06 Aug 2009

Some of Us Thought the Real Estate Bubble Was Over

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Jim the Realtor from California describes a house being offered in Brooklyn.

Occupying what used to be a driveway, it’s a 1br/1ba home on a parcel of land 7.25 feet wide and 113.67 feet long. The interior area is just under 300 square feet: …ONLY $479,900!

I can remember a similar packing crate sort of residence located on top of Belmont Heights in San Francisco, in need of complete renovation, selling to a surgeon for $450,000 a few years ago.

Hat tip to Walter Olson.

Correction, August 6:
John brings to my attention in his comment a Daily News story debunking all this:

The house is actually in Toronto, and the price is only $179,000.

It was probably built in Kenya, too.

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John



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