Tuesday, September 4, 2007

This has got to be America's most expensive house!




This blog has posted some outrageously overvalued houses. We've had crackhouses posing as single family houses, and beach huts listed for over a million dollars. However, this property takes the bubble to a whole new level. We are not in outer space here, we are in the fourth dimension. This is the twilight zone of property valuation.

This one bedroom, one bathroom 610 sq.ft Malibu property is listed for $11,250,000. That works out at $18,443 per square foot. According to the realty.com website, the mortgage payment works out at $52,542 per month. That is more or less the median household income in the United States.

Before you ask, it is not about the land. In total, the plot is 1.8 acres. Interestingly, the property has been on sale for the best part of a year. Gee, is that a surprise! Somebody tell me that this is a mistake. Maybe its a typo, or the realtor had bad hearing, when the owner mentioned the asking price. And if there is a mistake, I will take it all back. The MLS number is 05-026857.

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