Friday, April 04, 2014

Rent is too damn high

There goes the neighborhood
Being a real estate junkie, I’m constantly looking at properties around the city, renovating them in my mind. Last week, I noticed a small house just around the corner from us was on the market for $419,000. Now, it’s only 1700 square feet, it’s a nice renovation, and it’s in Central City.

Priced over $400K?? My jaw dropped.

Obviously from a property owner’s standpoint, having nearby property blow up in a sales price sounds pretty good: that  means that our property is theoretically going to be worth more. But does that now mean that Central City is eventually going to become the next Bywater—with prices so expensive no one but rich people can live there?

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