“House near me where an old Greek couple lived sold over a year ago for a couple million to a developer. They transformed it into a 3 suite main house and coach house. About eight months ago they came up for sale, averaging a little over a million ask on each.
This weekend I was out for a walk and I saw that all four are now for rent with the same real-estate company that was trying to sell them before.
Yikes! I’m thinking that developer bet the farm on current market softness being only temporary.
Obviously even the professionals are delirious.”
– Anonymous at VCI 20 Jan 2013 10:13pm
What would each unit have to rent for to merit the $1M (each!) price tag?
What price would be realistic for each unit, given the likely rental income?