Friday, August 31, 2007

Crackhouse Classic - Washington DC

There was a time when mobsters used to burn these types of buildings for insurance scams. Today, the scam has changed. Now, realtors send out flyers describing these properties as "investments". Nevertheless, the principle is still the same - parting a fool from his money.

This property has 8 bedrooms, and one toilet. It is situated in the "up-and-coming" district of NE Washington DC. Judging by the photos posted on, the building is derelict and the utilities have been disconnected. Undeterred by reality, The realtor write-up claims that this building is a "great investment opportunity". The realtor also claims that the seller is "motivated". Obviously, he is motivated to take some hapless buyer to the cleaners. And the Price for this crackhouse? A gob-smacking $899,000.

The MLS is DC5508084. Check the photos out - unbelievable! This property gives new meaning to the phrase "overvalued real estate".

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