"Edwin Pawlowski" wrote in message
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"dpb" wrote in message

$260k!!! Where is this? Seems like $100k house to me but, of course,
not located (nor have ever lived near) a major metro area. Still,
that seems awfully high.

Where are you? That house in CT can vary from $250,000 to over $1,000,000
in the right neighborhood. Actually, in Greenwich the lot alone would
fetch close to 7 figures. For the $100k you are talking about, I'd
expect a two room cabin.
Location, location, location. New England housing prices are right up there
with SF bay and Hawaii in absurdity. I have a cousin that bought a 1949
house of similar size, not too far from there, for 400k.

Meanwhile, back here in the real world of flyover country, houses of that
age (OPs or my cousins) and size go for 75k to 200k, depending on
neighborhood and condition. Except that the neighborhood near my office now
requires window bars and sidearms, I could buy 2000 sq ft 1900-1920
demi-mansions, those 2 1/2 story victorians or bricks piles that are
basically cubes, for under 80k, all day long. 90 years ago it was where the
rich people lived. Now, not so much.

The ONLY way housing prices in bubble areas will ever get back to reality,
is if people (and employers) start voting with their feet and going
elsewhere. It has been starting to happen in California, the last few years.
No, wait- there is another way- if the economy goes in crapper, and all
those employers go belly up, and suddenly people can't make the nut on their
mortgages from hell. Hell of a ride if you get out near the top, but you
don't wanna be holding the bag when the bottom falls out.

aem sends....