Bought in October 2005 for $235,000. Flipped four months later for $680,000 (wow, gotta love a good bubble!). Then put back on the market a few days later for $900,000 now.
Are people really THIS stupid?
Yup, they are.
Wonder how long until it's back under $235,000?
Thanks to gothamist for the reporting:
Now, does anyone else think is just redonkulously insane? How can anyone look at evidence like this and NOT conclude that a full fledged real estate mania is currently in swing and approaching its peak? How can anyone expect to buy this place, put in $1m worth of renovation, and make a profit? How can someone sell this building at this price with anything approaching a straight face? GAAAAAAAAAAAAAAAAAH!
March 31, 2006
Real Estate Bubble Reaches $1m Crackhouse Phase
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7 comments:
ReCockulous
brokers - brilliant!!! I'd almost guarantee it's a scam.
with the GSE's buying up all the loans remotely, noboday at the wheel
"How can anyone look at evidence like this and NOT conclude that a full fledged real estate mania is currently in swing and approaching its peak?"
I thought your position was that real estate *had already* peaked? Uh-oh. What changed your mind?
money is worthless. crack is gold. amerika iz mezico.
Where will the Mexicans go once they turn the USA and Canada into a steaming pile of crap like their own beloved Mexico? I know, it's America's fault that Mexico is a craphole that people are fleeing
Or it could be the inflation is out of control and the US government is hiding it form us by stopping the M3 official numbers.
That $1 million dollar crack house may make sense, not as a %303 rise in stock but a %303 DROP in US dollar real value.
Bulk REO Deals at http://builderblowouts.blogspot.com/
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