|Posted: January 3, 2016, 1:54 pm - IP Logged|
lol....the advantage of owning real estate is that you can list it for whatever you want....doesn't mean someone will pay it.
I have been looking at rentals in my area and I inquired about a house that is over 30 years old and property value assessed at only a couple hundred Ks. I couldn't believe the realtor is asking $3K a month to rent this place. It doesn't even have a garage. She claimed it has a market value of half a million. Would you believe people are actually stupid enough to pay the asking price to rent this place? The reason, apparently, is that it is located in a good school district.
On an unrelated note, I bought my first lottery ticket of the year today and won 3x my money (2x profit). No Powerball for me :)
Well that's definitely true. When I see ridiculous mark ups on properties for no apparent reason than the seller's greed, I know I'd personally shy away from doing any business with that person. I wouldn't be inclined to negotiate the price down, I'd simply look for something else. Making a great profit is good business. But when a mark up is to the point where it borders on insanity? I see that as so far north of greed that I question how ethical the seller is and what other unethical things might happen during the sale.
Now, higher than the norm prices for terrible properties because it's in a fantastic school system? That I get. I've seen enough obsessive parents do financially ridiculous things to get their kids into the best schools they can, so those prices in a high demand school district don't surprise me at all.
Watched an episode of House Hunters some years back and saw these people willing to spend over a million dollars for a 3 bedroom 1 bath tiny, unbelievably dated house just because of the school district. I thought they must be nuts. But I keep seeing stuff like that happen so that's what they're willing to pay. They aren't paying for the property, they're solely paying for the location.
Whoever said money can't buy happiness never owned a German Shepherd puppy