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
Posted by blogger at 3/31/2006