How about a NEGATIVE value - Posted by GL(ON)
Posted by GL(ON) on September 12, 2004 at 07:46:24:
This must be the worst example of an overpriced house I have seen, on a percentage basis.
The house was built in the 1870s, a nice little brick cottage. An Eastern European couple bought it in 1956. For the next 20 years they did nothing with it in the way of repairs or upkeep, just lived there and Oh yeah, they were pack rats.
Eventually the house became unlivable due to deteriorating roof etc. So they moved into an apartment.
Meanwhile they kept hording junk. The house was totally packed solid with old clothes, broken appliances etc. The yard was piled with rotting lumber, crumbling bricks, and the larger appliances.
When I looked at it 10 or 15 years ago it was a caved in wreck, a junk pile. The only thing you could do was tear it down, clear the lot and start over building a new house.
HOWEVER the property was located on the edge of town in an area NOT serviced with water or sanitary sewer. And the lot was too small to install a well and septic system, in other words if you tore down the house you couldnt get a building permit to build another one.
The house was way too far gone to fix.
I estimated that the cost to tear down and clear the lot would be $15000 to $20000 dollars and when you were done you would have a lot that you couldnt do anything with.
This is the only property that I have seen, that had no value at all and that I couldnt see a way to do anything with.
When I looked at it a friend of the family was trying to sell it for them, asking price $50,000. At the time the same house in the same location, it top shape, was worth around $70,000.
I nominate this for the most overpriced property, in terms of value vs asking price, on a percentage basis.