Mecum Auction in Florida today

[edinmass]

1912Staver........yup....just a regular guy. I bought a bunch of land and sat on it for years, when I built the house, I sold off a few lots and that pretty much paid for the house......I got the fantastic garage, the wife got her kitchen. Rest of the house is plain Jane. We contracted the house ourselves. I have the smallest home in my area......2100 sq feet, all the neighbors are at 6-9k. So it really was forsight that got me into the house.......... 

[1912Staver]

3 hours ago, edinmass said:

1912Staver........yup....just a regular guy. I bought a bunch of land and sat on it for years, when I built the house, I sold off a few lots and that pretty much paid for the house......I got the fantastic garage, the wife got her kitchen. Rest of the house is plain Jane. We contracted the house ourselves. I have the smallest home in my area......2100 sq feet, all the neighbors are at 6-9k. So it really was forsight that got me into the house.......... 

Thanks, sorry to put you on the spot. I almost deleted the comment.  I had similar foresight , but 0 $ to work with. The only investment the wife and I could make was education, with tiny returns compared to what is possible with land. Student loans in Canada are reasonably available and you don't have to start repaying until you are a year out of school. By the time we had retired our student loans the property bubble had already started to grow and we were priced out of any possibility of a land investment. Good on you for having vision.

 A $50,000.00 investment in the 80's around here could be worth several million today. Even more if residential subdivision is possible. But we had a hard enough time coming up with the rent in the 1980's, $50,000 was beyond imagining. The bank wanted 50% down on land value purchases.

 Here is a somewhat average house on just over 2 acres near me, but not in the agricultural land reserve and therefore potentially subdividable into residential lots rather than the 5 Ac. minimum on ag land.

https://www.point2homes.com/CA/Home-For-Sale/BC/Langley-Township/Brookswood-Fernridge/3305-208-STREET/107171642.html

{ my residential  lot ; but still ag zoning , was split off the corner of a working farm years ago, long before the 5 ac. minimum rule was in place.}   $ 6 .25 million asking on the 2 acres and no doubt they will get it if the last couple of years are any indication.. And we are relatively out in the boonies compared to Vancouver proper.

Edited January 17, 2022 by 1912Staver (see edit history)

[Pfeil]

13 hours ago, rocketraider said:

Wonder did one-a them HGTV shows foot the bill?

 

Never understood anyone paying near full-market for a house and first thing they do is gut and remodel. If you didn't like the house why did you buy it? Kinda like what some of these knuckleheads do with cars- what is the point in undoing a nice original or correctly restored car just to put your own questionable stamp on it?

 

Me, I LIKE a gas stove... cookin' with gas, baby! I also like Formica countertops, vintage appliances, and colored tile and bathroom fixtures (pink, light green or blue, almond, tan etc)... is it any wonder I'm on an OLD car forum? Where OLD things and style are appreciated?

 

Damn having the same thing everyone else has or is told they should have, be it car, house, whatever. Following the herd absolutely not my style.

Try and look at it this way. You are not buying a house, you are buying location (an area, a view) valley view, mountain view, ocean view, a particular type of neighborhood) etc.  Another way is to pick a particular great high-end area and look for the dump on the block and pitch offers, also check foreclosure list and approach a upside down owner.

 Moneywise you don't scrape the house, you leave one wall standing (so you're not paying for totally new construction, taxes are also a factor) and you build. The house initially cost you 500K, you're the homeowner/builder and do most of the work, construction cost 200K, you live in the house for a year or two and sell it for 3+ million.

 Now can you see how house offers can go at or over asking price?

[32tatra]

I wrote a post about Mecum Auctions and just mentioned kitchens in passing, now its become a thread about buying and building houses.  Good thing I did not mention, bathrooms!!!  Or there would be post about ----, well you can figure it out!!

[rocketraider]

Real estate follows a lot of the same trends and mindsets as the car auctions do. Realtors, like auctioneers, have a vested interest in hyping their product so people will turn loose of their hard-earned money to have it. So yes, I can see where the house analogy is germane to the Mecum or other car auctions.

 

I might be from the woods, but even with Hyco and Smith Mountain Lakes, Virginia International Raceway, and a new Caesar's casino coming to the area, multimillion-dollar homes are an anomaly here. There are plenty of high-quality homes that in other areas probably would hit $2-3 mil pricing, but go for $300-400 thousand here.

 

Like cars, people have become convinced they have to follow the trends in home ownership. I'll keep my drum brakes, original drivetrains, and Formica.

[TAKerry]

Awe C'mon. People need to upgrade their houses. Keeps baby in new shoes! 

[John Byrd]

I'll start my comment by asking :  "did anyone see that 20 something Nash rumble seat roadster that looked great on the live feed that went for 12 grand ? WOW !!!! 

 

Now to the "drift away from the subject" comment :  My wife only completely re-does the ...  Paint inside and out, tears down walls, adds some, or modifies them, adds bathrooms, changes sinks, tubs, all faucets, shower assemblies, doors, both screen and hard, replaces windows, totally redoes landscaping, cabinets, shelving, etc, etc.....   Nothing serious she says, mind you, but these Hawaii prices and wait times, wow ! ........ sigh....

[SC38dls]

My wife bought the property and they thru in the house!  Then I got to spend two years rehabbing the whole place. This is our third downsize final house until the next one!  
dave s