If this doesn’t convince you now much our currency has been devalued I don’t know what will.
They may cost that much but they’re not worth it.
But only for tax purposes.
Interesting factoid—the median home price in California is five times the median home price in West Virginia.
National studies are measuring apples and oranges.
>> 100+ towns across the United States
BFD
Almost 9 in 10 dollars are now worth less than a dime.
Season 1 of Goliath had a lady in a house in the Venice Canals. Venice, CA. I zillowed that area. The cheapest house was a 380 sf house, 1 bedroom, 1 bath, for $1.88 million. My dream. A bargain.
What it means to the average property owner is that property taxes rise until they can’t afford their home. A similar thing happened to a friend of mine in Phoenix. She had to sell the house she grew up in because the neighborhood gentrified.
This conclusion is based on roughly two towns per state.
90 percent of the country couldn’t afford the taxes on them. You could give them away but they couldn’t even pay the taxes. They’ve be forced to sell them before they were seized for failure to pay taxes.
Via Luxxle:
“Tampa Bay Times
tampabay.com
Land of Dunedin’s razed historic Kellogg mansion lists for $7M
Nearly two years after a historic Dunedin home known as the Kellogg mansion was approved for demolition, the land is back on the market.”
Redfin only looks at data from the 100 largest cities and extrapolates across the country. They are not looking at the entire US market.
My house would easily be worth $1 million… if someone put $900,000 worth of gold in the basement.
Until then, I’m not on the list.
“Worth”?
No wonder double and triple wide trailers are selling fast and lower taxes.
And this government is ragging about gouging they caused.
Higher tent sales to ensue if they keep it up.
Not mine, but there is one a mile or so from me asking One million, one hundred thousand. Original price was $90,000 (2021). It is on just over 10 acres.
50 years ago there would have been 1 in 10 houses worth more than $100,000.
State and Local Governments just love inflation as they send out the Property Tax Bills each year.
Just think about all of those fabulous workers that get hired and paid big salaries to work in government jobs.
More a measurement of inflation than home values.
“In case you missed it, powerful New York Congressman Charlie Rangel has been hoarding four apartments in Harlem’s Lenox Terrace. Coincidently (perhaps not so coincidently) Lennox Terrace is the same building where New York’s Governor Patterson, Patterson’s father, former Manhattan Borough President, Percy E. Sutton, and Rangel’s Cheif of Staff, Jim Capel hoard rent-controlled (ahem, Rent Stabilized as it’s referred to by NY politicians) apartments.”
https://www.marketurbanism.com/2008/07/14/congressman-rangel-4-rent-controlled-apartments/
in many cases it is the land the home is sitting on that is worth most of the value, not the home itself.
As my great grandfather used to say.. land... they ain’t making more of it!