San Diego Housing Market News and Analysis
What's up with these "opportunities?"
User Forum Topic
Submitted by profhoff on May 14, 2017 - 5:25am
Lately, I've noticed more and more of these "opportunities" for sale. Somebody buys a crap shack and then puts it on the market at an impressively inflated price. Same crap shack, maybe gutted, maybe not. But now offered with plans that are maybe already approved, or maybe just working their way through the approval process.
What gives? This one is a great example. Bought last October for $985k. Now listed at $1.695m. As is. Includes plans and approvals.
What does this say about the market? Who would buy this? Why not just buy your own crap shack and cut out the middle man? How are plans and approvals worth this much profit?
I'm wondering why they didn't just build the house? Is the market changing in some important way?
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