I’m very aware that you understand how this market works, but I really don’t think I’m hairsplitting here. I actually think it’s misleading in this instance to describe what’s being sold as a $500k house. I think that large majority of what’s being sold is a lot where someone can fix up or build a house. The current structure is almost irrelevant for determining the price at this point. It’s certainly illustrative of how F’d up the local real estate market is, that a tiny lot costs that much!
I guess maybe I just see lot’s of discussions of housing markets and housing policy where people really don’t understand how the rules and market dynamics work, that I’m a bit too quick to think in these terms.
