Tuesday, November 03, 2009

Local real estate

Good news and bad news on the condo ownership. First, our tenants from last year had to move out because of a job change. They were great and we miss them. We thought about putting it back on the market to sell, but after talking to two realtors, we learned that the market was still too soft. So, after a month or two of trying to rent it, we have some new long term renters.

The Lutzker's are coming from Florida, but they used to live in Park City. Husband, wife, and a daughter (age 4 I think). They show up in early December and will be renting for a year or two. Nice to have that resolved.



Meanwhile, on the hill behind our house, the city is doing something. I can't figure it out yet. They have put in a telephone pole and are running power up the back side of the mountain to get to it. Running a power line a quarter of a mile, digging several feet down through rock is pretty serious. Wonder what it will be? The yellow thing is a big piece of digging equipment.



Down the street from us is a house that has been on the market for a while. I feel the owner's pain. He started long before the market downturn but ran into cash problems and had to delay building. By the time he finished, the housing market had collapsed. If you have a few million, it's quite a deal. I think it is around 8,000 square feet.



His next door neighbor I don't get. This brilliant strategist started building a house right as the market turned down. There were lots of phases he could have stopped without spending that much money. Nope. Just kept right on building. Not just building, but building Fugly. For those who don't recognize "fugly", it is short for f@#&ing ugly. Here in the mountains, you don't build a boxy, stucco, multi-split-level piece of tan construction. Not sure where it would fit in.

I might understand if someone was building this for themselves and just had terrible taste, but as soon as it was finished, they put it on the market. Imagine what the market is for second homes requiring jumbo mortgages. If you couldn't imagine it, you got it 100% correct.

I have included several pictures, just so you don't think I took a shot from the ugly side. They all are.







I also feel sorry for one of our friends and condo neighbors. They happen to own the vacant lot on the other side of fugly house. Yuck.
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