Saturday, September 8, 2007

Rat race




Rather than living by the water, this property will allow you to live on the water. Located on Lake Union, Seattle, this barge is on the market for $187k. With docking fees costing at least $500 a month, don't think that this wreck offers an opportunity to float away from the financial burdens of homeownership. I wonder if you have to pay property taxes on barges?

What is the life expectancy of a barge? Ten years? Twenty at the most? It could well be that this barge will float to the bottom of the lake well before the 30 year mortgage is paid off. An interest only loan would be even more fun. The asset would disappear, leaving the owner with just pure debt and a bank with no collateral to seize in the event of default.

Here is a question for people living off Lake Union. Is the lake a happy habitat for rats? Around DC, those mobile disease-bags love to waterside views just as much as humans. I can't imagine that it is any different over in Seattle. Will this barge act like a rodent-attractor? That sounds real healthy. Overall, a barge would be a great place to bring up kids.

Many thanks to Katie for this one. The listing can be found here.

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