Is it normal some places over-ask for houses in the slums?

60% Normal
9 Comments

So I live in a run down neighborhood, of course most of this city is "the bad neighborhood". Anyways some weird guy bought the enpty lot next to mine and had a house built, for which he is asking over $300K. Thing is, the house isn't worth that, especially on this shit hole street.

I was looking on a site that had the house listed and they had some other similar houses (also in squat-hole neighborhoods) for 3 to 400K.

Now around here, there are neighboring cities that really ARE nice places to live that have comparable houses for less money.
So it is like the choice is - buy a brand new house in a run-down slum OR buy an older house in a NICE neighborhood for less money.

Of course the ones trying to sell new house in slums are using the fact that it is close to down town as a selling point.

Still though, WHY would someone buy a house in the slums for a fortune? Is it THAT important to be close to downtown? I thought people with money would prefer the relatively peaceful suburbs instead of the "excitement" of downtown.

So what gives?

Voting Results
60% Normal
Based on 5 votes (3 yes)
Help us keep this site organized and clean. Thanks!
[ Report Post ]
Comments ( 9 )
  • donteatstuffoffthesidewalk
    5 years ago

    maybe hes tryinta establish an inflated value before burnin the place down for insurance money

    Comment Hidden ( show )
    1
    1
  • Anonymous Post Author
    5 years ago

    Would part of it be because there is this "Get rich quick on real estate" thing going around these days? How many times have you heard those commercials?

    I am just trying to figure out what drives this. I keep getting letters and cards saying "We want to buy your house". Great. I do not own it and the owners (my family who does not stay here) are not looking to sell. If they did, we would get next to nothing and my ass would be on the street.

    Comment Hidden ( show )
    1
    1
  • Cuntsiclestick
    5 years ago

    Yeah I've seen that happen in my town too. What ultimately happens is that the brand new houses are left to rot and they get filled with squatters and rats.

    Comment Hidden ( show )
    1
    1
  • [Old Memory]
    5 years ago

    I live in a house with beach views. I pay a fair price. I'm happy.

    Comment Hidden ( show )
    0
    0
  • [Old Memory]
    5 years ago

    They want the money, so until they get it the houses are just going to sit there.

    My landlord doesnt want to rent anymore he wants to sell. Offering us the house first at 390K.

    There is a foundational crack running from the front porch to the back and through the house due to poor water drainage. (We live in a state that suffers from hurricanes and loads of water, so proper water drainage is a must)
    The roof is trash and needs to be repaired, same with the yard and landscaping. (Because we’re in an HOA neighborhood we’d have to get up to standards or else be fined)
    Not to mention the fence would need to redone and yeah— this house really isn’t worth that much.

    So, I hope he has fun waiting for someone stupid enough to buy this trash heap.

    Comment Hidden ( show )
    0
    0
      -
    • Anonymous Post Author
      5 years ago

      At least you folks won't have to worry about leaving anytime soon as long as he wants to rent it out while trying to sell.

      I have heard before that if things are priced above a certain point then it creates an illusion that it is worth that price. I can see that with TV's or cell phones but people probably investigate a bit more when it comes to spending 1/3 of a million (who the heck could even get a loan for that?)

      Comment Hidden ( show )
      1
      1
        -
      • [Old Memory]
        5 years ago

        Oh no, He’s kicking us out, we have to be out before the second week of February.

        But yeah, It’s a pretty common thing.

        Comment Hidden ( show )
        0
        0
          -
        • Anonymous Post Author
          5 years ago

          Wouldn't it be more profitable for him to let you guys stay until someone buys? If your family is not there, no one is going to be lining his pockets.

          Maybe he could do a month to month lease if he is serious about selling.

          Comment Hidden ( show )
          1
          1
            -
          • [Old Memory]
            5 years ago

            We don’t really want to deal with him anymore either.

            Comment Hidden ( show )
            1
            1