I would give him $180k for it, assuming I had a credit worthy renter lined up.. ...If I saw it in person and liked the area and the building. Greed trumps rationality, again. (I bet he paid far less than he's trying to sell it for - wait until he can't carry it anymore, and it falls to the bank when he can't sell it for even $290k)
I saw some nice condos in Naples for $300k and under; there is no need to spend $900k for a condo... http://homes.realtor.com/search/lis...655359&lid=1064298584&lsn=2&srcnt=2521#Detail http://homes.realtor.com/search/lis...655359&lid=1074341232&lsn=9&srcnt=2521#Detail http://homes.realtor.com/search/lis...pg=59&lid=1059688322&lsn=581&srcnt=591#Detail
I am curious. Has anyone heard anything about how the big condo property Donald Trump built in Chicago is selling? I saw that he was in town last week promoting the property. There is a glut of similar projects all over the city.
yeah, curious to hear an update about vegas high rise sales. kerkorkian just bought project city center and there are dozens of high rises going up, although some have been cancelled. it seems the well funded casino projects are doing well, building fast, while the others like turnberry are having slower sales, taking longer to build their remaining towers.
The last I heard (which was a few months ago) Trump was reneging (his legal right according to the agreement) deals with buyers who'd come in early at super low-prices. Apparently one get's in early on a "stand-by" list guarantying the developer the privilege of boasting "I'm already x% sold and I haven't even dug a hole yet." I'm sure lenders dig that shit. Chicago's on fire. Rents are breaking out to the upside. I see homes in Wilmette listed just west of the library (so west of Green Bay) on streets like Washington going for 1.2. These homes were 300k in the mid 80's. It's a tale of two economies. Communities of blue collar workers are struggling. Detroit. Cities, suburbs and resort areas of asset holders and well-to-do professionals are thriving though. Until one sees sports salaries, medical compensation, equity markets or WFMI's same store sales even friggin' downtick you can't say there's intrinsic weakness in higher end home valuations. We're Brazil. Live west of the track's for 200k and your daughter will get gang raped on her way to an underperforming school. Live on the "good part of town" for 700k and the world's your oyster. As long as you can make the payments. The "spread" between neighborhoods is remarkably wide. I really think mortgage rates are going to 8% by year end. I can't see absent us being Argentina 1983 (and I give a 15% chance of 100% inflation hitting us in the next 2 years) how rates aren't going to implode both housing and stocks. It's a tough call. My best guess is rates take everything down and millions of weak housing longs wind up BK. Then hyper inflation hit's and fungible assets compete globally while cash get's whacked.
Read an interesting article in the St. Pete Times over the weekend. It was about an outfit called We Buy Ugly Houses (or was it homes?) Anyhow, they do buy beat up properties, but also "nice" properties from owners that are behind in payments, their basic m.o. is to offer those people 50% of their asking price, apparently they are doing quite well in this market. Edit: I beleive they are offering 50% of comp values.
34102 over 600 houses on the market http://www.realtytrac.com/freeSearchResult.asp 34103 over 500 on the market http://www.realtytrac.com/freeSearchResult.asp
Washington, W of Ridge? Homes on Washington going for $1.2mm? I rented a house on Ouilmette between Wash and Wilmette Av when I was 20-years old. Those homes are no more than $800k now. I grew-up on Ridge in Kenilworth and our house sold for $1.8mm back in 1993. The current owners say it's appraised at $3.2mm [Indian Hill]. The high-end doesn't move at the multiples seen on the low-end, but a quadruple seems a bit much for homes on Washington.