And the winner is...
My brother-in-law just called with the winning bid on Roseneath. Are you stitting down? The final price: $458,000. A full $115,000 above asking. Did I miss something? Are there gold deposits under the house?
I've never seen that sort of action on a piece of property below the $1 million price tag. The most was on a house my wife and I put a bid on before Christmas and that sold for $74,000 over asking. I thought that was nuts. We've entered a whole new level of crazy. The other agents in the real estate office think that's a ridiculous amount. The property isn't worth nearly that much. And we never would have spent that much even after renovations. So long as the people who bought it intend to stay there for 50 years, they should be fine. But if the record-low interest rates start to creep back up and they have to unload the property, they should be prepared to take a bath.
Precious wants a house. Patience, precious. Patience.
I've never seen that sort of action on a piece of property below the $1 million price tag. The most was on a house my wife and I put a bid on before Christmas and that sold for $74,000 over asking. I thought that was nuts. We've entered a whole new level of crazy. The other agents in the real estate office think that's a ridiculous amount. The property isn't worth nearly that much. And we never would have spent that much even after renovations. So long as the people who bought it intend to stay there for 50 years, they should be fine. But if the record-low interest rates start to creep back up and they have to unload the property, they should be prepared to take a bath.
Precious wants a house. Patience, precious. Patience.
posted by Renovator-in-training at 1:46 PM
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