Gyroscopic Investing

Pros:
750 sq feet
Cheap fixer upper
A couple of steps from 7-11
8-minute bike ride to subway

Cons:
750 sq feet
Wedged between 2 larger houses
Railroad tracks (backyard; commuter trains run from 5am to 2am)
8-lane freeway (backyard)

It was only on the market for 10 days and received 4 all-cash offers.  The buyer is very happy.

You're somewhere in California, right? Location, location, location. I'm guessing $600k.

Pointedstick wrote: You're somewhere in California, right? Location, location, location. I'm guessing $600k.

Yes, it's in San Francisco.  Anyone else want to wager a guess?  Maybe I should have started a poll.

What would I pay? Zero.
What did someone else pay? I'm going with PS's guess.

Pointedstick wrote: Location, location, location.

Bingo.

Oh, San Francisco? I'm guessing $700k - $1.2m, then. Depends on the neighborhood.

Desert wrote: I'm glad I no longer live in CA.

I will be joining that club in about two weeks.

Pointedstick wrote: Oh, San Francisco? I'm guessing $700k - $1.2m, then. Depends on the neighborhood.

I'll give you a hint, its in the Outer Mission neighborhood.  Do you want to lower or raise your bid?

Keep in mind this is a literal piece of shit.

Ad Orientem wrote: I will be joining that club in about two weeks.

Where are you moving to?

For the house?  Nothing.  For the land?  I'm guessing the market decided correctly based on how high they expect to build on the land

Another interesting poll might be what percentage of the world's population do you think this house would be an upgrade to live in? My wife, when I first met her, would have probably thought that though she didn't even own the home. She was just living with a cousin and her family (and BTW, they only owned the house themselves. They were squatters on the land which belonged to the government).

Wow, and I thought NYC was bad!

My brother beat out several other bids for the last "affordable" house in another insane Bay Area location, by waiving the inspection.  He discovered mold and rot behind the walls, and ended up gut renovating the house including replacing an outside wall.  He came out ahead of the game thanks to a pile of 0% interest for 9 months credit cards and the fact that he did most of the work himself.

Anyway, I'll guess $700K.

WiseOne wrote: Wow, and I thought NYC was bad!

My brother beat out several other bids for the last "affordable" house in another insane Bay Area location, by waiving the inspection.  He discovered mold and rot behind the walls, and ended up gut renovating the house including replacing an outside wall.  He came out ahead of the game thanks to a pile of 0% interest for 9 months credit cards and the fact that he did most of the work himself.

Anyway, I'll guess $700K.

How much does the average single-family house in Manhattan cost?

You know, I thought there weren't any left, but apparently I was wrong:

http://www.zillow.com/homes/for_sale/Ma ... ect/11_zm/

Although I'll it doesn't have much land either. 

$127,000 a month?

Someone pick me up off the floor.

Here's some more specs:

2 bedrooms
1 full bathroom
Lot size is 1633 sq feet.
Built in 1906.
Been vacant for eight years.

Oh, and the neighbors say double-paned windows help with the backyard noise.  hehe

Here's another lovely shot:



P.S.  Note the subject title change.

LOL, no car!

Price??

If you want to cheat and look at the price:

http://fortune.com/2015/09/25/san-franc ... pest-home/
http://www.zillow.com/homedetails/16-De ... 5901_zpid/

(Note: found this house from the picture through copying the location of the picture, and then putting it into Google Images to search for that location picture. The wonders of technology).

EDIT: Typos

Greg wrote: If you want to cheat and look at the price:

http://fortune.com/2015/09/25/san-franc ... pest-home/
http://www.zillow.com/homedetails/16-De ... 5901_zpid/

(Note: found this house from the picture through coping the location of the picture, and then putting it into Google Images to search for that location picture. The wonders of technology).

From the "Dept. of Count Your Blessings:" And I thought buying a place in New York City was expensive! Actually, it is possible to buy a home within easy commuting distance of NYC for a lot less than this SF slumhut.

And the financial situation of NY State is a lot better (or at least a lot less bad) than California,  despite all the media hype to the contrary regarding the purported financial miracles wreaked by Gov. Moonbeam of CA. Which would you rather buy: the Brooklyn Bridge or the California High-Speed Rail line?

goodasgold wrote: And the financial situation of NY State is a lot better (or at least a lot less bad) than California,  despite all the media hype to the contrary regarding the purported financial miracles wreaked by Gov. Moonbeam of CA. Which would you rather buy: the Brooklyn Bridge or the California High-Speed Rail line?

Illinois is in even worse shape than California.  And surprisingly, Gov. Moonbeam has been more effective (in forestalling doom at least) than Gov. Terminator.  I guess it helps to have cronies all on your side of the fence.

What an utterly ignorant idiot Gov. Moonbeam is:

California Gov. Jerry Brown recently vetoed the state’s Right to Try Act, which passed both the state assembly and the senate with bipartisan support.

In his veto message, the governor [falsely] wrote, “Patients with life-threatening conditions should be able to try experimental drugs, and the U.S. Food and Drug Administration’s compassionate use program allows this to happen.”

The asking price isn't the price.  We won't know what it's worth until it sells.  San Francisco real estate has recently been going for way over asking, either because of teaser prices or market insanity, or both.

Wooden Shack in San Francisco Sells for $408,000

It appears the old adage holds true: when it comes to real estate, it’s all about location, location, location.

The wooden shack that was on sale for $350,000 in San Francisco’s trendy Outer Mission neighborhood is officially off the market. The deal for the 765-square-foot residence closed on Thursday, with a pair of investors nabbing the property for a cool $408,000, according to Vanguard realtors.

From here...
http://www.nbcbayarea.com/news/local/Wo ... 00291.html

Hilariously, it's considered a historical landmark and can't be torn down and rebuilt!

Simonjester wrote:

Tyler wrote: Hilariously, it's considered a historical landmark and can't be torn down and rebuilt!

and how does that not drive the value down to squatter shack prices? it would mean the land cant be used..

I am sure it can be torn down, after completion of a $850,000 cultural resource study and a $1.5 million relocation of the "historic" structure.

Of course there is always the possibility that hobos bums vagrants the homeless underhoused citizens could have an accident with fire.

More Bay Area real estate:

http://www.dailymail.co.uk/news/article ... llion.html

$11k per square foot.  Bring your best offers!