SoylentNews is people
SoylentNews
from the but-those-square-feet-are...deep-AND-tall! dept.
I've seen the price of real estate resume its seemingly relentless rise, but this is insane. A tiny (897 square-foot; 83.6 square meter) house in Palo Alto, California is situated on a 4361 square-foot (405 square meter) lot and has been placed on the market for $2.59 Million:
The little home at 128 Middlefield Road, has two-bedrooms, one-bathroom but is just 15 minutes away from Googleplex and the other tech giants, making the small home in high demand.
[...] The home was sold back in 2008 for just $899,000 and the current price tag is actually below market value for the area today.
The house was built in 1924 and has been remodeled through the years to keep it current.
The actual asking price is unclear. The Daily Mail article (first link) claims a price of $2.59 million, but he broker listing in the embedded link shows the price being $1,988,000; quite a bit less, but still quite expensive.
The article has pictures of each room as well as the yard; it looks to me like a quite nice home. One of the pictures shows a bulkhead, but I saw no mention of a basement.
If this tiny house costs this much, what would be considered a starter home? And how much would that cost? Though I realize this story is about Palo Alto, I understand there are other places in the world with sky high real estate prices. London, Singapore, and Hong Kong come to mind.
What are housing prices like in your area... how much would it cost you to buy a home comparable to this one, or to rent an apartment of equivalent size?
(Score: 0) by Anonymous Coward on Tuesday September 25 2018, @05:07PM (2 children)
The only question is what will set off the next recession? It's been bubbles in real estate and dot-com before that.
My long shot prediction is that if Trump stays in office much longer, he's going to take a shot at all the interest USA is paying to China, for all the treasury bills the Chinese have bought. So far the guesses have been that China might try to hurt us by selling some of their treasuries, for example, see https://www.marketwatch.com/story/why-chinas-treasury-hoard-isnt-much-of-a-weapon-in-trade-spat-with-us-2018-04-06 [marketwatch.com] . My thought is that Trump will try to default (or lower the interest paid) on the Chinese-owned T-bills...think about what that would do to international markets.
(Score: 2) by lgw on Tuesday September 25 2018, @05:24PM (1 child)
I think the next recession will be a very normal, boring recession with no accompanying bubble. You get one of those every 10-15 years, just the normal business cycle.
The next bubble>/i? is the sovereign debt bubble, and it will be devastating, world-wide. My only hope is that the EU debt bubble implodes while the US economy is healthy, so the the US debt bubble delays its implosion until the EU recovers a bit. That may be a far-fetched hope, though.
(Score: 0) by Anonymous Coward on Tuesday September 25 2018, @11:50PM
Even small recessions often hit specific sectors hard, depending on the timing.
And the upswing has never lasted 15 years. There were two adjacent "mini recessions" around the late 1980's that some don't count as a recession, but if you add those two up, it's about the same as a normal recession.