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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: fatty who wrote (21248)	6/3/2004 11:59:50 PM
From: GraceZ	Respond to of 306849

The beat up old farm house across the way from me is finally being vacated. It rented for $250 month (with a long waiting list) and while the house is a shambles and in bad need of every kind of repair, it is located on some very nice property (3 acres). I used to wonder why the owner rented it for such a low price or didn't fix the house up. The family that lives in it has been living there for about 20 years. I just said to my husband that I wondered why the owner didn't do anything with the property, that he just kept getting this ridiculously low rent while the house slowly fell apart. Now I know, he was simply sitting on the property until it was worth something. Now my neighbors have the difficult task of finding anywhere they can afford to live (nowhere around here) and construction on two new houses will start next week. I suppose they'll demo the old house, it's a shame since it's over a hundred years old. Knowing what the original owner paid for the property way back when (around 20K- 25 years ago), I'd say his investment has paid off regardless of the low rent he received all those years. The two lots alone would go for 200k each.