. $2 000. When applying for a construction loan, the bank valued the land with the finished home, which was $ 16 000. I can only imagine the cost of land in California!  Cheesy
  

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Re: Look At What $800,000 Can Buy In Calif
Reply #8 - Apr 16th, 2018 at 12:07am
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The three rules of real estate: location, location, location.

The situation with this $800,000 plot in Silicon Valley (not "nearly 1 million"!) is that it's close to large employers who pay high salaries to tech professionals. I can assure all that this sort of pricing is not uniform throughout California. Although as a rule, housing in California is significantly more costly than that in some other states, notably the rust belt or the bible belt.

I find it amusing though that California bashers have a list of reasons why they wouldn't want to live there, yet enough people do want to live in the state that they drive up housing prices to these high levels.

And jobs/salaries are only part of the reason. The mild climate and the relative social freedom are major attractants. As well as the cosmopolitan makeup of the population, and the robust higher education system.

Does California have problems that detract from the quality of life?

Yup. Primarily traffic in the urban areas. Smog, still, in various parts of the state. Susceptibility to drought, fires, and subsequent landslides in hilly areas. Higher prices for energy (electricity, natural gas, and automotive fuels) than most of the rest of the nation.

Some of these problems can be, and sometimes are, addressed. Traffic by rapid transit and high speed rail. Drought by water conservation measures. Energy prices by encouraging solar, wind, and geothermal electricity generation.
  

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Re: Look At What $800,000 Can Buy In Calif
Reply #9 - Apr 16th, 2018 at 12:31am
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Not sure about the exterior. Needs a coat of paint.
  

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