Quote:
Originally Posted by ottopottomouse
Looks a shithole from outside, whoever bought it in 05 was nuts.
|
The people who always buy at the height of a bubble always get screwed. That is no different in real-estate as it is in stocks, gold or anything else. The last person before the bubble popped way over paid, then as you can see he stopped paying the note at some point and the bank finally sold it for less than 1/2 5 years later. I am sure the bank took a big hit too as it is very unlikely the person put down 20% much less 50%+
Everyone saying it's a dump.... The property does look like a shit hole but most of it's value is very likely from it being commercial property and the land is worth a lot more than the actual building, which looks like a good candidate for a tear down.