rahnster_wright t1_j7lvtaq wrote on February 7, 2023 at 7:15 PM

Reply to comment by WhiskyIsMyYoga in Dover builds tiny home neighborhood by sheila9165milo

Financial feasibility is a real challenge to building affordable housing (or any housing that isn't market rate or "luxury"). They would love to support homeownership if it were possible, but it's not - the math doesn't work.

Edit: I get the downvotes, Reddit hates developers and landlords, but it is clear that y'all don't understand financially feasibility. Developers can't take a loss on project or they would go out of business.

Cantide756 t1_j7nctat wrote on February 8, 2023 at 1:12 AM

It's also a huge problem with the market, houses that are condemned still go for way more than they are worth, since they have "potential". Property value going up is one thing, but the value of it skyrocketing because of a building on it that is better off demolished is idiocy.

invenio78 t1_j7pppbg wrote on February 8, 2023 at 3:13 PM

They go for what they are worth because what they are worth is what the market determined.

Redditors just can't come to grasp with the fact that realestate is expensive. As pertaining to the original post, this is incredibly cheap housing. You really can't find anything cheaper in the area, so you can claim many things, but overpriced is not one of them.

Cantide756 t1_j7pukj9 wrote on February 8, 2023 at 3:46 PM

I know of 6 houses in a development that were finished right before the 08 mess, guy won't drop the price from 350k, and they've been raided for copper from the meter and furnace out, sheet rock is trashed, and exterior has never been redone. I can see the value of the land itself might be high, but the amount of money going into making it livable, that shouldn't be the asking price. Most he does is mow the lawns, they've never had occupants other than the occasional squatter.

invenio78 t1_j7pwzbq wrote on February 8, 2023 at 4:02 PM

Housing prices, much like any other commodity go up and down in value. If you are concerned about housing prices going up, don't look at how much you are paying for eggs now compared to a year ago.

You example just says that he was not listing his house at the proper market value. If he did, he would have sold it (whether it be 2008, 2009, or 2023).