Tuesday, September 4, 2007
This is a long term rental property currently on sale in East Palo Alto. The broker, who owns this PoS, wants $750,000. Lets knock down a couple of potential excuses for the high asking price. First, it can't be the land. The advert is very clear that the property can not be developed. It can't be the neighborhood. No disrespect to the people who live in East Palo Alto, but lets be honest, it isn't top of the list of desirable places to live. The new owner can not live in it. The property has tenants that can not be evicted. Finally, it can not be a reasonable investment. It is very unlikely that the rent on this property would cover the mortgage costs.
Many thanks to Christine for the link. The property is advertized on craigslist, a sure sign of owner desperation. Check it out just to laugh at the interior.
Posted by Best at 10:07 AM