Sunday, November 19, 2017
Location, etc
Yesterday I noted the trashed apartment bldg finally for sale, offered at 110K. A couple days earlier I mentioned St Joe, which is a strange time capsule with a Registered Historical District that creates odd distortions in the market.
The combination made me think. What can you get for 110K in St Joe?
This super-elegant historic house, magnificently artistic outside, beautifully renovated inside, everything new.
This would be around a million in 'ordinary' cities like Spokane or Enid or Topeka.
Setting the bar a little lower, what can you get for $25k, which was the price I paid for my tiny crappy house back in 1990?
This 2br brick Victorian, looks solid, not fancy or artistic, nicely renovated. There are quite a few decent houses in the 20-40k range.
Well, can we find a St Joe equivalent to 4001 W. Crown?
Yup, here it is.
Definite 'comp'. Similar size, similar style, similar condition, boarded up and broken, multi-unit apt. Is the price 110K? Nope. 5k. Five thousand dollars. And it's newly listed, so that will probably go down.
This would be around a million in 'ordinary' cities like Spokane or Enid or Topeka.
Setting the bar a little lower, what can you get for $25k, which was the price I paid for my tiny crappy house back in 1990?
This 2br brick Victorian, looks solid, not fancy or artistic, nicely renovated. There are quite a few decent houses in the 20-40k range.
Well, can we find a St Joe equivalent to 4001 W. Crown?
Yup, here it is.
Definite 'comp'. Similar size, similar style, similar condition, boarded up and broken, multi-unit apt. Is the price 110K? Nope. 5k. Five thousand dollars. And it's newly listed, so that will probably go down.Labels: Alternate universe
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