One neighbor wised up, another went nuts.
 

You may remember that I mentioned a couple weeks ago that the guy across the street from me had put his <800 sq foot house on the market for $1 million. I stated then that he was dreaming, and apparently he has awaken and took the house off the market. Things seem to be back to normal . . . until today.

I notice the people next door to him are packing up all their stuff and moving. As I have known the family for 15 years or so, and they have lived across the street for 5 years, I decided to ask what brought this on.

They have lived there for 5 years, paying $1,200/mo for a two bedroom <800 sq foot duplex, and the owners bumped their rent by $500!!

$1,700 a month? For a 2 bedroom? Damn, if they find someone to take it I may be tempted to knock this place down and build two units here.

Now the guy across the street can justify his 7 digit pricetag with the rental cost in the area being so high :thumbsup

9% capitalization rate would make the property worth about $450,000.

Correction, where I live that would be the figure. Southern Cal ???

$450k here? Not likely.

ehehehehehheee....

Shit that's fucking expensive ... here for like 1300-1500 bucks monthly you get a 1800- 2000 sq feet home

I think the guy that is renting his place out is trying to make the renters pay for some major maintenance he had to do a couple months ago.

Perhaps you should show the neighbors how to run a pornsite?

Real estate prices are nuts. Maybe it's time to depopulate a little.

We could use an earthquake