We’ve been tracking some of the more outlandish things taking place in the real estate market recently, although we may have stumbled upon one of the more peculiar ones.
First it was what $2.5 million gets you in Canada in today’s market.
Then we looked to London, where you’ll only be charged £500 to live underneath someone’s stairs.
And finally in San Francisco, we found a cozy little spot for someone to live in a box – literally live inside a box – in the middle of someone’s living room for a mere $400 a month.
Today, however, we find a “palatial” 20-by-97 foot lot with a “house” on it. Located in Brooklyn and going for a reasonable $499,000, interested parties should pick up the phone while the offer still stands. The price has been strategically set to come in just under half a million dollars, which will undoubtebly lead to more offers.
CBS quotes Audrey Chapman, who lives across the street, and said “you can’t fit nothing in there. It’s like a dollhouse.” Still, that doesn’t matter because it is not about actually having utility from the purchase, but betting on greater fools. And there are many.
Others understand where the price tag might come from. “Everyone is buying up this whole neighborhood. If you notice, every block is something new going up…. It could definitely happen,” Gravesend resident Jonathan Utsler said.
The single-family detached home is on a quiet block in Gravesend, between Bath and Harway avenues and not far from the D Train. Some homeowners on this block say it’s a nice area, but don’t think the narrow piece of property is worth half a million dollars.
“If they were in let’s say DUMBO or Dyker Heights, yes. But not here, they’re not getting it,” neighbor Thomasina Bacarella.
Oh, they’ll get it. Because while the ultra top end of the NYC real estate market may be starting to crack there is still a long time before that “trickles down” to such “affordable” listings as the shack below.
The listing agent for this tiny house says it was meant to be sold along with the home next door. But realtors say in this market, it’s considered a standalone property.
And the obligatory defense:
“What they’re selling is something they’re not making anymore, which is land. And this is New York City, and this is Brooklyn, and Brooklyn is booming. If you look at this lot here it’s really being sold as a development opportunity, so it’s priced per buildable square-foot,” said Anthony Lolli chief executive officer of Rapid Realty.
“The houses that are on the market are ridiculously high and you still have to go in and do the work. So why not start from the ground up and build your dream home? It’s actually more cost-effective when you have a clean slate,” Lolli said.
Lolli says purchasing this land and a new, pre-fabricated house would cost a buyer about $800,000. Similar homes on larger lots in Brooklyn would cost $1 to $2 million.
So far there are no offers on this property, but the listing agent expects that to change quickly.
We are confident that he is right, in fact a bidding war is virtually assured. We are also confident that every time we believe we’ve hit peak lunacy, something else will pop up to remind us that in this bold new centrally-planned world one should never call a “top”.
The post What $499,000 Buys You In Brooklyn: A 20-by-97 Foot Lot With A “House” appeared first on crude-oil.top.