One of my neighbors managed to sell his home and all its headaches for $1.5 million to the grandson of the original owners (an historic landmark and family heirloom) and has purchased a foreclosure a mile away that was previously valued at $1.3 million. He picked it up for $500k.
He’s had to put a lot of money into it to make it habitable — new drainage, new furnace, generator, etc. But it is gorgeous. I’m sure that it will be a good investment as long as he doesn’t go overboard on improvements.
The change of ownership is employing a lot of people — real estate, attorneys, workmen, movers, etc. Good for the economy. And I’m sure they will need new furniture once they get settled. I don’t see anything they already have fitting into the new house.
you must live in some neighborhood..